InfoAnda - Taiwan's Hua Nan Fin to write off more bad debts

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan's Hua Nan Fin to write off more bad debts Reuters - 1 hour 45 minutes ago TAIPEI, Nov 18 - Hua Nan Financial <2880.TW>, Taiwan's No.8 financial holding company, said on Tuesday it would write down an additional T$2.48 billion- worth of bad loans as the global financial crisis escalated. Financial companies in Taiwan, Asia's fourth largest banking sector, have written down billions of dollars of bad debts after some of them were exposed to products related to the collapsed Lehman Brothers <LEHMQ.PK>. "We tend to be more conservative because of the global financial storm," Hua Nan President Lee Cheng-yi told investors in a meeting. State-run Hua Nan will write off the bad loans in the fourth quarter of this year, adding its total amount of write-downs to T$5 billion for the full year. Hua Nan had posted a net profit of T$8.876 billion from January to September, up 29 percent from the year-ago period. Shares of Hua Nan rose 1 percent on Tuesday, while the broader market <.TWII> dropped 3 percent to end at a five-year low. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Congress set to question Paulson, BernankeAP - 21 minutes ago Wood Group unit wins Abu Dhabi clean energy dealReuters - 24 minutes ago Bank woes knock European stocks to 3-week lowReuters - 24 minutes ago easyJet board row escalates as earnings fallAP - 25 minutes ago Banking turmoil, commods drag FTSE 1.6 pct lowerReuters - 28 minutes ago Most Popular – Business Viewed Citigroup to slash 50,000 jobs, expenses worldwide Exercise, sleep cuts cancer risk: study Obama and McCain pledge 'new era of reform' Earth would be heading to a freeze without CO2 emissions Prince Charles wants to speak out as king: biographer View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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