Japanese banks reinforcing for growth Asian projects

Mar 14, 1997 01:00 AM

Japanese banks are reinforcing branches in other Asian countries, hoping to tap bursting demand for financing infrastructure construction. Fierce financing competition in the region will intensify. Such loans are repaid using returns from completed projects.
Sakura Bank's Sakura Finance Asia based in Hong Kong once covered all of Asia. However, last year, Sakura Merchant Bank Singapore took over the operations for Indonesia and Malaysia. It plans to increase staff from five to seven in fiscal 1997.
Sumitomo Bank last autumn recruited an expert from the World Bank-related International Finance Corp. to lead its project division in Singapore. Fuji Bank set up a similar unit at its Singapore branch this year.
Tokai Bank created in January a finance team in the Singapore branch consisting of two Japanese and four non-Japanese employees. The number of officers will increase to 10 soon.
Project financing targets power plants and other big construction works which require large amounts of capital. Private-sector loans to such projects in Asia grew 56% in 1996 to $ 28.2 bn.

Source: not available
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