BOSTON, Jan. 5, 2004 – Eastern Bank, a full-service commercial bank based in Boston, today announced its expansion of foreign exchange services, including its alliance with ABN AMRO Bank, N.V. 

The alliance provides customers with access to one of the world’s largest trading desks and international branch networks, trading in more than 85 currencies at competitive rates, as well as up-to-the-minute information on exchange rates and exchange strategies. 

Jonathan Marcus, hired earlier this year as vice president and director of foreign exchange, is spearheading the expansion.  Marcus has 25 years of foreign exchange experience – most recently at State Street Corp. as vice president of global trade banking. 

“Eastern Bank’s international products and services are now on par with any financial institution, including the largest names in commercial banking,” Marcus said. “We’ve taken foreign exchange service to the next level.” 

Eastern Bank services include:

• International wires, which allow a business to originate or receive payments in more than 40 currencies throughout the world;
• Foreign currency hedging, which permits a company to protect the value of a currency through forwards, options or swap contracts;
• Foreign Currency Drafts, which Eastern provides in more than 24 currencies;
• Multi-Currency Accounts, which allows a business to receive local currency payments, maintain balances and reissue payments centrally and safely throughout the world;
• And, cash Letter and Collection Services, which allows Eastern to convert checks to U.S. dollars and provide virtually immediate credit on checks drawn in foreign currency. 

“We have been reaching out to customers who are looking for products and services delivered by a bank with a reputation for customer service, a reputation for stability, and a reputation for expertise,” Marcus said.  “Now we can educate them about the international market and give them the tools to maintain their edge in the global marketplace.”

Eastern Bank is the largest independent, mutually owned commercial bank in New England.  With $4.6 billion in assets and 51 branches in Greater Boston, Eastern offers a full range of financial products for consumers, businesses, investors, government agencies and non-profit organizations.  Its wholly owned subsidiaries are Eastern Insurance, one of New England’s largest insurers, and Fantini & Gorga/iCap Realty Advisors, a real estate advisory firm. 

For more information, contact: Joe Bartolotta, Public Relations Director, Eastern Bank,
(781) 596-4411, or e-mail Joe Bartolotta.