A global partnership
Chemical Bank: The United Nations’ official banking partner for decades.
Over 80 years ago, on October 24, 1945, the United Nations (UN) charter was ratified, signaling a commitment among 50 countries to work toward world peace. After operating out of several temporary locations, the cornerstone was laid at its landmark Manhattan building in 1949.
The UN selected JPMorganChase predecessor Chemical Bank & Trust Company as its official bank, building on a relationship that started in 1946 when the first UN account was established at Chemical’s Waldorf-Astoria branch. The construction of the permanent UN headquarters included a dedicated branch for Chemical Bank, and in January 1951, Office 15 opened inside the Secretariat building at the core of the UN complex. The staff of 13 was led by branch manager Romeo Balaguer, who oversaw the Thrift, Checking, Foreign and Personal Loan departments.
By 1967, the branch provided services to the UN, its specialized agencies, permanent missions of foreign governments to the UN and the personnel of each.
The UN branch was a unique workplace. Most employees spoke multiple languages to better serve the branch’s international clientele, and they were well versed in different exchange rates and fees. One Chemical employee, Henry L. Bastien, commented that “a visit to the UN gives a better understanding of the organization’s aims and functions, and better insights into the world’s efforts toward peace for all people.”
By the 40th anniversary of the United Nations in 1985, Chemical Bank operated two offices at the UN. Throughout the year, Chemical participated in the anniversary celebrations by co-hosting a gala event and donating 20 cents for every ATM transaction at the UN offices to the United Nations Childcare Center.
Chemical Bank continued to support UN initiatives over the years. A new business development and relationship team was established to manage the UN’s commercial relationships, specifically those with UN missions, non-governmental organizations and consulates. It was also common for the officers and executives of the bank to host visiting delegations and demonstrate the inner workings of a New York City bank. When Chemical merged with Chase Manhattan Bank in 1996, the UN branch was converted to a Chase branch, continuing the legacy of service to the organization.
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