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DBS’ Tan Su Shan flags second-order risks from Middle East conflict despite limited exposure

Automotives, shipping and small businesses in focus as the lender tracks knock-on effects from prolonged tensions

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Renald Yeo

Renald Yeo

Published Tue, Mar 31, 2026 · 05:24 PM
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    • More than 10 shareholders posed questions to DBS’ board at the in-person AGM.
    • More than 10 shareholders posed questions to DBS’ board at the in-person AGM. PHOTO: TAY CHU YI, BT

    [SINGAPORE] DBS has “very limited” direct exposure to the Middle East, but a prolonged conflict that keeps oil prices at or above US$100 per barrel could trigger broader second-order risks, chief executive officer Tan Su Shan said on Tuesday (Mar 31).

    “We’ve done a lot of stress tests with our business heads; in terms of first order impact – very little, because our core market is Asia, (and) our exposure to the Middle East is very, very limited,” said Tan.

    “Having said that, the second order impact – which is around inflation, around consumer slowdown, around supply chains – that can cause problems,” she added.

    DBSAGM/EGMSingapore banksBankingIran warMiddle East

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