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Article: ADCB has $609 Million Exposure to Saudi Groups.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- September 25, 2009
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Summary: DUBAI u Abu Dhabi Commercial Bank, or ADCB, is owed more than $600 million by Saudi ArabiaAEs troubled Saad and Algosaibi conglomerates, the biggest official disclosure of potential losses for any bank in the UAE since trouble erupted at the C family-owned businesses.
ADCB expects to book additional provisions in the near future to cover its exposure, according to a debt prospectus published by the lender and dated September 17, but only made public in recent days.
ADCB, the UAE's third-largest lender by assets, holds Dh1.487 billion ($404.8 billion) in exposure to Saad Group and Dh751 million ($204.5 million) to Ahmad Hamad Algosaibi & Brothers ...