08:59:36 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Brookfield Asset Management Inc
Symbol BAM
Shares Issued 987,249,812
Close 2016-07-20 C$ 45.99
Market Cap C$ 45,403,618,854
Recent Sedar Documents

Globe/wire say Brookfield Asset eyes distressed assets

2016-07-21 07:47 ET - In the News

The Globe and Mail reports in its Thursday edition that Brookfield Asset Management plans to invest about $1-billion (U.S.) in Indian distressed assets through a joint venture with the largest lender in the South Asian country, where banks are battling a record $120-billion (U.S.) of sour debt. A Reuters dispatch to The Globe says that Brookfield and State Bank of India have signed a preliminary agreement to set up a joint venture for the investments. SBI aims to contribute up to 5 per cent of the total investments targeted by the venture, which may also rope in other banks at a later stage. Indian banks, with 11.5 per cent of their loans soured, are under pressure from the regulator and the government to clean up their books as higher bad loans choke fresh lending in an economy whose main source of financing is bank credit. The government earlier this year eased rules for bad-loan buyers, and was also in talks with banks to help set up funds to deal with distressed assets. The scale of the opportunity and easier rules are drawing other foreign companies. Brookfield has previously invested in the Indian real estate and infrastructure sectors. The companies did not give a timeline for the investments.

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