Piyush Gupta says DBS has 'solid cashflows'.
Singapore’s biggest lender has no exposure to Adani’s share issues, Gupta said. He added the company has solid cashflows, and he isn’t concerned about the lender’s exposure to the Adani Group as these cashflows are ringfenced.“This exposure is tightly managed,” Gupta said, referring to the cement transaction.
Adani had previously touted its deep global banking ties, saying its portfolio companies have shown successful syndication of banking transactions. It cited as an example deals such as its $10.5 billion acquisition of Holcim Ltd.’s Indian cement operations. DBS’s lending to the Adani group accounts for less than 1% of the bank’s total loans, said Rena Kwok, a credit research analyst at Bloomberg Intelligence in Singapore. “We believe there are no material downside risks to DBS’ asset quality from its exposures.”
The focus on Adani’s banking relationships has been in the spotlight amid the turmoil arising from the group’s battle with US short seller Hindenburg Research, that has accused it of accounting fraud and stock manipulation. Already, some lenders have balked at refinancing a bridge loan, though the banks in India have largely brushed off the concerns surrounding the billionaire’s empire.
Among Singapore banks, DBS has been the most aggressive in expanding in India. More than two years ago, it took over Lakshmi Vilas Bank Ltd. in a deal orchestrated by the country’s central bank, the first time authorities turned to a foreign lender to bail out a struggling local institution. Since then, it’s looking to invest more in its India unit to accelerate growth.DBS posts record net profit of $8.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore's DBS says exposure to Adani group is 'tightly managed'SINGAPORE: DBS Group has a tightly managed exposure to India's Adani group of companies, the chief executive of Southeast Asia's largest bank said on Monday (Feb 13). DBS was among a group of banks which provided finance to Adani's US$10.5 billion acquisition of Holcim's cement business in India last year.
Read more »
DBS says not concerned about exposure to Adani groupSINGAPORE : DBS Group has a tightly managed exposure to India's troubled Adani group of companies, the CEO of Southeast Asia's largest bank said on Monday.'They're solid, cash generating companies, so we're not concerned about the exposure,' he told reporters at a media briefing on Monday.
Read more »
Singapore bank DBS Q4 profit jumps 68%, says rate rises to moderateSINGAPORE: DBS Group reported a 68 per cent rise in quarterly profit on Monday (Feb 13) as rising interest rates boosted its net interest margins, but Southeast Asia's largest bank by assets said that interest rate increases would moderate this year. DBS, the first Singapore bank to report this season, sai
Read more »
Khloe Kardashian shares rare group snap of Kardashian kids: ‘The whole tribe is a vibe’'The whole tribe is a vibe' ✨ KhloeKardashian
Read more »
‘Still early days’: DBS chief says regional outlook likely better in 2023, but global slowdown fears remainWith Singapore’s Budget 2023 to be announced on Tuesday, DBS Bank CEO Piyush Gupta hopes that the Government will continue to ensure strong social safety nets amid an uncertain inflation outlook.
Read more »
Boss of Russia’s Wagner group says Moscow could take 2 years to capture east Ukraine regionsThe comments provided a rare glimpse into Russian expectations of the likely duration of the conflict. Read more at straitstimes.com.
Read more »