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Japan’s Biggest Banks Plan to Sign Agreement With Saudi Aramco

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Japan's Biggest Banks Said to Sign Aramco Deal

Mitsubishi UFJ Financial Group Inc.’s banking unit and its two biggest Japanese peers plan to sign a non-binding agreement with Saudi Arabian Oil Co. in Tokyo this week to expand lending to the state-run firm as it considers an initial public offering, people with knowledge of the matter said.

Bank of Tokyo-Mitsubishi UFJ Ltd. President Takashi Oyamada and Sumitomo Mitsui Financial Group Inc. Chairman Masayuki Oku are expected to sign a memorandum of understanding in Tokyo with executives of the oil firm known as Saudi Aramco, according to the people. An official from Mizuho Financial Group Inc. will also sign the deal as soon as Thursday, the people said, asking not to be identified because the information isn’t public.