Singapore banks have under 1 pct UAE exposure-c.bank

SINGAPORE Nov 30 (Reuters) - Singapore's central bank said on Monday the total gross exposure of the country's banking sector to the United Arab Emirates was well below 1 percent of total banking assets.

The Monetary Authority of Singapore also said in a statement that it does not expect the developments in Dubai to adversely affect the financial stability of Singapore.

Top Singapore lender DBS (DBSM.SI), which some analysts say is most exposed to the Middle East among the city-state's banks, dropped 2.98 percent on Monday. DBS has not responded to Reuters queries on its exposure.

Asian stocks recovered on Monday after last week's sell-off over the Dubai debt crisis on growing speculation the fallout from a potential default will be limited, though stocks in the United Arab Emirates tumbled as the market reopened. [ID:nSP362937] (Reporting by Harry Suhartono, editing by Neil Chatterjee) ((harry.suhartono@thomsonreuters.com; +65 6403 5658; Reuters Messaging: harry.suhartono.reuters.com@reuters.net)

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