DBS Group (DBSM.SI), Southeast Asia’s largest lender by assets, is rethinking the way it runs its wholesale banking business in the Middle East, Europe and North America, the local press reported on Friday. 

Peter Seah, the bank’s recently appointed chairman, told the paper that while DBS will continue lending money to domestic players in non-Asian markets, it will focus more on supporting ventures owned by existing Asian customers. 

 

DBS will also concentrate on non-Asian firms looking to expand their operations in the region, he added. 

 

DBS has already revamped some of its businesses, including Islamic Bank of Asia, which will now focus on investment banking and private equity rather than corporate loans.  

 

The tiny Islamic bank suffered a $77.1 million loss last year due to bad loans in the Middle East. 

 

“We ran into some problems in our presence in the Middle East... We need to pause now and review what we need to do,” Seah told the newspaper.