BDO admits big-ticket Hanjin loans, but says can afford it
The country’s biggest bank asserted it can weather the storm despite a massive default in their midst.
BDO Unibank, Inc. president Nestor Tan acknowledged that their bank is one of the biggest lenders to Hanjin Heavy Industries and Construction Philippines, which has declared bankruptcy last Tuesday, Jan. 8.
“We have an exposure to Hanjin and we are more than adequately provided for potential losses,” Tan said in a statement.
BDO was named as one of the five big banks with huge exposures to the Korean ship-builder. The Philippine Daily Inquirer reports that BDO’s loans are at $60 million, alongside the Rizal Commercial Banking Corp. ($140 million), Land Bank of the Philippines ($80 million), Metrobank ($72 million), and the Bank of the Philippine Islands ($60 million).
This ads up to $412 million, with the five banks reportedly worknig together to take control of Hanjin’s shipyard located inside the Subic Bay Freeport Area in Zambales.