Bank Takes Loss on Latin Debt
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NEW YORK — Manufacturers Hanover Corp., one of the biggest holders of Latin American debts, today added $1.7 billion to its reserves for potential loan losses, following the lead of other big U.S. bank groups.
The action will give Manufacturers a net loss of about $1.4 billion for the second quarter and $1.05 billion for all of 1987, the company said in a statement. Only Citicorp’s $3-billion loss provision May 19, the first of what has become a wave of big increases in loan loss reserves, was larger.
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