SINGAPORE, 30 November 2009 - DBS said today its total exposure to the city-state of Dubai is approx SGD1.8 billion (USD1.28 billion). The bank believes that the situation is manageable as a substantial portion of this is to Dubai owned companies operating in Asia that are sound, such as Labroy and South Beach, which is collateralised.
As of today, the only credit that is captured under the standstill notice is a SGD558 million (USD400 million) bilateral loan to Dubai World Finance which represents 0.2% of DBS’ total balance sheet. The bank has no exposure to Nakheel.
DBS' exposure to the entire Middle East region accounts for around 2% of its balance sheet.
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