| |
SINGAPORE: OCBC has revised Great Eastern Holdings' exposure to the two troubled US mortgage giants Fannie Mae and Freddie Mac. Great Eastern is OCBC's insurance unit.
OCBC said in a statement on Thursday that Great Eastern's exposure amounts to S$69 million, up from the S$29 million announced earlier.
According to the lender, the revised figure is still immaterial in relation to the total insurance fund of S$42 billion.
The amendment came two days after OCBC first issued a statement, detailing its investment portfolios linked to Fannie Mae and Freddie Mac.
DBS and UOB also made similar statements on the same day to ease concerns over the fallout from the problems at Fannie Mae and Freddie Mac.
- CNA/ir
|
