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...

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