Bank of Taiwan has agreed to collaborate with Northern Trust, provider of asset management services based in the US, to offer the city state's institutional investors offshore global custody and asset servicing solutions.

Under the terms of a memorandum of understanding, Northern Trust will provide offshore global custody and asset servicing solutions for select institutional and government clients in Taiwan.

"Collaborating with Northern Trust as a global custodian provides interested institutional investors access to the benefits of a world-class global custodian, operating in multiple markets across the globe and with top-quality technology and asset servicing capabilities," said Jih-Chu Lee, chairperson at Bank of Taiwan. "We are pleased to collaborate with them as they grow their footprint across the Asia-Pacific market."

"Asia-Pacific is the fastest growing region for Northern Trust and we see significant opportunities to bring our global capabilities to Taiwan," said William Mak, head of Northern Trust in Asia-Pacific. "We are pleased to work with Bank of Taiwan whose strong expertise in asset servicing and local custody solutions and client service ethos fits well with our culture of service, expertise and integrity."

Northern Trust has a network of nine locations across Asia-Pacific, in Australia, China, Hong Kong, India, Japan, Malaysia, the Philippines, Singapore and South Korea. It offers asset servicing and asset management solutions to sophisticated institutional investors and affluent individuals worldwide.