SocGen - closing its Singapore Unit. File Image / Pixabay
Societe Generale SA (SocGen) is shuttering its Singapore-based trade commodity finance unit in the wake of Hin Leong Trading (Pte) Ltd's collapse earlier this year.
Hin Leong's debts total some $3.8 billion, of which SocGen is owed $240 million.
The French financial services firm also lost more than $96 million at the end of last year afer the demise of former Singapore Top 20 bunker supplier Inter-Pacific Petroleum Pte (IPP).
SocGen is dismissing all of its front office staff in Singapore and all new funding in the region has been halted, Bloomberg reports.
The needs of its larger Singapore clients will now be handled by its Hong Kong unit.