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Foreign lenders eye Aussie shores

by Staff Reporter7 minute read
The Adviser

Steven Cross

A new lender could be set to make its mark on the mortgage market, as reports emerge that a large Japanese bank has turned its eyes towards Australia.

According to the Australian Financial Review, an unnamed source claimed that the Japanese bank was ‘genuinely considering’ the move, however refused to name the institution.

Japan’s three largest banks have more than 100 trillion yen (AU$1.2 trillion) in deposits that are not being used to fund loans, while Australian banks have more loans than deposits.

The unnamed bank will apparently be a predominately online bank – a space that is really starting to take off.

The claims come just a week after Australian banks were named the most profitable in the world by the Swiss-based Bank of International Settlements.

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