It looks like Singapore's DBS Bank has a greater loan exposure to Dubai than the majority of foreign banks in the United Arab Emirates.
DBS says its total exposure to Dubai is about 1.8 billion Singapore dollars ($1.28 billion).
"The bank believes the situation is manageable," it said in a statement on Monday. "As of today, the only credit that is captured under the standstill notice is a SGD558 million (USD400 million) bilateral loan to Dubai World Finance which represents 0.2% of DBS’ total balance sheet."
That may be so.
But DBS' $1.28 billion worth of loans to Dubai is more than most of the foreign banks had lent to the entire United Arab Emirates by the end of last year, according to the Emirates Banks Association.
These were the top lenders, according to the Emirates Banks Association publication titled Financial Position of Banks in the United Arab Emirates, Issue 2007-2008.
|Rank||Bank||Loans in thousands of AED|
|1||HSBC Middle East Bank||62,555,055 ($17,030,124)|
|2||Standard Chartered||28,544,360 ($7,770,894)|
|3||Barclays Bank||13,137,733 ($3,576,793)|
|5||Arab Bank||7,663,117 ($2,086,337)|
|7||Bank of Baroda||6,536,936 ($1,779,726)|
|8||Bank Sedarat Iran||6,375,766 ($1,735,847)|
|9||BNP Paribas||6,200,101 ($1,688,016.61)|
|10||Lloyds TSB Bank||5,774,513 ($1,572,150)|
|11||Habib Bank AG Zurich||5,260,91 ($1,432,319.65)|
|12||United Bank||3,075,281 ($837,266.84)|
For some reason, DBS was not among the 28 foreign banks in the United Arab Emirates named in the Emirates Banks Association publication.
But its $1.28 billion worth of loans to Dubai is more than the 12th ranked United Bank had lent to the entire UAE.