Taiwan's Financial Supervisory Commission said on Tuesday that 20 local banks have NT$4.4bn ($135m) in investment exposure to bankrupt carmaker General Motors.
This figure includes NT$3.45bn ($105.9m) of GM-linked structured notes, sold to local retail and corporate investors, and NT$943m ($29m) held by sell-side proprietary trading units.
A total of 20 domestic banks sold around 40 capital-guaranteed notes worth NT$3.33bn ($102.3m), which included GM in the underlying basket, said the Commission. Two notes worth NT$120m ($3.7m) were potentially at risk.
Local reports said Taipei Fubon Commercial Bank had the largest exposure, having sold notes issued by BNP Paribas, Société Générale, Citibank, Calyon and DBS.
First Financial sold retail investors NT$80m ($2.5m) in structured notes linked to GM, but its clients should not suffer losses, Annie Lee, deputy head of First Financial's strategy and planning division, told local journalists.
Three banks in Taiwan invested NT$760m ($23.3m) in GM-related instruments, according to Lin Tong-Liang, deputy director-general at the FSC's banking bureau.