Wilmar International (WLIL.SI), the world’s largest listed palm oil firm, is seeking to borrow over US$1 billion ($1.4 billion) to help fund its purchase of Sydney-based CSR’s (CSR.AX) sugar business, Basis Point reported on Friday.

The banks that are in discussion with Wilmar include Singapore’s three local banks DBS (DBSM.SI), Oversea-Chinese Banking Corp (OCBC.SI) and United Overseas Bank (UOBH.SI), Basis Point, a Thomson Reuters service, said, citing banking sources.

Singapore’s Wilmar CSR earlier this week clinched a deal to buy CSR’s Sucrogen sugar arm for US$1.5 billion ($2.1 billion), trumping a rival bid by China’s Bright Food Group.

Sucrogen is the world’s fifth-largest sugar-refiner.