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DBS CEO says Evergrande doesn’t pose systemic risk to Asia banks

Bloomberg
·1-min read
DBS Chief Executive Officer Piyush Gupta listens during their fourth quarter earnings announcement in Singapore February 22, 2016. DBS Group Holdings, Singapore's biggest lender, posted a 20 percent rise in quarterly profit that beat expectations, as its net interest margin rose to a five-year high. REUTERS/Edgar Su
DBS Group has no exposure to debt-laden China Evergrande, CEO Piyush Gupta said. (PHOTO: REUTERS/Edgar Su) (Edgar Su / reuters)

By Chanyaporn Chanjaroen and Haslinda Amin

(Bloomberg) — DBS Group Holdings Ltd. has no exposure to debt-laden China Evergrande Group and doesn’t see the crisis that’s enveloping the Chinese developer as a systemic risk to the region’s banking industry, its chief executive officer said Monday.

“I don’t think a lot of Asian banks have a lot of exposure,” Piyush Gupta said in an interview with Bloomberg Television. “I don’t think it’s going to destroy the Asian banking industry.” China’s domestic banks hold a lot of the exposure, he said.

Global financial markets are bracing for a potential collapse of Evergrande, which is buckling under more than US$300 billion in liabilities. The company is China’s largest issuer of high-yield dollar-denominated bonds, and bills are coming due to an array of banks and suppliers.

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While Singapore banks are not Evergrande’s principal bankers, broader or systemic China concerns may hit their shares, Citigroup Inc. analysts led by Robert Kong said in a note on Sept. 23.

© 2021 Bloomberg L.P.