UOB Shares Sink on Provisions Over US, China Property Risks

United Overseas Bank Ltd. shares slumped after the lender set aside its biggest-ever provision of S$615 million ($470 million) citing commercial real estate risks in the US and Greater China.

The problematic areas are in the two markets where the bank is working through a “few accounts” that make up a small portion of its total loans, Chief Financial Officer Leong Yung Chee said at a results briefing.