MUFG, Hong Kong firm to cooperate in infrastructure loan sales
TOKYO, NNA - MUFG Bank has signed a memorandum of understanding with Hong Kong Mortgage Corp. on an infrastructure loan sales framework.
The MOU, sealed Tuesday, sets out principal terms for potential infrastructure loan sales by the major Japanese bank to HKMC, a Hong Kong government-affiliated company. The terms include the loan selection criteria, mode of sales and engagement process, with a view to facilitating loan sale cooperation between the two parties.
This represents the first MOU that HKMC has signed with a commercial bank, and will further the mandates of its infrastructure financing and securitization business to consolidate Hong Kong's position as an infrastructure financing hub, HKMC said in a press release.
"The steady and high-quality infrastructure financing deal flow presented by MUFG is conducive to HKMC's business objective of infrastructure loan securitization after accumulating a diversified and sizeable asset portfolio," said Raymond Li, chief executive officer of the Hong Kong firm.
Richard Yorke, MUFG's head of global corporate and investment banking for the Asia-Pacific region, expressed hope that the MOU with HKMC "will allow us to further enhance our partnership and accelerate the delivery of our respective business objectives." (NNA/Kyodo)