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.
