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Singapore's banks face 'insignificant' exposures to Credit Suisse

The Monetary Authority of Singapore (MAS) said on March 16 that the exposure that Singaporean banks - DBS, OCBC and UOB - have to troubled banking giant Credit Suisse are "insignificant.”
Singapore's banks face 'insignificant' exposures to Credit Suisse ảnh 1Illustrative image (Source: Xinhua/VNA)
Singapore (VNA) – The Monetary Authorityof Singapore (MAS) said on March 16 that the exposure that Singaporean banks -DBS, OCBC and UOB - have to troubled banking giant Credit Suisse are"insignificant.”

Singapore’s banking system remains sound andresilient, MAS said in response to media queries.

Banks in Singapore are well-capitalised and conductregular stress tests against credit and other risks, the financialauthority said in a statement, adding that their liquidity positions are healthy, underpinned by astable and diversified funding base.

The authority said while Credit Suisse operates abranch in Singapore, its main activities are private banking and investmentbanking, and it does not serve retail customers here.

MAS said it has been in contact with the SwissFinancial Market Supervisory Authority (FINMA), the parent supervisory authority ofCredit Suisse, over recent developments relating to the bank and will continuekeeping a watch on the situation.

On March 13, MAS also announced that the Singaporebanking system has “insignificant exposures” to the failed Silicon Valley Bank(SVB) and Signature Bank, which collapsed in recent days./.

VNA
#Monetary Authority of Singapore#Singaporean banks#SVB#Signature Bank#Vietnam#VietnamPlus#Vietnam news
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