Singapore lender defers billions in loans

Business | 21 Jul 2020 3:48 pm

Singapore's DBS Group approved 8,200 deferred loan repayment applications under the coronavirus pandemic, involving S$5.3 billion, Piyush Gupta, the DBS Group and DBS Bank CEO said.

The bank also approved another 26,000 loan deferrals for enterprises, involving around S$9.8 billion, and S$4 billion was lent to support small and medium-sized enterprises.

Gupta quoted World Bank statistics that the global economy would shrink by 5.2 percent this year, which would be the worst since the Great Depression of 1930.

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