Canada Markets closed

DBS CEO says pain from oil and gas downturn taken in 2016

DBS's CEO Piyush Gupta speaks during a Reuters Newsmaker event in Singapore March 2, 2017. REUTERS/Edgar Su

SINGAPORE (Reuters) - The worst of the pain from the oil and gas downturn was felt by Singapore banks and other lenders in the region in 2016, DBS Group Holdings Ltd Chief Executive Piyush Gupta told a Reuters Newsmaker on Thursday, forecasting an improved 2017.

"In the short term for most of the banking sector pain was taken in 2016," Gupta said.

Singapore's banks, including DBS, have been badly hit by debt payment woes in the city-state's struggling oil services sector.

(Reporting by Marius Zaharia; Writing by Clara Ferreira Marques; Editing by Muralikumar Anantharaman)