Which bank will be hardest hit in the event of Ezra’s liquidation?

SINGAPORE (Feb 3): CIMB Research remains “underweight” on Singapore banks given that asset quality concerns still loom, especially since Ezra Holdings today announced the possibility of a US$170 million ($240 million) writedown.

(See also: Ezra warns of possible US$170 mil writedown, clarifies media reports)

Assuming that each company’s debt is equally split among its principal bankers, the research house estimates that DBS has the largest exposure to the Ezra group of companies at $637 million, followed by OCBC at $300 million and UOB at $166 million.

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