SINGAPORE: A top Singapore bank said Thursday it has suspended loans to anyone wanting to buy property in London, citing uncertainty from Britain's vote to quit the EU and dealing a blow to investors looking to make the most of the weak pound.
United Overseas Bank (UOB), one of the city-state's three homegrown lenders, said it was monitoring the market closely to determine when the loans would resume.
"We will temporarily stop receiving foreign property loan applications for London properties," it said in a statement.
"As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments," it added.
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