Bank of America Makes High Bid in Auction for Philippine Bank Bad Loans

Published on:
28 March 2007 at 05:32 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00038132-bank-of-america-makes-high-bid-in-auction/

Bank of America is looking to snatch up roughly $77.6 million U.S. in Philippine bad loans.

The deal would be between Bank of America and Bank of the Philippines (BPI), the country’s second largest bank. So far, Bank of America has been the highest bidder for the debt.

"BPI and Bank of America shall now commence negotiations for the finalization of relevant sale documentation," Carlos Aquino, a vice president at BPI, told the stock exchange.

The Philippine government is encouraging banks to sell their bad loans and assets to spur domestic lending.