B of A Seeking Loans in Japan, Newspaper Says

TOKYO — The chairman of BankAmerica Corp. has requested up to $300 million from leading Japanese banks to help the second-largest U.S. banking company recover from huge losses, Japan’s leading economic daily newspaper reported Thursday.

The report in the Nihon Keizai Shimbun said Japanese banks were considering the request. They said the amount being sought by BankAmerica “was between $200 million and $300 million.”

The report said BankAmerica Chairman A. W. Clausen “in meetings with leaders of major banks such as Dai-Ichi Kangyo Bank, Tokyo Bank and the Japan Industrial Bank made verbal requests for assistance.”

A BankAmerica spokesman denied the report. Clausen, who is winding up a four-day visit to Japan, could not be reached for comment.

BankAmerica, the second-largest U.S. banking firm, is heavily exposed to Brazil and other Latin American debtors and is struggling to recover huge losses it suffered last year.

It recently won approval to raise up to $1 billion in new stock, debt and warrants.

The BankAmerica spokesman confirmed that Clausen explained the recent developments during his meetings in Tokyo but denied the former World Bank president made any requests of Japanese banks.

“There are no specific plans . . . at this stage,” he said, adding that Clausen’s trip was designed to cement BankAmerica’s 40-year relationship with Japanese financial institutions and businesses.

Spokesmen for major Japanese banks said Clausen discussed BankAmerica’s financial situation in meetings with banking executives this week, but said no specific requests were made.

Another major daily newspaper, the Asahi Shimbun, reported that the Japanese banks were planning to aid the troubled American banking firm.