22nd April 1998
FIRST PACIFIC, SALIM GROUP SELL U.S. BANK FOR US$120 MILLION
First Pacific Company Limited announced today that it, together with the Salim Group, has sold its entire holding in United Commercial Bank, of California, to institutional investors and the Bank's senior management for an aggregate consideration of US$120 million.
United Commercial Bank, formerly known as United Savings Bank, F.S.B., was owned 85 per cent by the Salim Group and 15 per cent by First Pacific, with First Pacific being responsible for overall management. The sale conforms to First Pacific's recently announced policy of concentrating its investments on fewer, larger assets in the Asian region.
First Pacific will receive US$18 million from the sale of the Bank, which it originally purchased in 1986, and consequently expects to record an exceptional gain of approximately US$5 million.
First Pacific Managing Director Manuel V. Pangilinan said: "The sale of United Commercial Bank, which follows our disposal of Dutch-based Hagemeyer last month, will enable First Pacific to focus its business on promising investment opportunities in the Asian markets we know best. These include Hong Kong/China, Indonesia, the Philippines and Thailand."
United Commercial Bank was founded in 1974. Through 27 retail branches, it caters primarily to ethnic Chinese in the San Francisco Bay and Los Angeles metropolitan areas. It had total assets of US$1.56 billion and total deposits of US$1.47 billion as at 31st December 1997.
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For further information, please contact First Pacific Company:
| Robert Sherbin | Tel: (852) 2842 4380 |
| Group Vice President | |
| Corporate Communications |
Company information can also be accessed on:
| Web Site: |
http://www.firstpacco.com http://www.irasia.com/listco/hk/firstpac |
| E-mail: | info@firstpac.com.hk |
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