Singapore banks lose FX revenues
United Overseas Bank (UOB) reported $7 million in revenue from FX operations in the second quarter of 2007, compared with $38 million in the same period last year. The Singaporean bank was also down on first-quarter results, where it recorded $27 million in revenues from the FX business.
Foreign exchange revenues at OCBC fell 50% to $18 million in the second quarter of this year, versus the same period last year. The bank's FX business revenues were also down 68% from $55 million in the first
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