January 4, 200719 yr The following article appeared on Bangkok Post: UOB enters condo-loan sector Singapore (dpa) - United Overseas Bank has introduced a property financing scheme offering loans for buying freehold condominiums in Thailand as part of an Asia-Pacific expansion plan, UOB confirmed on Thursday. The Singapore bank said foreign buyers of Thai condominiums will not be affected by the country's announcement of strengthened capital controls two weeks ago. The rules require Thai banks to withhold 30 per cent of foreign currencies exchanged against the baht for at least a year. The latest addition to UOB's range of home loan products is "in line with our regional expansion plan and our vision to be a premier bank in the Asia-Pacific," The Business Times quoted Eddie Khoo, UOB's executive vice-persident of personal financial services, as saying. The bank is currently offering loans to customers buying properties in Malaysia and Shanghai. The loans to buy freehold condominiums in Thailand are available to anyone at least 21 years old with an annual income of at least $65,000 (2.34 million baht).
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