atans1

Temasek’s exposure to Dubai (Part 1)

In Temasek on 28/11/2009 at 7:43 am

Standard Chartered and HSBC are the most exposed, NCB Stockbrokers estimates, with 7 per cent and 2 per cent respectively of their loan books there.  Both reported sharply increased credit impairments against their loans to the Middle East in the first half.”

From the FT

And from the Guardian

“The City is speculating that Standard Chartered and HSBC could be the banks facing the biggest losses after developing close ties to the Middle East.Goldman Sachs said an initial estimate put HSBC’s potential losses at $600m, but only if a deal with Dubai’s partners in Abu Dhabi failed to materialise and Dubai was left to fend for itself in negotiations with its creditors.”

Full article

According to the Emirates Bank Association, HSBC has $17bn invested in UAE, while  Standard Chartered has $7.8bn

Will be looking at CapitaLand’s and KepLand’s portfolios though these companies prefer Abu Dhabi. And to that of DBS. Remember there is a DBS Islamic Bank. Gee DBS is accident prone: what with HN5 Notes one yr before Lehman collapsed, Middle East exapansion isonce 2006, 2007.

Let’s hope its move into encouraging  investments in ETFs via POSB MyHOME Fund isn’t a’cursed.

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