Tsien: ‘We shall remain vigilant and will continue to help our clients in the impacted sectors to de-leverage and restructure their debts.’ – Bloomberg
SINGAPORE: Oversea-Chinese Banking Corp, Singapore’s second-biggest lender, flagged worries about a weak oil and gas sector after reporting an 18% drop in quarterly profit to a three-year low, mainly due to a jump in impairment charges.
Singapore banks, long lauded for their conservative lending standards, are taking a hit as companies in the oilfield services industry restructure their bonds and loans in a weak operating environment.
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