JPMorgan Chase has promoted Reuben Ong, who has worked at the multinational financial services firm for more than 13 years, to Head of Southeast Asia Debt Origination, which will see him leading the private credit financing business in the region, according to a report from Reuters.
Ong’s most recent role as Head of Southeast Asia Debt Capital Markets will be taken by Puja Shah, an Executive Director who has worked at JP Morgan for over eight years.
The report quotes JP Morgan as saying that Ong’s promotion is “building on the success of our India private credit financing offerings” amid surging client demand in Southeast Asia.
In the face of unprecedented interest rates increases, borrowers are seeking different sources of capital, even if they can be riskier for lenders seeking higher returns.
According to Preqin data cited in the report, the private credit asset class is expected to be worth $2.8tn by 2028, nearly doubling from $1.5tn in 2022 and growing 11% year-on-year.