Five Philippines lenders are seeking to sell out of South Korea's Hanjin Heavy Industries & Construction to recoup losses on the group's failed Subic Bay yard.
RCBC head of strategic initiatives, John Thomas Deveras, told reporters that it has a 20% stake in Hanjin after $149m of its exposure was converted into equity.
“So when the shares of the Philippine banks are unlocked by December, hopefully the share price goes up and then we’re able to sell at a gain so that we’re able to recover the $149m,” Business World cited him as...
