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BofA to fund Japanese firms' business in emerging mkts - Nikkei
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Sept 1 (Reuters) - 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)
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