Market Chatter: South Korea's National Federation of Fisheries Cooperatives to Sell 600 Billion Won Worth of NPLs

MT Newswires Live06-24

The National Federation of Fisheries Cooperatives, a trade body for the South Korean fishing industry, will sell 600 billion won worth of non-performing loans (NPLs) through the securitization of assets, Pulse News reported Friday.

Suhyup Bank, a subsidiary of the cooperative, will sell the NPLs via a competitive bidding process managed by a sales manager in the third quarter, the report said.

The NPL sale is expected to be more efficient as Suhyup Bank is handling it collectively, unlike in previous years when individual cooperatives managed their sales. The plan to sell three times more NPLs this year reflects a strong effort to reduce them, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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