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First Commercial to sell loans
STAFF WRITER
Tuesday, Jul 30, 2002, Page 11
First Commercial Bank (第一銀行), which is forecasting its first annual loss this year, will close bidding today on NT$57 billion (US$1.7 billion) of bad loans.
The auction will be the last for the year by the Taiwanese lender, which plans to write off at least NT$62 billion of bad loans in 2002. Bidding will close at 11am today, Executive Vice President Chang Yi-hsiung (張義雄) said.
The bank held its first sale in March, when it sold NT$13.2 billion worth of bad loans at face value to Cerberus Asia Capital Management LLC.
Lehman Brothers Commercial Corp Asia Ltd. bought US$131 million of overseas bad loans in the bank's second and most recent sale in April. Merrill Lynch & Co said earlier this month it plans to bid in First Commercial's next auction.
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