CDIC has taken over Asia Trust, FSC says

Asia Trust was taken over 3:30 p.m. yesterday, FSC said.

The financial regulator said Asia Trust’s net worth stood at negative NT$226 million by the end of 2007. The financial institution’s plan to raise capital by NT$5 billion has failed, FSC said.

After taking over Asia Trust, CDIC will auction it off, with FSC expecting CDIC to pay at least NT$2 billion to the bank’s new owner to help it write off bad loans.

FSC made the announcement after CDIC auctioned off the bad assets of Bowa Bank yesterday. No bidder has emerged for Bowa’s good assets, though.

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