Real or not? September they say INSIGNIFICANT exposure. Then now Lehman linked funds al die. How?
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http://www.dbs.com.sg/dbsgroup/announcements/
19 September 2008
Dear customers,
This week has been particularly trying for global financial markets. Lehman Brothers, a venerable 158-year-old brand, filed for bankruptcy protection; AIG has been rescued and other financial institutions are seeking solutions. Amid the current maelstrom, I would like to reassure you of DBS' financial strength and soundness, and of our confidence in riding out the storm with you.
Earlier this week, we issued a formal statement that DBS' direct exposure to Lehman is insignificant. To further set your mind at ease, our balance sheet is strong and we are well-capitalised. To support the continued growth of our pan-Asia franchise, in May, we took advantage of favourable market conditions to raise SGD 1.5 billion through the sale of hybrid Tier 1 securities. This has lifted our total capital adequacy ratio to 13.8% as at June 2008, well above the Monetary Authority of Singapore's requirement of 10 per cent. Our Tier 1 capital, at 10 per cent, is also well above the regulatory minimum.
DBS' primary operations are in Singapore and Hong Kong, two of Asia's best regulated markets. Our asset quality is one of the best in Asia and our "AA-" and "Aa1" credit ratings are among the highest in the region.
We are committed to strengthening our presence in Singapore and Hong Kong, and to invest and grow in our regional markets. In September, we officially launched DBS Taiwan and now have a network of 40 branches, half of which are based in Taipei. In India, we recently opened four new branches across Bangalore, Chennai, Kolkata and Pune. Our China and Indonesia franchises also remain on an expansion path.
While we do not know how long the turbulence will last, at DBS, we are committed to upholding the highest standards of integrity. Of that, you have our deepest assurance.
Yours sincerely
Richard Stanley
Chief Executive Officer
DBS Group Holdings
--------------------------
http://www.dbs.com.sg/dbsgroup/announcements/
19 September 2008
Dear customers,
This week has been particularly trying for global financial markets. Lehman Brothers, a venerable 158-year-old brand, filed for bankruptcy protection; AIG has been rescued and other financial institutions are seeking solutions. Amid the current maelstrom, I would like to reassure you of DBS' financial strength and soundness, and of our confidence in riding out the storm with you.
Earlier this week, we issued a formal statement that DBS' direct exposure to Lehman is insignificant. To further set your mind at ease, our balance sheet is strong and we are well-capitalised. To support the continued growth of our pan-Asia franchise, in May, we took advantage of favourable market conditions to raise SGD 1.5 billion through the sale of hybrid Tier 1 securities. This has lifted our total capital adequacy ratio to 13.8% as at June 2008, well above the Monetary Authority of Singapore's requirement of 10 per cent. Our Tier 1 capital, at 10 per cent, is also well above the regulatory minimum.
DBS' primary operations are in Singapore and Hong Kong, two of Asia's best regulated markets. Our asset quality is one of the best in Asia and our "AA-" and "Aa1" credit ratings are among the highest in the region.
We are committed to strengthening our presence in Singapore and Hong Kong, and to invest and grow in our regional markets. In September, we officially launched DBS Taiwan and now have a network of 40 branches, half of which are based in Taipei. In India, we recently opened four new branches across Bangalore, Chennai, Kolkata and Pune. Our China and Indonesia franchises also remain on an expansion path.
While we do not know how long the turbulence will last, at DBS, we are committed to upholding the highest standards of integrity. Of that, you have our deepest assurance.
Yours sincerely
Richard Stanley
Chief Executive Officer
DBS Group Holdings
