UK banks brace for property loan losses from Covid-19 economic hit

British lenders are bracing for a hit from commercial property loans as shopping centre developer Intu Properties becomes the first such firm to ask for emergency relief following the coronavirus outbreak.

Barclays, HSBC Holdings, Ulster Bank-owner Royal Bank of Scotland, and Lloyds Banking Group had £49.3bn (€54.5bn) in outstanding UK commercial real estate loans at the end of last year, according to public documents.