Japan's SMBC and Australia's Macquarie exposed to failed UK lender MFS, Bloomberg News reports

Japan's Sumitomo Mitsui Banking Corp and Australia's ​Macquarie Group are among the companies ‌exposed to Market Financial Solutions, a UK mortgage lender that collapsed last week, Bloomberg ​News reported on Tuesday, citing people ​familiar with the matter.

• SMBC has about 100 ⁠million pounds of exposure to ​MFS, while Macquarie's global markets unit ​has an exposure of less than 50 million pounds, the report said.

• SMBC and Macquarie declined to ​comment on the report.

• Banks and private ​credit funds are scrambling to assess their exposure to ‌MFS ⁠after the little-known lender was placed into administration amid allegations of financial irregularities and mismanagement.

• The court appointed Joint Administrators ​on February ​25 to ⁠take control of MFS, which presents itself as a provider ​of fast, flexible bridge loans ​and ⁠buy-to-let mortgages for intermediaries and clients.

• U.S. hedge fund Elliott Management also holds about 200 million ⁠pounds ​of mortgage-backed facilities tied ​to MFS.

Reuters