Executives from about a dozen of the biggest U.S. commercial and investment banks will meet Monday at the New York Federal Reserve to discuss ways to provide financial aid to South Korea, the banks announced.
In Tokyo, Japan’s Vice Finance Minister Eisuke Sakakibara told TV Asahi that commercial banks from Japan, Europe and the U.S. also will meet in New York to discuss helping Korea, though it wasn’t clear whether they are all joining the talks at the New York Federal Reserve.
Sakakibara, said Japanese, U.S. and European banks will work jointly to promote lending to Korean businesses, in line with a decision Wednesday by the International Monetary Fund and the G-7 industrialized nations to speed aid to Korea.
The IMF, U.S., Japan and 11 other nations said Thursday that they will accelerate $10 billion in new loans to South Korea in an effort to encourage foreign banks to roll over loans to Korean borrowers.
Among the U.S. banks sending representatives to the meeting at the New York Federal Reserve are J.P. Morgan & Co., Chase Manhattan Corp., Citicorp, BankAmerica Corp., Bank of New York Co., Bankers Trust New York Corp., Goldman Sachs & Co. and Salomon Smith Barney Inc., a Fed official said.
