DBS shares fall 2.6% on Swiber exposure

It expects to recover about half of its $517 million

Shares of DBS Group Holdings fell 2.6 per cent after it said it expects to recover about half of its S$700 million ($517 million) exposure to Swiber Holdings Ltd , an oilfield services provider that filed to wind up operations.

Singapore's biggest lender said it would tap into its reserves to fully provide for the anticipated shortfall and that it expected the net allowance charge to be about S$150 million.