Citibank leads partners in loan facility for Sumitomo

Article Abstract:

Citibank has made public that it has established a syndicated credit line worth $600 million for Sumitomo Corp. Citibank stated that Sumitomo can avail of the credit line any time it requires short-term funding. Citibank Vice President Richard Magrann-Wells added that with the syndicated credit line, Sumitomo now can now be ensured of future funding in any case of financial difficulty. Industry experts believe that despite deal, several banking institutions in Japan still fear that they may not be able to obtain short-term funding from other local banks.

Comment:

Citibank makes public that it has established a syndicated credit line worth $600 million for this firm

Commercial Banks, Commercial Banking, Diversified Companies, Receipt of funds, Use of Funds, Citibank N.A. (New York, New York), Sumitomo Corp.

---

Prudential to form venture

Article Abstract:

Prudential Insurance Co. of America will forge a joint venture with Mitsui Trust & Banking Co. to market and manage investment funds in Japan. The planned joint venture is set to establish a new company called Prudential-Mitsui Trust Investments Co., which will have between 30 and 40 employees and will have a capital worth approximately $50 million. Both Prudential and Mitsui hope that the agreement will be finalized by December 1998, which marks the time when regulators permit banks to sell investment trusts.

Comment:

Will forge a joint venture agreement w/ Prudential Insurance Co of America to market & manage investment funds in Japan

Joint ventures, Open-End Investment Funds, Investment Funds & Trusts, Prudential Insurance Company of America, Mitsui Trust and Banking Company Ltd., Prudential-Mitsui Trust Investments Co.

---

Itochu strives to restructure

Article Abstract:

Itochu Corp is engaged in a restructuring plan to counter the effects of financial deregulation, economic stagnation and increased competition in Japan. The trading company has announced a new investment target and plans to invest only in business ventures that have the potential of at least 10% in investment yields. The main aim of Itochu's bid for a corporate turnaround is to make more efficient use of capital and to get a higher return on investment.

Asia, Foreign Trade Companies NEC, Other Miscellaneous Nondurable Goods Wholesalers, Management, Investments, Trading companies, Corporate reorganizations, Corporate turnarounds, Turnaround management, Itochu Corp.

Similar abstracts:

• Abstracts: Russian bank appears close to failure. Deutsche Bank seeks to defend global strategy
• Abstracts: Generale opens wallet for Fortis unit. KBC is expected to raise stake of CSOB to 90%
• Abstracts: Italy's power sector prepares for rivals. MPS kicks off its road show for IPO. ENEL, Entergy abandon joint venture
• Abstracts: First Pacific may not fill PLDT's needs, analysts say. Cathay seeks PAL stake; offer for up to 40% ends months of speculation

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.