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Business

For Japan megabanks, North America still land of opportunity

Mitsubishi UFJ, Mizuho and Sumitomo Mitsui, pictured here in Japan, have made strides in localizing their North American operations.

TOKYO -- While much remains unknown about Donald Trump's economic agenda, Japan's leading lenders are prepared to retool their North American strategies to make the most of corporate tax cuts, an infrastructure buildup and other of his pledges.

Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group have expanded lending in North America at double-digit rates over the past few years, hitting $176.5 billion in outstanding loans at the end of fiscal 2015. The market is now the institutions' largest, overtaking stagnant Asian lending. A healthy U.S. economy has fueled growth in funding for infrastructure projects such as power plants as well as corporate mergers and acquisitions.

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