The third-largest bank in Japan has consented to acquiring WestLB AG’s Brazil wing in an effort to reduce demand for infrastructure-focused financing.
Though Mizuho Financial Group has not yet revealed the terms of the transaction, their website states that the purchase is still waiting on regulatory approval.
Business Week explains that Banco WestLB AG Brazil is a firm that provides financial solutions.
“The company provides structured and corporate finance and treasury and local markets services. It serves corporate clients and financial institutions; and institutional investors, including agribusinesses, diversified industries, energy and utilities, metals and mining, and telecommunications and infrastructure clients in Brazil and internationally.”
-Business Week
Mizuho, along with competitors like Mitsubishi and Sumito Mitsui, hopes to take advantage of the economic situation in Europe to gain market share in the region. Interest rates are dropping in Japan, forcing lenders to seek new ways to make up for flailing domestic loans.
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