Singaporean lender United Overseas Bank set aside its largest ever loan provision of S$615mn (US$470mn) on Thursday in anticipation of potential losses in the Hong Kong and US property markets.
South-east Asia’s third-biggest bank by assets, which traces its roots to Singapore’s Chinese community, said it had spotted “troublesome” areas in its Hong Kong and US commercial property loans and acted “proactively”.
“We conducted a thorough review of our portfolio,” said chief executive Wee Ee Cheong, who added that the bank had identified a “few accounts” that required close attention.
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