UOB's exposure to Swiber 'manageable', says CEO
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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DBS customers unable to log into digibank, PayLah! on Thursday
NYSE-parent ICE’s revenue misses as muted IPO markets offset record energy trading
Amazon bets big with CrowdStrike on cybersecurity products
Goldman Sachs scraps EU-era bonus cap for top bankers in UK: source
Thomson Reuters lifts 2024 forecast on first quarter revenue result
US: Wall St opens higher after Fed leaves interest rates alone