-- Societe Generale SA is closing its trade commodity finance unit in Singapore after the collapse of Hin Leong Trading Ltd. prompted the bank to halt fresh funding to such firms in the region.
Earlier this year, SocGen was among more than 20 Singaporean and international banks owed US$3.8 billion by oil trader Hin Leong, which filed for creditor protection after crude prices crashed. The French bank, which was owed US$240 million by the firm, later decided to freeze the allocation of new funds to oil traders in Asia Pacific.
SocGen posted a surprise first quarter loss as the bank’s investment banking unit set aside 342 million euros for risky assets in the period, in part related to two fraud-related charges. SocGen didn’t identify the cases but said it may have to provision more over the remainder of the year.Plummeting oil prices and rising bankruptcies are forcing French lenders to review their trade commodities financing activities.
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