TOKYO, July 29 Sumitomo Mitsui Trust Bank plans
to increase its outstanding overseas property non-recourse loans
to 300 billion yen ($2.95 billion) by March 2017, from 50
billion yen now, a senior executive at Japan's fifth-largest
bank by assets said on Tuesday.
"We are expanding overseas non-recourse loans as they have
bigger returns than those in Japan," Akira Kamiyo, managing
executive officer at the core unit of Sumitomo Mitsui Trust
Holdings, told Reuters in an interview.
He said his bank started providing non-recourse loans for
office building projects in Singapore and London in early 2013.
Non-recourse loans are extended to properties and projects,
which are pledged as collateral, and borrowers are not held
liable in the case of defaults.
($1 = 101.8600 Japanese Yen)
(Reporting by Taiga Uranaka and Taro Fuse; Editing by Chris