30 Jun '16, 10pm

UOB suspends London property loans after Brexit: SINGAPORE: United Overseas Bank (UOB), Singapore’s No. 3 len...

SINGAPORE: United Overseas Bank (UOB), Singapore’s No. 3 lender, became the first bank in the city-state to suspend its loans programme for London properties in the wake of uncertainties caused by Britain’s vote to leave the European Union. As Brexit spooked global markets and pushed the pound to multi-year lows, other Singaporean banks were also advising clients about risks such as currency losses even though they have not followed UOB’s move. “We will temporarily stop receiving foreign property loan applications for London properties,” a UOB spokeswoman said in an email. “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.” The Singaporean dollar has gained 10% against the British pound since the referendum, eroding the value of assets held in Britain. O...

Full article: http://www.thesundaily.my/news/1857097

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