Spotlight: First Pacific, Salim to Sell United Commercial Bank

First Pacific Co. of Hong Kong and Indonesia’s Salim Group said they will sell California’s United Commercial Bank to fund managers and bank management for $120 million. First Pacific said the sale is part of its strategy to reduce assets outside Asia in order to cut debt and raise funds for expansion in Asia, where plunging stock and currency markets have made acquisitions as much as 50% cheaper in the last year. First Pacific, which managed the bank, said it will receive $18 million for its 15% share.