Of Special Interest
30th September 2011
SMFG may buy US assets from European banks
Sumitomo Mitsui Financial Group President, Koichi Miyata, said in a recent interview with Nikkei, "We're exploring numerous opportunities, including tie-ups and the partial acquisition of U.S. assets held by European banks."
The comment was made in a Q&A around the debt crisis. Miyata stated that SMFG's sovereign bondholding in the South European region was 'merely $3m'. The bank had a further $5.2m loans to major companies in Italy and Spain.
He saw opportunities in the US market for the bank stating: "With European lenders unable to increase their U.S. assets, prominent U.S. firms are coming to us with loan requests and more dollar deposits. Our New York Stock Exchange listing last fall and earnings disclosures under international accounting standards have made it easier for U.S. companies to assess our creditworthiness as well."