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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