DBS had no prior specific allowance for Swiber exposure: UBS report

Singapore

A UBS report on Friday suggested that DBS did not provide for its S$700 million Swiber exposure at all and that specific provisions at the bank look low.

DBS said on Thursday it expects only half of the total exposure of about S$700 million to the Swiber group of companies - comprising loans, bonds and off-balance-sheet items - to be recovered because the exposure is only partially secured.