FINANCIAL SERVICES | Staff Reporter, Singapore

Market panic overdone, says DBS

Fundamentals are sound, CEO Gupta says.

Asia’s growth story is intact despite intensifying market panic, according to DBS.

DBS acknowledged that the current operating environment has become more challenging, on back of China's slowdown, uncertain policy actions and the commodity downturn.

However, CEO Piyush Gupta stressed that the world is not entering another Lehman moment, and that the Singapore financial system remains robust.

Gupta reiterated that DBS' portfolios are healthy, and that the economy is not in recession despite slower growth.

"While unsettled financial markets in recent weeks have created short-term uncertainty, the region’s economic fundamentals are sound and the risks associated with slower growth are manageable," Gupta said.

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