Nov
08
Return-Starved Japanese Megabanks Boost Lending 25% in Australia
By-
Australia’s higher margins, benchmark rates act as a lure
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Ramp-up comes as Australian business borrowing accelerates
Japan’s biggest banks are looking to get more bang for their buck Down Under, expanding loans in Australia 25 percent in the past year.
With interest rates near zero at home, Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. are tapping into a developed economy that offers higher margins on loans than their domestic market and a benchmark cash rate of 2 percent. Their total loans outstanding in Australia grew to A$39.9 billion ($28.1 billion) as of Sept. 30…
Return-Starved Japanese Megabanks Boost Lending 25% in Australia
