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JBIC inks $43bn credit line pact with Japan banks

The Japan Bank for International Cooperation (JBIC) said Wednesday that it has signed separate pacts with three major Japanese banks to give them a combined $43 billion, or Y3.3 trillion, credit line, as part of the government's steps to encourage companies to go ahead with M&As overseas.

The step is part of the government's overall $100 billion program announced in August to encourage corporations to swap yen reserves for dollar holdings.

The Ministry of Finance hopes its program could be a catalyst for billion-dollar purchases of companies overseas, as well as energy-, resources related assets abroad. The state-owned JBIC runs the program using the government's special foreign exchange account.

JBIC said it has allocated $15 billion worth credit line to the Bank of Tokyo-Mitsubishi UFJ, a core part of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Banking Corp., a unit of Sumitomo Mitsui Financial Group Inc., and Mizuho Corporate Bank of Mizuho Financial Group Inc. each are assigned $14 billion credit lines.

Source: Nikkei
Date: 05.10.2011 [307]

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