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Singapore's DBS unfazed by Adani exposure of around $1bn

Bank CEO Gupta defends asset quality of Indian conglomerate's cement units

DBS Group has no exposure to any of Adani’s shares and thus is unaffected by changes in the Indian group's stock, CEO Piyush Gupta says.   © Reuters

SINGAPORE -- DBS Group Holdings, Southeast Asia's largest lender by total assets, on Monday defended the asset quality of Adani Group's cement units, following intense pressure on the Indian conglomerate over allegations of fraud in recent weeks.

Piyush Gupta, the CEO of the Singaporean bank, said during an earnings briefing that his company had exposures to Adani amounting to about 1.3 billion Singapore dollars (around $1 billion).

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