Singapore’s three largest local banks have «insignificant» exposure to troubled Swiss lender Credit Suisse, according to the city-state’s regulator.
Singapore’s «big three» banks – DBS, OCBC and UOB – have confirmed that they have insignificant exposures to Credit Suisse, according to a statement by the Monetary Authority of Singapore (MAS).
«Banks in Singapore are well-capitalized and conduct regular stress tests against credit and other risks. Their liquidity positions are healthy, underpinned by a stable and diversified funding base,» the regulator said, adding that it would continue to closely monitor developments.
«[Credit Suisse] operates a branch in Singapore whose main activities are private banking and investment banking. It does not serve retail customers,»
Contact with FINMA
MAS also noted that it has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA) and will continue to do so.
«FINMA and the Swiss National Bank (SNB) have issued a joint statement on 15 March 2023 affirming that Credit Suisse continues to meet the higher capital and liquidity requirements applicable to Swiss systemically important banks, and that SNB stands ready to provide liquidity to the bank,» the statement added.
