Asian banks making their mark in the local credit market
Business credit extended by Japanese and Chinese banks operating in Australia increased "considerably faster" than the rest of the market, the Reserve Bank of Australia said in the minutes of its 3 June board meeting.Business credit in Australia otherwise "had recorded modest growth over the past year," the RBA said, though slight might be a better word.Banks from India as well as Japan and China accounted for 8.2 per cent of business lending at the start of the second quarter of 2014.This is around double their market share after their initial GFC retreat. Bank of China is the fast mover, with a market share of 1.5 per cent, five times its 2009 share.Sumitomo Mitsui Banking Corporation and the Bank of Tokyo-Mitsubishi UFJ have both regained market share steadily during the recovery period.