Singapore-based United Overseas Bank, Southeast Asia’s third-largest bank by assets, has suspended loan applications for London properties as investors assess the uncertainties caused by UK’s vote to leave the EU.
Gains from an increase in the value of a property could be eroded if sterling depreciates against the Singapore dollar, Singapore’s DBS Bank is warning clients.
UOB, which is the largest Singapore-based lender for the London property market, said: “As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments.”
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