Singapore banks led by DBS Group Holdings Ltd. are more exposed to the slumping oil and gas industry than their Australian counterparts, Fitch Ratings data show. Lenders from the city-state have been financing oil businesses such as rig building, refining and trading, many of which are based in Singapore, Fitch Director Elaine Koh said by e-mail. Economic growth in China and Southeast Asia also spurred energy loans at DBS, Oversea-Chinese Banking Corp. and United Overseas Bank Ltd., Koh added, while Australia’s four biggest banks have more at stake in agriculture, forestry and fishing.
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