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Singapore banks bleed as Swiber fiasco drags on energy firms: Bloomberg

SGX Oil and Gas index sank to new lows.

According to a report by Bloomberg, Singapore’s three largest banks are feeling the heat from loans to energy-services companies hurt by slumping oil prices.

One of those businesses, Swiber Holdings Ltd., helped drag the SGX Oil & Gas Index to record lows after wind-up application last week. DBS Group Holdings Ltd. subsequently announced its $700-million (USD 522-million) exposure to Swiber and its units.

Read the full report here.



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