Lloyds TSB Middle East wins JP Morgan Quality Award for the fifth successive year

This 'best in class' industry award is in recognition of the bank's superior quality and consistent high performance in the area of international money transmissions.

JP Morgan's Executive Director of Treasury Services, Peter Vernon handed over the award to Paul Baker, Senior Manager of Money Transmission, Lloyds TSB Middle East at a ceremony held at the bank's main branch in Jumeirah.

Commenting on this achievement, Julian Ashall, Chief Operating Officer, Lloyds TSB Middle East said:

"We are thrilled that our continuing hard work has again been recognised. To win for five years in a row reflects the ongoing hard work and diligence of the entire team. It is also a testament to Lloyds TSB Middle East's unparalleled customer service, placing us amongst the best in the global banking industry."

"This is a fantastic achievement and we will continuously aim to provide our customers with the most secure and efficient way of banking. We remain committed to offering the highest quality products and services for the benefit of our customers." he added.

Lloyds TSB Middle East achieved a Straight Through Processing (STP) average of 98% on payments remitted through JP Morgan, which has resulted in minimal errors and delays. Such high quality performance have consistently put Lloyds TSB Middle East among the best in the money transmissions industry.

Paul Baker, Senior Manager, Money Transmission at Lloyds TSB Middle East added: "By achieving such high levels of STP our customers can be assured that payments reach their destination in the shortest possible timeframes. This award is great news for our customers and demonstrates our ongoing commitment to keeping the customer at the heart of everything we do."

The JPMorgan Chase annual Quality Recognition Award was instituted in 1997 to recognise those clients who achieve a best-in-class level of operating excellence. The award has a rigorous selection process and with funds transfer clients having to demonstrate that they are able to meet the stringent criteria.

Consequently, less than 1% of JP Morgan Chase's funds transfer clients are able to meet the selection criteria to qualify for this award. This year only 100 banks out of 4500 were recognized for various industry excellence awards.