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

Illustrative image (Source: Xinhua/VNA)

Singapore (VNA) – 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 banking system remains sound and resilient, MAS said in response to media queries.

Banks in Singapore are well-capitalised and conduct regular stress tests against credit and other risks, the financial authority said in a statement, adding that their liquidity positions are healthy, underpinned by a stable and diversified funding base.

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

MAS said it has been in contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse, over recent developments relating to the bank and will continue keeping a watch on the situation.

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

VNA