Business and Finance Business and Finance
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Thu, November 28, 2024
[ 11:58 PM ] - Bill Williamson
Japanese banks sticking with Adani as Jefferies, Barclays review ties

Japanese banks sticking with Adani as Jefferies, Barclays review ties


Published on 2024-11-28 23:58:16 - Bill Williamson, WOPRAI
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  • JAPAN'S biggest banks plan to maintain ties to billionaire Gautam Adani despite US bribery charges, even as other global firms including Barclays are reassessing their exposure to the Indian conglomerate.

The article from The Business Times discusses how Japanese banks, including Mitsubishi UFJ Financial Group Inc (MUFG), Sumitomo Mitsui Banking Corp, and Mizuho Financial Group Inc, are maintaining their financial relationships with the Adani Group despite the conglomerate facing allegations of fraud and stock manipulation by Hindenburg Research. These banks have significant exposure to Adani Group, with MUFG alone having about $3 billion in loans to the group. Meanwhile, international banks like Jefferies and Barclays are reevaluating their ties with Adani due to the controversy. The Japanese banks' decision to stick with Adani is influenced by their long-standing relationships and the strategic importance of Adani's projects, particularly in infrastructure and energy sectors, which are seen as critical for India's development. However, this stance comes amidst a backdrop of increased scrutiny and potential risks associated with Adani's financial dealings.

Read the Full Business Times Article at [ https://www.businesstimes.com.sg/companies-markets/japanese-banks-sticking-adani-jefferies-barclays-review-ties ]
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