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SocGen closes Singapore trade commodity finance unit following Hin Leong exposure

03 Aug 2020

French bank Societe Generale SA (SocGen) is terminating its Singapore trade commodity finance unit following its decision to cut off new credit for oil trading firms in the APAC region after Hin Leong Trading (HLT) collapse, reports Bloomberg.

The bank is allegedly releasing its front office staff while maintaining an administrative team and all clients with transactions in Singapore will be managed by its Hong Kong office.

After a USD 240 million exposure to Hin Leong Trading’s financial catastrophe, the bank published a loss in the first quarter of 2020 despite the bank allocating EUR 342 million (USD 372 million) as a buffer for risky transactions.

Related: SocGen to cutoff new credit for oil trading firms in APAC region after HLT collapse


Photo credit:
Jason Goh from Pixabay
Published: 3 August, 2020

 

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