Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
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."