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Singapore's OCBC says has no exposure to Dubai World

Mon Nov 30, 2009 4:48am EST

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SINGAPORE, Nov 30 (Reuters) - Singapore's second biggest lender Oversea-Chinese Banking Corp (OCBC.SI) said on Monday it has no exposure to Dubai World.

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"OCBC Group has no exposure to Dubai World and Nakheel, and its exposure to the Dubai Government, government-linked corporations and other institutions is not material," an OCBC spokeswoman said in response to a query from Reuters.

OCBC shares closed 0.36 percent lower on Monday, while United Overseas Bank (UOBH.SI) declined 0.95 percent. Top lender DBS (DBSM.SI), which some analysts say is most exposed to the Middle East, dropped 2.98 percent. 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:nSP363937] (Reporting by Kevin Lim; Editing by Neil Chatterjee) ((kevin.lim@thomsonreuters.com; +65 6403 5663; Reuters Messaging: kevin.lim.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))

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