Rich Investors’ Reluctance to Trade Is Blow to Singapore Banks

(Bloomberg) — Asia millionaires’ reduced risk appetite is hitting Singapore banks at a time when they are welcoming more funds than ever from the wealthy.

Lenders in the city-state, that’s seen as a safe haven, are seeing less fees from these customers who are shying away from taking bets in the markets amid U.S.-China tension and an uncertain economic outlook. Oversea-Chinese Banking Corp., the country’s second largest, posted below-expectation quarterly profit Friday as fee revenue tumbled 42%, largely because of “subdued customer investment activities.”