Australia's Bank of Queensland has canceled its plan to sell its AUD $230 million portfolio of nonperforming commercial property loans after it failed to receive satisfactory purchase offers.
According to a report in The Australian, the bank says that it rejected bids submitted by two consortiums because they lacked ‘sufficient value.’ The bank says that it will explore other strategies for ‘maximizing value and minimizing the time required to recover nonperforming capital.’
‘Bank of Queensland has alternative strategies in place that will see the individual assets worked through in a timely manner without significant erosion of value to Bank of Queensland and its shareholders,’ says CEO Stuart Grimshaw.
