U.S. banks cut their overseas lending by $20 billion in the first quarter, to $479 billion, the Federal Reserve Board said Wednesday.

Hardest hit was lending to Asian countries, where U.S. banks had $44.5 billion of credit extended, down $10 billion. U.S. banks are owed $76.4 billion by borrowers in Latin America, down $5 billion.

Money-center banks-BankAmerica Corp., Bankers Trust Corp., Chase Manhattan Corp., Citicorp, First Chicago NBD Corp., and J.P. Morgan & Co.- made 76% of all foreign loans.

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