MEDIA STATEMENT
***
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.
About DBS
DBS is the largest bank in Singapore, a leading bank in Hong Kong
and is one of the largest financial services groups in Asia. Headquartered in
Singapore, DBS has operations in 16 markets and is a well-capitalised bank with
"AA-" and "Aa1" credit ratings, one of the highest in the Asia Pacific region.
As a bank that specialises in Asia, DBS leverages its insights, deep
understanding of the region and appreciation of local cultures to serve and
build lasting relationships with its clients. DBS provides a full range of
services in corporate, SME, consumer and wholesale banking activities across
Asia and the Middle East. DBS will leverage its growing presence in China, Hong
Kong and Taiwan to intermediate the increasing trade and investment flows in the
Greater China region. The bank is also focused on extending its footprint and
facilitating capital flows in fast-growing Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its
14,000 staff, representing over 30 nationalities. For more information, please
visit www.dbs.com.