J.P. Morgan agrees LC re-issuance deal with UBI

The new agreement will enable Union Bank of India to issue Asia-bound LCs through its Hong Kong branch.

J.P. Morgan has announced that it has signed a letter of credit (LC) re-issuance services programme with UBI through the Indian bank’s Hong Kong branch. Under the arrangement, J.P. Morgan will support UBI in the issuance of Asia-bound LCs. The new arrangement is designed to help UBI access a broader pool of potential new customers, drive increased beneficiary-driven revenue and enhance its presence in international markets.

The new services programme is a further development of the relationship between the two banks which stretches back to 1990 when J.P. Morgan first provided US dollar clearing and related services to UBI. “Partnering with J.P. Morgan for our Asia LC business will deliver significant efficiencies that will benefit our clients and our counterparties,” said VK Khanna, general manager international division for UBI. “J.P. Morgan has demonstrated continued leadership in trade and brings strong risk management capabilities to the table, and we look forward to working with them further as UBI continues to deliver its programme of international expansion.”

“We are delighted to be working with Union Bank of India for their Asia-bound LC programme,” said Rajiv Jain, head of treasury services India at J.P. Morgan. “Our team has worked tirelessly to develop a tailored solution that meets UBI’s needs in Hong Kong, and I am pleased that our market leadership has again been recognised by one of our valued clients in India.”

Year-to-date, J.P. Morgan’s treasury and securities services business has grown its headcount across the region by approximately 400 financial professionals, including several senior appointments at a regional, country and product level. The bank also opened up a Bangladesh representative office last October as part of its regional expansion programme.

Founded in 1919, UBI is one of India’s largest state-owned banks with a network of 3,050 branches throughout India and Hong Kong, with representative offices in Sydney, London, Abu Dhabi, Beijing and Shanghai. 

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