Singapore’s DBS says has $1.28 bln Dubai exposure

November 30, 2009
Singapore Democrats

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Kevin Lim

Singapore’s top lender DBS Group said on Monday its total exposure to Dubai is about S$1.8 billion ($1.28 billion).

It said in a statement it believed this exposure was manageable as a substantial portion was to Dubai-owned firms operating in Asia that it said were sound.

DBS shares dropped 2.98 percent on Monday on worries about its Dubai exposure, after a Singapore market holiday on Friday.

Asian stocks recovered on Monday after last week’s sell-off over the Dubai debt crisis on growing speculation the fallout from a potential default will be limited, though stocks in the United Arab Emirates tumbled as the market reopened.