Less Ads, More Data, More Tools Register for FREE

Singapore central bank lists seven systemically important lenders

Thu, 30th Apr 2015 12:51

(Repeats to fix corrupted text, and to additional subscriberservices)

SINGAPORE, April 30 (Reuters) - Singapore's central bank hasnamed three domestic and four foreign lenders in the list ofdomestic systematically important banks and proposed aregulatory framework for their supervision.

The list released on Thursday included DBS Bank,Oversea-Chinese Banking Corp, United Overseas Bank, Citibank, Malayan Banking Bhd,Standard Chartered and HSBC.

Tougher rules have been adopted around the world since the2008 financial crisis to ensure banks are better positioned towithstand unexpected losses.

Regulators are also trying to protect their home turf byforcing global banks to ring-fence their retail operations inoverseas markets.

The Monetary Authority of Singapore (MAS) said in the statement that the named banks will need a minimum common equityTier 1 capital adequacy ratio (CAR) of 6.5 percent, Tier 1 CARof 8 percent and total CAR of 10 percent.

This compares with the Basel III minimum requirements of 4.5percent, 6 percent and 8 percent respectively.

Singapore banks have traditionally maintained higher capitalbuffers, helping the city state to rank as Asia's most vibrantwealth management centre.

The MAS said that other measures, such as recovery andresolution planning, liquidity coverage ratio requirements andenhanced disclosures, will also apply to these banks.

The move comes after Singapore announced a plan in 2012 toforce foreign banks with a relatively large share of deposits inthe city state to incorporate their retail operations locally,forcing them to commit more capital there (http://reut.rs/1GyHdxP). (Reporting by Saeed Azhar; Editing by David Goodman)

Related Shares

More News
31 May 2024 16:50

Saudi Arabia sets new test for international interest with $13.1 bln Aramco sale

DUBAI, May 31 (Reuters) - Saudi Arabia and its bankers on Sunday will start taking orders for as much as $13.1 billion worth of shares in its energy...

31 May 2024 11:16

Saudi Arabia sets new test for international interest with $13.1 bln Aramco sale

DUBAI, May 31 (Reuters) - Saudi Arabia and its bankers will on Sunday morning start taking orders for as much as $13.1 billion worth of shares in it...

30 May 2024 21:22

Saudi Arabia sets up new Aramco share sale that could raise $13.1 billion

DUBAI, May 30 (Reuters) - Saudi Arabia's government on Thursday filed papers to sell a new stake in state oil giant Aramco that could raise as much ...

29 May 2024 13:14

HSBC completes sale of Russian unit to Expobank

MOSCOW, May 29 (Reuters) - HSBC has transferred ownership of its Russian unit to Expobank for an undisclosed fee, the two lenders said on Wednesday,...

23 May 2024 12:53

HSBC fined £6.3m over treatment of customers in financial difficulty

(Sharecast News) - HSBC has been fined nearly £6.3m by the Financial Conduct Authority over its treatment of customers in financial difficulty.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.