J.P. Morgan appoints Dianne Challenor as head of transaction services for Asia Pacific

Ms. Challenor was previously Citigroup's Hong Kong-based chief operating officer for Asia Pacific. She will continue to be based in Hong Kong at J.P. Morgan.

At J.P. Morgan Chase & Co, transaction services are part of the treasury services business, which provides integrated cash management, operating accounts and escrow services to multinational corporations, financial institutions and public sector organizations. The other part of treasury services is trade finance.

In November 2009, J.P. Morgan announced a big push into corporate banking globally. It has sought to grab market share outside the U.S. from rivals such as Citigroup and HSBC Holdings PLC, which have traditionally dominated the business.

During the financial crisis, Citigroup's corporate banking services provided consistent, low-risk income, and in recent years corporate banking has generated a bigger portion of income at banks that offer both corporate and investment banking, especially in Asia.

In 2010, treasury services accounted for 9% of revenue at J.P. Morgan in Asia Pacific, but that rose to 20% last year. The business has been growing 25% a year over the past three years, reflecting the growth and international expansion of its transaction banking business across the region. Treasury services accounted for 24% of operating margins for J.P. Morgan in the region last year, up from 14% in 2010.