BofA to fund Japanese firms’ business in emerging mkts – Nikkei

Sept 1 (BestGrowthStock) – Bank of America (BAC.N: ) will start
financing Japanese companies doing businesses in emerging
markets, beginning with a loan 2.5 billion yen ($29.6 million)
to a Sumitomo Corp (8053.T: ) unit in Indonesia, the Nikkei
business daily said.

The biggest U.S. bank by assets has linked up with Merrill
Lynch’s Tokyo branch following its deal to buy the ailing
investment bank in midst of the financial crisis, the paper
said without citing sources.

Bank of America’s team in Tokyo is now capable of handling
the complex risk analysis that goes with lending in emerging
economies, Nikkei said.

In case of Sumitomo’s subsidiary, the loan provided by Bank
of America will not be guaranteed by the parent company, but
will be backed by Nippon Export and Investment Insurance, the
paper said.

The loan will be completed as early as Wednesday, the daily
added.
($1=84.53 Yen)
(Reporting by Anurag Kotoky in Bangalore; Editing by Gopakumar
Warrier)

BofA to fund Japanese firms’ business in emerging mkts – Nikkei