Woori Bank will set up a joint venture with Merrill Lynch to dispose of a potential 45 billion won ($44.2 million) worth of bad loans, the banking arm of South Korea’s third-largest financial services firm said on Monday.
The special purpose company (SPC) would issue asset-backed securities against Woori’s precautionary loans, or loans on which interest payments had been missed for a period of between one and three months, the bank said.
For this complete story, please visit Merrill Lynch and S. Korean Bank Set Up Bad Loan Joint Venture.
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