UOB Suspends Financing Services for London Properties
The United Overseas Bank (UOB) is the first bank in Singapore to announce its suspension of loans programme for properties in London, due to the instability of the current market. This decision comes as no surprise as the United Kingdom has been in a state of political and economic chaos since Brexit (23 June 2016), with the British pound at a 31-year low. The Singapore dollar has gained about 10% against the pound since the UK referendum. For the time