China’s banks target Australia
Chinese banks such as the Industrial & Commercial Bank of China (ICBC), are muscling into Australia’s syndicated loan market, seeking to replace Europe’s debt-laden lenders as they retrench in the Pacific nation.
Asian banks – mainly Chinese and Japanese – accounted for about 21 per cent of new syndicated loan issuance in Australia in the year-to-date, up 4 per cent from a year earlier, according to data from Bank of America Merrill Lynch. All of that growth has been clawed from European lenders, which have halved their exposure, research from the bank shows.
Category: China
