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...

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