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Article: Bahrain: Shamil Bank's exposure to Saudi groups minimal.
- Article from:
- TendersInfo
- Article date:
- July 25, 2009
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Byline: babalu03
Bahrain-based Shamil Bank yesterday said that its exposure to the Saad and Algosaibi groups was minimal.
"Shamil Bank has a minor exposure, representing an almost negligible percentage of our assets, to Saudi-based Saad and Algosaibi groups." said Shamil Bank chief executive Faisal Alalwan. "Although prudent provisions have been made, this exposure has had absolutely no effect on our day-to-day operations."
He said a report in a local Arabic newspaper concerning the company's exposure to these companies was inaccurate.
"The report carried by a local paper yesterday was, regrettably, misleading," said Alalwan.
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