Swan urges Japanese banks into the Aussie market

Treasurer Wayne Swan said he would welcome Japanese banks in Australia.

“I welcome the entry of new lenders who meet our strict regulatory criteria and want to get in the ring and fight for customers by offering good deals for Australian families and business,” Mr Swan said.

At least three big banks, the $62 billion Mitsubishi UFJ Financial Group, $42 billion Sumitomo Mitsui Financial Group and $35 billion Mizuho Financial Group, are said to be considering operating here.

“The Japanese banks could take 5 to 10 per cent market share away from the Australian banks quite quickly,” said Mark Bouris, head of non-bank lender Yellow Brick Road and a member of Treasurer Swan's Financial Sector Advisory Council. “It is what our marketplace needs.”

Source: The Daily Telegraph