Japan's biggest banks target Korean conglomerates for growth
July 08, 2012|Taiga Uranaka | Reuters
TOKYO (Reuters) - Japanese banks, facing sluggish loan demand at home, are increasingly targeting South Korea where conglomerates such as Samsung Electronics <005930.KS> and Hyundai Motor <005380.KS> are seeking funds to expand globally.
With rival European lenders retreating as the region's debt crisis heads towards its fourth year, well-capitalized Japanese banks find themselves at a competitive advantage. Mitsubishi UFJ Financial Group <8306.T>, Mizuho Financial Group <8411.T> and Sumitomo Mitsui Financial Group <8316.T> (SMFG), the country's biggest banks, have formed teams to track the funding needs of South Korean firms looking to build chip factories and auto assembly lines abroad.
