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Finance

Japanese banks stick with SoftBank despite WeWork woes

Main lender Mizuho says it will "share risk with business partner"

Japan's three biggest banks are major backers of Softbank Group and its chairman and CEO Masayoshi Son. (Nikkei Montage/ Source photo by Ken Kobayashi)

TOKYO -- Japan's three biggest banks, which together hold $13 billion of SoftBank Group debt on their balance sheets, are sticking with the Japanese technology company despite its massive investment losses as rock-bottom interest rates push them toward corporate deals and overseas lending.

"Lending decisions are made based not just on one profit-and-loss statement," Mizuho Financial Group president Tatsufumi Sakai said in an earnings announcement on Thursday. He was apparently referring to SoftBank's second-quarter loss of $6.4 billion, following a blowout profit in the first quarter.

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