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Westpac Singapore pulls rug from under 300 mortgage customers

Bank exits Singapore home loan business, gives mortgagors six months to refinance loans

Singapore

WESTPAC Singapore is exiting the mortgage business, leaving 300 borrowers - both foreigners and Singaporeans - in the lurch.

The Singapore office, which also houses the Asia headquarters of Australia's oldest and second largest bank Westpac Banking Corp, is unwinding its loan portfolio related to properties in Australia and New Zealand.

The Business Times understands that in late March, Westpac Singapore notified its customers with outstanding loans about the bank's decision and were given six months - by end-September - to repay or refinance the loans.

Westpac's mortgage customers in Hong Kong are facing the same fate.

The bank drew the ire of already-nettled customers when it followed...

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