New Delhi: A fund-raising exercise for an Indian company has earned rich accolades for global banking giant JPMorgan Chase, which has been feted with as many as eight best innovative deal awards from across the globe.
JPMorgan’s Global Trade Services unit has bagged a total of eight awards for innovative Europe and Asia transactions from various publications—The Asset, Finance Asia, Global Trade Review, Trade Finance and Trade & Forfaiting Review.
The awards were given to JPMorgan for arranging structured finance solutions for the Aban Group, an Indian offshore oil and gas drilling company, and Bank Petrocommerce, a Russian bank working with the Uzbek government.
Both transactions provided funds for facilitating vital energy initiatives in India and Uzbekistan, JPMorgan said.
Aban worked with JPMorgan Chase and the Indian Overseas Bank to fund an oil rig purchase from Singapore’s PPL Shipyard.
Although highly complex and dependent on the teamwork of many interested parties, both the deals were completed in a relatively short time, the US-based firm said in a statement.
For the Aban Group, JPMorgan provided a deal structure where the Indian firm was able to establish a loan on its books when an oil rig was delivered and rental agreements were in place.
“The solution was unique but replicable,” JPMorgan Chase’s Global Trade Sales unit head Craig Weeks said.
“It highlights the strength of JPMorgan’s network trade concept, in which we leverage information exchanged between banks in our global correspondent network to facilitate trade flow risk mitigation and financing solutions,” he added.
JP Morgan Chase is a leading global financial services firm with assets worth $1.4 trillion and operations in more than 50 countries.