Singapore’s OCBC says has no exposure to Dubai World

November 30, 2009
Singapore Democrats

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Kevin Lim
Reuters

Singapore’s second biggest lender Oversea-Chinese Banking Corp said on Monday it has no exposure to Dubai World.

“OCBC Group has no exposure to Dubai World and Nakheel, and its exposure to the Dubai Government, government-linked corporations and other institutions is not material,” an OCBC spokeswoman said in response to a query from Reuters.

OCBC shares closed 0.36 percent lower on Monday, while United Overseas Bank declined 0.95 percent. Top lender DBS, which some analysts say is most exposed to the Middle East, dropped 2.98 percent. DBS has not responded to Reuters queries on its exposure.

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.

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSGC00338620091130