DBS Bank reveals over $500m exposure to Swiber

DBS Bank reveals over $500m exposure to Swiber

Singapore’s DBS Bank has issued a statement outlining its exposure to offshore support firm Swiber Holdings, which announced today it would be placed into temporary liquidation and wound up.

DBS said it had around S$700m ($518.2m) of exposure to Swiber in the form of loans, bonds and off-balance sheet items. The bank said its exposure is partially secured and that it expects to recover half.

In the statement, DBS said it would “provide fully for the shortfall” and that there would be minimal impact on its capital adequacy ratio.

DBS is the first bank to issue a statement outlining its position after Swiber’s demise this morning, and follows on from statements by offshore firms Ezion Holdings and Swissco Holdings, distancing themselves from the stricken group.

Vallianz Holdings have also issued a statement saying it was ‘business as usual’, despite Swiber holding a 25% stake in the company.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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