A portion of the $412-million exposure of five Philippine banks to a bankrupt shipbuilder in Subic, Zambales province has been converted to a 20-percent stake in its South Korea-based parent company, an official of listed Rizal Commercial Banking Corp. (RCBC) said.
In a briefing on Monday night, RCBC Senior Executive Vice President John Thomas Guevara Deveras Jr. told reporters the stake represented $149 million of the total amount.
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