Bank of Philippines Sells Bad Loans to Bank of America

http://www.insidearm.com/news/00008262-bank-of-philippines-sells-bad-loans-to-ba/

Bank of America snapped up $78 million in bad loans from the Bank of the Philippine Islands earlier today, according to a filing made by BPI to the Philippine Stock Exchange.

In a story by Reuters today, it was written that the sale is the fourth such divestiture of bad loans made by BPI with total proceeds from the sale totaling $453.8 million.

The bank said aside from Bank of America, four other foreign institutions submitted bids for the loans.

Philippine banks’ non-performing loans have fallen to 5.27 percent of total loans as of end April from a peak of about 18 percent in 2001, according to Reuters. The country is trying to get bad debt levels at banks down from those all-time highs that were a result of the Asian financial crisis in the late 1990s.

Bank of Philippines Sells Bad Loans to Bank of America

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