U.S. Banks Overseas Ease The Credit Crunch At HomeGene Koretz
Observers have noted that the weakness in U. S. bank lending to business customers has been partly offset by increased lending by U. S. branches of foreign banks. Now, economist Gary Schlossberg of Wells Fargo Bank points out that something else is taking up the slack: loans to American business borrowers by U. S. bank branches overseas. Such lending was up 35% over its year-earlier level in early March and hasoffset nearly all of the decline in business loans by U. S. banks' domestic offices since they peaked in early May of last year.
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