MUMBAI (Reuters) – JPMorgan Chase & Co. senior banker Reuben Ong will lead private credit lending operations in Southeast Asia, an announcement seen by Reuters said, as borrowers look to alternative financing options. Looking for options.
Ong has been with JPMorgan for more than 13 years, and his tenure was well-suited to help the bank become a “top three player in Southeast Asia” in debt capital markets (DCM), a spokesperson said on Wednesday. According to an announcement confirmed by
Ong currently leads the firm's Southeast Asia DCM, a role that will be succeeded by Puja Shah, an executive director who has been with JP Morgan for more than eight years.
Private credit is financing provided by non-bank lenders, often against the securities of unrated or poorly rated companies.
With interest rates rising at the fastest rate in decades, borrowers are seeking alternative sources of funding, even if they are riskier for lenders looking for higher returns.
JPMorgan said Ong's move “builds on the success of its private credit lending services in India” as customer demand surges in Southeast Asia.
The private credit asset class is expected to be worth $2.8 trillion by 2028, nearly double from $1.5 trillion in 2022 and growing 11% year over year, according to data firm Preqin.
(Reporting by Scott Murdoch in Sydney; Writing by M. Sriram; Editing by Varun HK)
