CHASE INFOSERV SURPASSES NET INCOME GOAL WITH OVER 50 PERCENT INCREASE IN THREE YEARS
CHASE INFOSERV SURPASSES NET INCOME GOAL WITH OVER 50 PERCENT
INCREASE IN THREE YEARS
NEW YORK, Jan. 28 /PRNewswire/ -- Chase InfoServ International grew over 50 percent in net income after taxes from 1988 to 1991, surpassing the goal set by its founders four years ago.
Launched in 1987 by Chase Executive Vice President Michael Urkowitz and his team of specialists, Chase InfoServ International has blossomed into a global leader by processing and handling more than $1 trillion a day in trade, securities and payment transactions.
Chase InfoServ International reached over $100 million in net income after taxes as of Dec. 31, 1991. In doing so, it has become a major contributor to the Chase Manhattan Bank's overall earnings in 1991.
Chase InfoServ International was a trailblazer in the consolidation of the back office processing business into an important revenue source by capitalizing on the synergy between operations such as custody and cash management.
Now, it moves more money and administers more securities for more customers than any other bank in the world through its network of 6,000 professionals in 40 countries.
Reflecting this success, Chase InfoServ's non-U.S. revenue has grown nearly 60 percent from 1988 to 1991.
"We attribute our rapid growth to three things: our emphasis on quality customer service, our global reach and technological sophistication," Urkowitz said. "And we are dedicated to maintaining those qualities as we grow in new directions in the future."
Chase InfoServ International offers its customers more than 100 services, including cash management, payments, trade, custodial and trustee services. Its customers include a broad base of U.S. and non- U.S. corporations, financial institutions, corporations and government agencies.
Chase InfoServ International is a division of The Chase Manhattan Bank, N.A.
/CONTACT: Cindy Doyle of Chase InfoServ International, 212-789-6697, or Lynthia Romney of Padilla Speer Beardsley, 212-752-8338, for Chase InfoServ International/ CO: Chase InfoServ International ST: New York IN: FIN SU: CK-OS -- NY049 -- 4230 01/28/92 12:08 EST