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Thursday, 30 June 2016

Brexit: Singapore bank

Singapore bank UOB suspends London property loans.

London skyline



The third largest lender UOB says it has suspended its loan programme for London properties.

The decision comes in response to  the UK's decision to leave the EU, the bank said.
The vote as caused global market turmoil and pushed the pound to 31-year lows. The Singapore dollar has gained about 10% .
Singaporeans were the top Asian buyers of UK commercial property in 2015
UOB said: "We will temporarily stop receiving foreign property loan applications for London properties."
"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."











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