March 3 (Reuters) - 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,
SMBC and Macquarie Among Lenders Exposed to UK Mortgage Firm MFS Collapse
Major Lenders Face Exposure After MFS Collapse
March 3 (Reuters) - 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.
Details of Lender Exposure
SMBC's Exposure
SMBC has about 100 million pounds ($132.99 million) of exposure to MFS, while Macquarie's global markets unit has an exposure of less than 50 million pounds, the report said.Macquarie's Exposure
Macquarie's global markets unit has an exposure of less than 50 million pounds.Official Comments
SMBC and Macquarie declined to comment on the report.
Industry Response to MFS Administration
Scramble to Assess Exposure
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.Appointment of Joint Administrators
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.Other Major Stakeholders
Elliott Management's Position
U.S. hedge fund Elliott Management also holds about 200 million pounds of mortgage-backed facilities tied to MFS.
($1 = 0.7519 pounds)
(Reporting by Yamini Kalia and Simone Lobo in Bengaluru; Editing by Vijay Kishore)
