OCBC bank revises exposure to US lenders
Insurance funds run by a unit of Singapore's OCBC Bank have more than twice the amount of exposure to two beleaguered US mortgage-finance companies than disclosed earlier this week, news reports said on Friday, the dpa reported.
OCBC told the Singapore Exchange that Great Eastern Holdings' funds have an exposure of 69 million Singapore dollars (51 million US dollars) to Freddie Mac and Fannie Mae, not 29 million Singapore dollars (21 million US dollars) as announced on Tuesday.
This was due to a "computation error," The Straits Times quoted the bank's statement as saying.
The revised figure "does not change the overall conclusion that OCBC Group's exposure to the two companies is immaterial," he noted.
OCBC said earlier it did not hold any debt issued by, or shares in, the two companies.
DBS and United Overseas Bank also said their exposure to Fannie Mae and Freddie Mac was immaterial.