Japan-based Mizuho Financial Group is in talks to acquire Royal Bank of Scotland’s (RBS) North American loan assets for $3bn.
The sale, which includes RBS’s $36.5bn of loan commitments, is expected to be close by the end of June this year.
The acquisition, which is part of Mizuho’s aggressive overseas push to expand lending to non-Japanese blue-chips, will boost its lending operations in North America.
Following the acquisition, Mizuho may hire employees including loan officers and debt capital markets bankers from RBS.
Additionally, RBS is planning to slash the number of countries it operates in by two-thirds to 13 as part of its restructuring plan.
Under Project Brown, the bank also plans to sell or wind down its businesses in markets including China, Hong Kong, Indonesia, Malaysia, South Korea, India and Thailand as well as retain trading operations in the UK, the US and Singapore, a sales team in Tokyo and coverage teams in nine Western European markets.