Local banks stocks dipped on March 16 as fears of exposure to Credit Suisse and a series of US bank failures spread to Singapore. However, all three banks have said their exposure to the Swiss bank is insignificant.
Credit Suisse operates a branch in Singapore whose main activities are private banking and investment banking and does not serve retail customers. MAS notes that FINMA and the Swiss National Bank have issued a joint statement on March 15 affirming that Credit Suisse continues to meet the higher capital and liquidity requirements applicable to Swiss systemically important banks, and that SNB stands ready to provide liquidity to the bank.
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