The Federal Reserve's September surprise, which postponed tapering its asset purchases, dented otherwise solid earnings at two Singapore banks.» Read More
SINGAPORE, Oct 5- Singapore introduced on Friday measures to prevent a bubble in its housing market and ensure more prudent lending by banks after property prices rose at a faster pace in the third quarter.
Asian private banks are benefiting from an influx of Western money as the economic uncertainties and debt woes in the United States and Europe prompt high-net-worth individuals to seek what they see as the relative strength of Asian banks. The NYT reports.
United Overseas Bank, the smallest of Singapore's three banking groups, reported a 21 percent fall in quarterly profit due to lack of one-off gains and as it booked losses on its European debt exposure.
European banks are looking to unload some of their assets in Asia to meet tighter capital requirements, and David Conner, CEO of Singapore’s second largest lender OCBC, says he is open to potential acquisitions.
Oversea-Chinese Banking Corp, Singapore's second-biggest lender, posted an 18 percent rise in quarterly profit, buoyed by strong loan growth, beating expectations.
Singapore is expected to use its Feb 17 budget to help its citizens cope with rising costs through grants and one-time payments, but businesses are set to face new measures making it harder to hire cheap foreign workers.
DBS Group, Southeast Asia's biggest lender, posted an unexpected 8 percent rise in quarterly earnings as strong loans growth more than made up for subdued interest rates.
Singapore's financial sector is among the strongest in the world, yet in terms of share performance, the sector has been underperforming other banks in the region.
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