Sumitomo Mitsui Trust Bank Ltd. established a Sydney office to strengthen its Australian infrastructure loan operations, the Nikkei reported Sept. 2.
The move aims to capitalize on the rapid growth of infrastructure projects such as roads and railways across Australia. Sumitomo Mitsui Trust is looking to increase its infrastructure project credit in Australia by 50% to roughly $3 billion over the next three years.
The Sydney office is the bank's first new overseas base since it launched a corporate business unit in Bangkok. It comes amid a wave of infrastructure joint financing deals in Australia by financial institutions from China and other countries, according to the report.
Sumitomo Mitsui Trust is a unit of Sumitomo Mitsui Trust Holdings Inc.
