Banks in S'pore reviewing ethical lending practices
There is concern that a backlash against the companies causing forest fires may extend to the financial institutions that fund them
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Singapore
A SINGAPORE banking group has embarked on a review of ethical lending practices as haze caused by forest fires in Indonesia envelops the city for a fifth week.
The Association of Banks in Singapore said on Monday that its members are working on measures that will improve responsible lending, without spelling out specifics, while the central bank said those guidelines will be issued "soon". Only four major banks in Indonesia, Malaysia and Singapore have embedded environmental factors as part of their credit-decision process, the World Wildlife Fund (WWF) said in a May report.
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