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
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama