Business News

Singapore urges banks to update investors on Lehman Brothers losses

Sep 24, 2008, 3:14 GMT

Singapore - Banks in Singapore that sold structured products linked to the collapsed US investment bank Lehman Brothers Holdings Inc have been asked to update investors on how much money they would get back, the Monetary Authority of Singapore said Wednesday. The request was made after it was learned that investors who bought HSBC Holdings PLC's Lehman-linked Minibond Series and DBS Group Holdings Ltd's High Notes 5 could end up losing all their capital. DBS is South-East Asia's third-largest bank. It said earlier that it would take about 30 business days to finish the valuation process. The Monetary Authority, Singapore's central bank, said it has asked HSBC and DBS 'to update concerned investors on a timely basis' and has told the banks to keep it informed of complaints from customers.

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