, Columnist
Singapore Banks' Hong Kong Envy
The big three remain hostages of the offshore services industry on the eve of earnings.
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Stable oil prices are fine, and a recovery in the Baltic Dry Index can't hurt. But seriously, how long can Singapore's banks remain hostages of the island's shipping and offshore marine services industry?
That question is bound to be asked as another earnings season comes burdened with a high-profile bankruptcy. Ezra Holdings Ltd., the Singapore-listed offshore services group that sought protection from creditors in the U.S. last month, counts DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. among its biggest unsecured creditors. United Overseas Bank Ltd., the third of the city's three homegrown lenders, is on the hook too. The trio's claims total $642 million, most of which is unsecured.