SocGen Halts Loans to Asia Oil Trading Firms After Hin Leong (2)

May 13, 2020, 9:04 AM

Societe Generale is halting fresh funding to oil trading firms in the Asia Pacific region and reviewing its activities globally after taking a large hit because of the collapse of oil trading firm Hin Leong Trading (Pte) Ltd.

The French bank is considering its future in commodities financing both in the APAC region and more broadly after the Singaporean company filed for creditor protection while owing it about $240 million, people with knowledge of the matter said, asking not to be identified as the plans are private.

SocGen posted a surprise first quarter loss as the bank set aside ...

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