JPMorgan drops, cuts credit to Indian metals clients, broker says
JPMorgan Chase & Co (JPM.N) has dropped or cut credit lines to a large number of Indian metals clients, sending them looking for new brokers, the head of Nanhua Financial UK told Reuters.
JPMorgan declined to comment.
Reuters reported last September that JPMorgan had pared back credit to customers in Europe and Asia after a review of risk, according to sources close to the situation.
“Loads of Indian clients have enquired because JP Morgan cancelled their accounts,” said Nong Yan, chief executive of Nanhua Financial UK, the British arm of one of the biggest future brokers in China.
Nanhua became a member of the London Metal Exchange in 2018.
In some cases the Indian clients had large credit lines with JP Morgan that her brokerage was not able to match, but Nanhua was doing its best to accommodate them for their hedging requirements, Yan added.
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