DBS group chief executive Piyush Gupta underlined that the bank had no exposure to the China Evergrande, emphasizing that a lot of exposure remains domestic.
«I don’t think a lot of Asian banks have a lot of exposure,» said DBS group CEO Piyush Gupta in an interview with «Bloomberg», adding that the Singapore lender had no exposure to the troubled property developer.
«I don’t think it’s going to destroy the Asian banking industry.»
Contagion Risk
According to Gupta, China’s domestic banks hold a lot of the exposure to Evergrande’s more than $300 billion in liabilities.
Last week, Evergrande missed a key deadline to pay an $83.5 million coupon to offshore bondholders and it has a 30-day grace period before an official default is deemed. There is another $47.5 million coupon due this week on September 29.