Thai Danu achieves landmark bad loan sale

DBS'' Thai unit pulls off the first bank auction in Thailand and gets rid of its bad debts.

DBS Thai Danu Bank Danu has soldĀ 77% of its bad debts to two parties a fund owned by Lehman Brothers and local finance company National Finance at an average of 29 cents on the dollar. Danu raised Bt8.4 billion $205 million by selling loans in default with a combined face value of Bt31 billion, according to a company statementĀ on Thursday.

Danu, a unit of Development Bank of Singapore Singapores biggest bank, becomes the first Thai bank to get rid of its bad debt altogether. The sale also sets out the pricing terms for the industry. Lehman's unit Global Thai Property Fund and National Finance are both experienced handlers...

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