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Singapore's OCBC says does not expect CDO impairments

Thu Apr 17, 2008 3:08am EDT

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SINGAPORE, April 17 (Reuters) - Oversea-Chinese Banking Corp (OCBC.SI), Singapore's third-biggest lender, said on Thursday that it does not expect impairments on its corporate collaterised debt obligations (CDOs).

OCBC's Chief Executive David Conner said the bank has taken 85 percent provision on asset-backed CDOs which have some exposure to U.S. subprime mortgages.

"We don't expect impairments and losses," Conner said at the bank's shareholders meeting, referring to S$300 million worth of corporate collaterised debt obligations. (Reporting by Saeed Azhar, writing by Koh Gui Qing, editing by Neil Chatterjee)



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