Korea's first transaction with a foreign bank as back-up servicer has closed, as JPMorgan Chase announced it signed the Samsung Card Co. Ltd. credit card securitization this week. Arranged by Merrill Lynch, the Samsung deal is noteworthy as being the first cross-border credit card backed deal in Korea this year.

In alliance with Korea First Bank, its local partner, JPMorgan becomes the first foreign bank to provide back-up servicing in Korea, according to the company. "The standardized documentation and servicing standards that the alliance creates will allow speedier execution, greater risk mitigation and quicker time to market for asset-backed and mortgage-backed transactions," the company stated in its release.

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