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JP Morgan jumps to SoftBank's No. 2 lender with $7.5bn in loans

Japanese megabanks retreat as tech giant shifts to overseas funds

TOKYO -- SoftBank Group's borrowing from foreign financial institutions surged last fiscal year, as the Japanese technology conglomerate's pivot to investing spurred a shift to stock-backed loans that overseas players are better equipped to handle.

JPMorgan Chase jumped to second place from sixth a year earlier, with outstanding loans more than tripling to 829.3 billion yen ($7.53 billion) as of the end of March, according to information in the notice of SoftBank's annual shareholders meeting next week. BNP Paribas and Goldman Sachs -- neither of which placed within the top 10 at the end of fiscal 2019 -- ranked third and fourth respectively.

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