30 Dec '11, 8pm

Japan's Sumitomo Mitsui eyes European banks' $90 billion in assets - The ... - San Francisco Luxury News: Bloomb...

Sumitomo Mitsui Financial Group Inc., Japan’s second-biggest bank by market value, plans to buy “several hundred billion yen� of assets being sold by European lenders building capital to weather the region’s debt crisis. The Tokyo-based bank has received 7 trillion yen ($90 billion) in offers from European banks including infrastructure project loans, Koichi Miyata, Sumitomo Mitsui’s president, said in an interview on Dec. 21. Sellers of European banking assets currently outnumber buyers, he said. “We’ll take time and go for it once we find what we want� Miyata said. “Loans for projects in North America and Asia are the areas we are interested in.� The euro area’s debt crisis has increased the risk of government and bank defaults, raising credit costs and pushing the region’s biggest lenders, including Spain’s Banco Santander SA and Royal Bank of ...

Full article: http://sfluxe.com/2011/12/30/japans-sumitomo-mitsui-eyes-...

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