U.S. financial firms see Europe’s woes as opportunities

Via Scoop.it#GreekCrisis
“As Europe struggles with its debt crisis, U.S. businesses and financial firms are swooping in amid the distress, making loans and snapping up assets owned by banks there — from the mortgage on a luxury hotel in Miami Beach to the tallest office building in Dublin.The sales are being spurred on because European banks are scrambling to raise capital and shrink their balance sheets — often under orders from regulators. Huw van Steenis, an analyst with Morgan Stanley, estimates that European financial institutions will unload up to $3 trillion in assets over the next 18 months.This month a team of three bankers from the London office of the buyout giant Kohlberg Kravis Roberts headed to Greece to examine a promising private company that cannot get Greek banks to provide credit for future growth.Earlier this year, Google bought the Montevetro building in Dublin — the city that is home to its European headquarters — from Ireland’s National Asset Management Agency, which acquired it after a huge bank rescue by the Irish government.“There is clearly a restructuring and shrinking of European financial institutions and many of the assets they’re shedding are in the United States,” said Timothy J. Sloan, chief financial officer of Wells Fargo, which last month acquired $3.3 billion in real estate loans. “We’re keeping our eyes and ears open for the right situations.”Despite problems of their own, U.S. financial firms see opportunities in a troubled Europe.”
Via kostasgeorgioy.blogspot.com

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Posted on December 26, 2011, in Uncategorized. Bookmark the permalink. Leave a comment.

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