MANILA (XFN-ASIA) - Export and Industry Bank (Exportbank) said it will sell its remaining non-performing assets worth P10.1 billion to a subsidiary of German-bank Bayerische Hypo-und Vereinsbank AG.
No other details were provided in its disclosure to the stock exchange.
Last week, Exportbank announced that its board approved the sale of idle assets worth P3.2 billion to DB Zwirn & Co LP. It also earlier agreed to sell non-performing assets worth P10 billion to state-run Philippine Deposit Insurance Corp.
Exportbank is undergoing a recapitalization program which calls for an injection of fresh capital by existing shareholders. It also plans to issue long-term subordinated notes to beef up its capital base.
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