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Singapore bank suspends London property loans

One of Singapore’s largest lenders, the United Overseas Bank, has suspended its loan programme for London properties.

The bank has said it will monitor the market, following the UK’s decision to leave the EU.

“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,” the bank told the Financial Times.

Research by agents Knight Frank this year showed that Singaporeans were the top Asian buyers of UK commercial property.

According to FT, the bank had considered alternative options but decided to suspend loans on a temporary basis to lower the risk of having to call in part of a loan if London property is revalued.

Singapore’s biggest lender, DBS, told the BBC that is was continuing to provide financing but was advising clients to be cautious.

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