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UOB's exposure to Swiber 'manageable', says CEO

Thursday, July 28, 2016 - 11:13
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Singapore's United Overseas Bank (UOB) has "some exposure" to Swiber Holdings, an oil and gas contractor which is seeking to wind up its operations.

SINGAPORE'S United Overseas Bank (UOB) has "some exposure" to Swiber Holdings, an oil and gas contractor which is seeking to wind up its operations.

"We do have exposure (to Swiber). (But) it doesn't worry me. It's manageable," said UOB chief executive Wee Ee Cheong.

According to UOB chief financial officer Lee Wai Fai, the bank was already closely watching the developments at Swiber which is "one of the accounts in the oil and gas sector that we have been monitoring."

"It's nothing new to us. We just have to manage (the situation)," he added.

Swiber's announcement on Thursday that it has filed an application to place the company under provisional liquidation has sent shock waves in the oil and gas industry hit by a protracted price slump due to oversupply.

The winding-up application will be heard in court on Aug 19.

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