OCBC has no exposure to Swiber, says source
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OCBC Bank has no exposure to Swiber Holdings, a source told The Business Times on Thursday.
"We have no borrower who has abandoned operations. This is a good sign. We do not foresee any customers who will abandon ship," said OCBC's group chief executive officer Samuel Tsien.
This follows United Overseas Bank's (UOB) confirmation that it has "some exposure" to the oil and gas contractor which is seeking to wind up its operations.
"We do have exposure (to Swiber). (But) it doesn't worry me. It's manageable," UOB chief executive Wee Ee Cheong had said.
Swiber's announcement on Thursday that it has filed an application to place the company under provisional liquidation has sent shock waves in the oil and gas industry hit by a protracted price slump due to oversupply.
The winding-up application will be heard in court on Aug 19.
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