Singapore Banks More Exposed to Energy Than Aussie Peers: ChartBy
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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