Singapore's 3rd largest lender UOB suspends London property loans

PanARMENIAN.Net - Singapore's third largest lender UOB says it has suspended its loan programme for London properties, BBC News reports.

The decision comes in response to uncertainty caused by the UK's decision to leave the EU, the bank said.

The vote on 23 June caused global market turmoil and pushed the pound to 31-year lows. The Singapore dollar has gained about 10% since the referendum.

Singaporeans were the top Asian buyers of UK commercial property in 2015, according to consultancy Knight Frank.

UOB told the BBC in a statement: "We will temporarily stop receiving foreign property loan applications for London properties."

"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."