<p>在本週亞洲最大貸款協會會議的間隙，私下交流的主題被一個話題主導：伊朗戰爭如何動搖了對中東的熱情。</p>
<p>這種情緒與幾周前形成了鮮明對比。在 1 月底，亞太貸款市場協會（APLMA）在迪拜舉行了首次會議，約有 300 人蔘加，其中近一半是從地區外飛來的。</p>
<p>當時的討論主要集中在亞洲與中東之間迅速擴展的融資聯繫上。即使是一些在該地區沒有實體存在的中國銀行也渴望放貸，幫助推動去年的貸款承諾達到創紀錄水平。</p>
<p>對於許多亞洲貸款機構而言，該地區已成為 2026 年的關鍵增長引擎，提供了緩解國內交易流放緩和價格競爭加劇的機會。</p>
<p>然而，隨着該地區敵對行動的加劇，這種樂觀情緒迅速消退。在本週的 APLMA 會議上，中東衝突在走廊的談話中佔據了重要位置，儘管在正式的討論小組中幾乎沒有提及。私下裏，銀行家們談到重新評估他們在海灣地區的雄心，並權衡因衝突引發的日益增長的風險清單。</p>
<p>這進一步加劇了最近幾天已經出現的擔憂跡象。包括滙豐控股和渣打銀行在內的幾家全球貸款機構，作為亞洲貸款市場的主要安排者，已告知一些中東客户，涉及亞洲資產負債表的一些交易需要暫時擱置，消息人士透露。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，送達您的郵箱。</p>
<p>一些來自日本、大中華區和新加坡的銀行也在審查他們的貸款管道和現有風險敞口。幾家銀行正在考慮將重點轉向其他市場，包括韓國和澳大利亞，目前這些市場的風險相對更為穩定。</p>
<p>此外，一家主要的新加坡銀行已根據知情人士的説法，擱置了其 2026 年的中東擴張計劃。其香港團隊在 2 月份曾前往迪拜與客户會面，但此後已被指示暫停討論。</p>
<p>滙豐和渣打的發言人拒絕置評。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/118874774ef11f02ef9c0a0cf20afe7ad36c88802ed400d40d0b2b165ccd6f28/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/118874774ef11f02ef9c0a0cf20afe7ad36c88802ed400d40d0b2b165ccd6f28/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>隨着亞洲人才競爭加劇，高管跳槽至競爭對手</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8cb0086268774e2777c3641eb5dc53ec234e28f8b2cce5e5a45dde257d057938/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8cb0086268774e2777c3641eb5dc53ec234e28f8b2cce5e5a45dde257d057938/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>華爾街銀行為阿聯酋員工提供臨時搬遷選項</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1907b1b33740eb2a63a89f59298e0e16f9a6ce8da7b23b42f6b5ff73c1a816ae/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1907b1b33740eb2a63a89f59298e0e16f9a6ce8da7b23b42f6b5ff73c1a816ae/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>新加坡藉助摩根大通、瑞銀推動區域黃金中心的雄心</h3>
<p>這一轉變發生在中東快速擴張的時期。自去年以來，亞洲貸款機構在該地區的參與穩步增加。根據 APLMA 的數據，2025 年對中東和北非的銀團貸款量增長了 12%，達到約 1800 億美元，而亞太地區（不包括日本）的貸款量則下降了約 18%。</p>
<p>尤其是中國銀行，已在加大其在該地區的存在。根據彭博社彙編的數據，它們對該地區的貸款幾乎增長了三倍，達到創紀錄的 157 億美元。這些銀行因低成本資金而充裕，正在擴大海外業務，因為國內信貸需求減弱，亞洲貸款市場的價格競爭加劇。</p>
<p>但中東兩週的軍事行動升級震驚了該地區的居民和遊客，引發了油氣市場的極端波動，擾亂了全球金融，並影響了運輸路線。</p>
<p>一 major 中國銀行最近採取了罕見的措施，限制對與阿布扎比政府相關的金融實體的雙邊融資提款，知情人士表示。同時，至少有兩家中國銀行的香港銀行家被要求每天向總部提供有關區域風險和貸款敞口的最新情況，其他消息人士稱。BLOOMBERG</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。在此註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

華寶中證銀行ETF

匯豐控股

滙豐

招商中證銀行AH價格優選ETF

渣打銀行

匯豐控股有限公司

HSBH

中證銀行ETF

華安中證銀行ETF

<p>亞洲銀行正在重新評估在海灣地區的貸款策略，原因是伊朗戰爭帶來的風險不斷升級。這標誌着早期對亞洲與中東之間融資聯繫擴展的樂觀態度發生了重大轉變。滙豐和渣打等主要貸款機構正在暫停涉及亞洲資產負債表的交易，而來自日本、大中華區和新加坡的銀行也在審查其現有的風險敞口。一些機構甚至將重點轉向更穩定的市場，如韓國和澳大利亞，反映出對地區不穩定及其對全球金融影響的日益擔憂</p>

<p>ON THE sidelines of a meeting this week of Asia’s largest loan association, private conversations were dominated by a single theme: how the Iran war has rattled enthusiasm for the Middle East.</p>
<div class="lb-trans"><p>在本週亞洲最大貸款協會會議的間隙，私下交流的主題被一個話題主導：伊朗戰爭如何動搖了對中東的熱情。</p>
</div><p>That mood marked a sharp reversal from just weeks earlier. In late January, the Asia-Pacific Loan Market Association (APLMA) held its first-ever conference in Dubai, with some 300 people in attendance, nearly half of whom flew in from outside the region.</p>
<div class="lb-trans"><p>這種情緒與幾周前形成了鮮明對比。在 1 月底，亞太貸款市場協會（APLMA）在迪拜舉行了首次會議，約有 300 人蔘加，其中近一半是從地區外飛來的。</p>
</div><p>The talk then was all about rapidly expanding financing links between Asia and the Middle East. Even some Chinese banks without a physical presence in the region were eager to lend, helping push loan commitments to record levels last year.</p>
<div class="lb-trans"><p>當時的討論主要集中在亞洲與中東之間迅速擴展的融資聯繫上。即使是一些在該地區沒有實體存在的中國銀行也渴望放貸，幫助推動去年的貸款承諾達到創紀錄水平。</p>
</div><p>For many Asian lenders, the region had emerged as the key growth engine for 2026, offering relief from slowing deal flow and intensifying price competition at home.</p>
<div class="lb-trans"><p>對於許多亞洲貸款機構而言，該地區已成為 2026 年的關鍵增長引擎，提供了緩解國內交易流放緩和價格競爭加劇的機會。</p>
</div><p>That optimism quickly faded as the hostilities in the region weighed on sentiment. At the APLMA gathering in Hong Kong this week, the conflict in the Middle East loomed large in hallway conversations, even as it barely featured in formal panel discussions. In private, bankers spoke of reassessing their ambitions in the Gulf and weighing a growing list of risks triggered by the conflict.</p>
<div class="lb-trans"><p>然而，隨着該地區敵對行動的加劇，這種樂觀情緒迅速消退。在本週的 APLMA 會議上，中東衝突在走廊的談話中佔據了重要位置，儘管在正式的討論小組中幾乎沒有提及。私下裏，銀行家們談到重新評估他們在海灣地區的雄心，並權衡因衝突引發的日益增長的風險清單。</p>
</div><p>That added to signs of concerns that had already been emerging in recent days. Several global lenders, including HSBC Holdings and Standard Chartered, both major arrangers in Asia’s loan markets, have told some Middle East clients that some transactions involving Asian balance sheets will need to be put on hold, according to sources familiar with the matter.</p>
<div class="lb-trans"><p>這進一步加劇了最近幾天已經出現的擔憂跡象。包括滙豐控股和渣打銀行在內的幾家全球貸款機構，作為亞洲貸款市場的主要安排者，已告知一些中東客户，涉及亞洲資產負債表的一些交易需要暫時擱置，消息人士透露。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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<div class="lb-trans"><p>獲取洞察，送達您的郵箱。</p>
</div><p>Some banks from Japan, Greater China and Singapore are also reviewing their pipelines and existing exposures. Several are considering a shift in focus towards other markets, including South Korea and Australia, where risks are more stable for now.</p>
<div class="lb-trans"><p>一些來自日本、大中華區和新加坡的銀行也在審查他們的貸款管道和現有風險敞口。幾家銀行正在考慮將重點轉向其他市場，包括韓國和澳大利亞，目前這些市場的風險相對更為穩定。</p>
</div><p>Elsewhere, a major Singaporean bank has shelved its Middle East expansion plans for 2026, according to a source with knowledge of the matter. Its Hong Kong team had travelled to Dubai in February to meet clients, but has since been instructed to pause discussions.</p>
<div class="lb-trans"><p>此外，一家主要的新加坡銀行已根據知情人士的説法，擱置了其 2026 年的中東擴張計劃。其香港團隊在 2 月份曾前往迪拜與客户會面，但此後已被指示暫停討論。</p>
</div><p>Spokespeople for HSBC and StanChart declined to comment.</p>
<div class="lb-trans"><p>滙豐和渣打的發言人拒絕置評。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/118874774ef11f02ef9c0a0cf20afe7ad36c88802ed400d40d0b2b165ccd6f28/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/118874774ef11f02ef9c0a0cf20afe7ad36c88802ed400d40d0b2b165ccd6f28?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Senior bankers quit for rivals as Asia talent fight intensifies</h3>
<div class="lb-trans"><h3>隨着亞洲人才競爭加劇，高管跳槽至競爭對手</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8cb0086268774e2777c3641eb5dc53ec234e28f8b2cce5e5a45dde257d057938/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/8cb0086268774e2777c3641eb5dc53ec234e28f8b2cce5e5a45dde257d057938?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Wall Street banks offer UAE staff option to relocate temporarily</h3>
<div class="lb-trans"><h3>華爾街銀行為阿聯酋員工提供臨時搬遷選項</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1907b1b33740eb2a63a89f59298e0e16f9a6ce8da7b23b42f6b5ff73c1a816ae/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/1907b1b33740eb2a63a89f59298e0e16f9a6ce8da7b23b42f6b5ff73c1a816ae?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Singapore taps JPMorgan, UBS to push regional gold hub ambition</h3>
<div class="lb-trans"><h3>新加坡藉助摩根大通、瑞銀推動區域黃金中心的雄心</h3>
</div><p>The shift comes after a period of rapid expansion in the Middle East. Asian lenders have steadily increased their involvement in the region since last year. Syndicated loan volumes to the Middle East and North Africa rose 12 per cent to about US$180 billion in 2025, even as Asia-Pacific loan volumes excluding Japan fell roughly 18 per cent, according to the APLMA.</p>
<div class="lb-trans"><p>這一轉變發生在中東快速擴張的時期。自去年以來，亞洲貸款機構在該地區的參與穩步增加。根據 APLMA 的數據，2025 年對中東和北非的銀團貸款量增長了 12%，達到約 1800 億美元，而亞太地區（不包括日本）的貸款量則下降了約 18%。</p>
</div><p>Chinese banks, in particular, had been stepping up their presence. Their lending to the region nearly tripled to a record US$15.7 billion in 2025, based on Bloomberg-compiled data. Flush with low-cost funding, these banks have been expanding overseas as domestic credit demand weakens and price competition intensifies across Asia’s loan markets.</p>
<div class="lb-trans"><p>尤其是中國銀行，已在加大其在該地區的存在。根據彭博社彙編的數據，它們對該地區的貸款幾乎增長了三倍，達到創紀錄的 157 億美元。這些銀行因低成本資金而充裕，正在擴大海外業務，因為國內信貸需求減弱，亞洲貸款市場的價格競爭加劇。</p>
</div><p>But two weeks of escalating military operations in the Middle East have shocked residents and visitors in the region, sparked extreme volatility in oil and gas markets, unsettled global finance and disrupted transportation routes.</p>
<div class="lb-trans"><p>但中東兩週的軍事行動升級震驚了該地區的居民和遊客，引發了油氣市場的極端波動，擾亂了全球金融，並影響了運輸路線。</p>
</div><p>One major Chinese bank recently took the rare step of restricting a drawdown on a bilateral facility to a financial entity linked to the Abu Dhabi government, sources familiar with the matter said. Meanwhile, Hong Kong-based bankers with at least two Chinese lenders have been required to provide daily updates to headquarters on developments related to regional risks and loan exposures, other sources said. BLOOMBERG</p>
<div class="lb-trans"><p>一 major 中國銀行最近採取了罕見的措施，限制對與阿布扎比政府相關的金融實體的雙邊融資提款，知情人士表示。同時，至少有兩家中國銀行的香港銀行家被要求每天向總部提供有關區域風險和貸款敞口的最新情況，其他消息人士稱。BLOOMBERG</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。在此註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
</div>

Asian banks pause Gulf lending drive on mounting risks from war

- 會議期間，伊朗戰爭影響了對中東的投資信心。  
- 亞洲銀行重新評估在海灣地區的野心，推遲部分交易。  
- 反映出中東局勢對全球金融的衝擊和風險上升。

由於戰爭帶來的風險不斷增加，亞洲銀行暫停了在海灣地區的貸款擴張