30 Jun '16, 8am

Brexit: Singapore's United Overseas Bank suspends loans for London property purchases

Brexit: Singapore's United Overseas Bank suspends loans for London property purchases

United Overseas Bank Limited (UOB) has said it will stop issuing loans that are intended to purchase properties in London. The Singapore bank, which is Southeast Asia's third-largest bank by assets, said the decision was taken amid the uncertainty caused by the Brexit vote. A few news reports cited an email by a UOB spokesperson, which read, "We will temporarily stop receiving foreign property loan applications for London properties. As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments. We are monitoring the market environment closely and will assess regularly to determine when we will re-instate our London property loan offering." More from IBTimes UK Brexit: Property deals fall through but 'no armageddon' in the housing market Deutsche Bank and Santander f...

Full article: http://www.ibtimes.co.uk/brexit-singapores-united-oversea...

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