Meanwhile, in other developments, Mitsubishi UFJ Financial Group (MUFJ) has put together a syndicated loan worth US$5 billion for a sovereign wealth fund in Abu Dhabi, a report said yesterday.
Bank of Tokyo-Mitsubishi UFJ, part of the MUFJ group, has arranged the multi-bank credit for International Petroleum Investment Co (IPIC), the business daily Nikkei Shimbun reported, without citing sources.
The syndicate also involves 15 other banks, including Santander of Spain, HSBC Holdings Plc of Britain and Sumitomo Mitsui Banking Corp of Japan, the report said.
Japanese banks are hoping to increase their presence in the Middle East, the Nikkei said, adding that many Middle Eastern sovereign wealth funds need large loans, which major US and European banks have grown cautious about providing.
IPIC will most likely use the loan to acquire Canada-based Nova Chemicals Corp and take a stake in CEPSA, Spain’s No. 2 oil company, the Nikkei said.
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