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I happened to be flicking through channels last night and came across a segment on Today Tonight about Japanese banks moving into the Australian home loan market. One of the main banks sited was Mitsubishi UFJ which is one of the 5 biggest banks in the world.
You can read the story here:
It will be interesting to see how this progresses as UFJ have previously had a presence in the Australian Equipment Finance market providing lease and chattel finance for Australian businesses. Formerly Sanwa Finance, UFJ had a major stake in the equipment market and it was only due to an economic crisis in Japan forcing them to sell off their foreign businesses that saw them exit the market. At the end of the day competition in the industry is good for the customer and you can bet that the big 4 banks here will be nervously waiting to see what happens. I’m looking forward to it.