31 Jul '16, 10pm

Plunging Oil Prices Create Bad-Loan Headache for Singapore Banks - Bloomberg

Plunging Oil Prices Create Bad-Loan Headache for Singapore Banks - Bloomberg

The plunge in oil prices is catching up with Singapore’s three largest banks. On Thursday, Swiber Holdings Ltd., a small Singapore company that provides construction services for international oil and gas projects, said it filed a petition to liquidate its operations, after facing payment demands from creditors at a time when its business was under pressure. DBS Group Holdings Ltd., one of the largest lenders to Swiber, said it only expects to recover about half of the S$700 million ($518 million) it loaned to the firm and its units. DBS and Singapore’s two other large banks, Oversea-Chinese Banking Corp. and United Overseas Bank Ltd., are exposed to the downturn in the energy sector as a result of their lending to local companies which provide construction, shipping and maintenance services to the oil and gas industry. Many of those companies are suffering as the plunge i...

Full article: http://www.bloomberg.com/news/articles/2016-07-31/plungin...

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