AUSTRALIA: Australian media report Japanese banks looking into Aussie home loans.

Record ID: 466057

  • Title: AUSTRALIA: Australian media report Japanese banks looking into Aussie home loans.
  • Date: 24th January 2012
  • Summary: TOKYO, JAPAN (JANUARY 23, 2011) (REUTERS) SUMITOMO MITSUI BANKING CORPORATION BUILDING PEOPLE WALKING IN FRONT OF SIGN READING IN JAPANESE "SUMITOMO MITSUI FINANCIAL GROUP" AND "MITSUI SUMITOMO BANK" PEOPLE WALKING IN FRONT OF BUILDING DOOR WITH "SMBC SUMITOMO MITSUI BANKING CORPORATION" SIGN BANK OF TOKYO-MITSUBISHI UFJ BUILDING SIGN THAT READS IN ENGLISH "BANK OF T
  • Embargoed: 8th February 2012 12:00
  • Keywords:
  • Location: Japan, Australia
  • City:
  • Country: Japan Australia
  • Topics: Economy,Politics
  • Reuters ID: LVADI7Z0ARUADX0BR7K3KQ5HCGUJ
  • Story Text: Australian media report that Japanese banks are looking to break into the Australian home loan market.
    Australian media reported on Monday (January 23) that three of Japan's biggest banks may be looking into entering into the Australian home loans market.
    Local media from Australia said Japan's Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, and Mizuho Financial Group are considering operations in the country.
    While some reports have said that the three banks could take up to 10 percent of the home loans market, Australia's Daily Telegraph said they would need to write more $100 billion AUD ($105 billion USD) of loans to do so, as the domestic mortgage sector is worth $1.06 trillion AUD ($1.11 trillion USD).
    While a strong yen hurts Japan's exports, it has helped Japanese firms in overseas acquisitions as they look abroad for higher yields.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2012. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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