Is your bank exposed to troubled Saudi groups?

MONEY MATTERS: Troubled Saudi family conglomerates Saad Group and Algosaibi are restructuring debt.(Getty Images)

Troubled Saudi family conglomerates Saad Group and Algosaibi are restructuring debt, as are their Bahrain-based banking units, in some of the worst fallout from the credit crisis to hit the Gulf region.

Following are the exposure levels to Saad Group and Ahmad Hamad Algosaibi & Bros (AHAB) according to the banks themselves, sources close to the banks or to media reports:

Abu Dhabi Commercial Bank: at least $500m

ADCB is owed "at least $500m", a banking source told Reuters. The company's chief executive said any exposure would mostly be backed up with cash deposits.

Commercial Bank of Kuwait: $119m

Commercial Bank of Kuwait gave about $119m in loans to the troubled Saudi conglomerate Saad Group, according to a newspaper report.

Bank Muscat: $171m

Bank Muscat, Oman's biggest bank, said on June 11 that Saad and Algosaibi owed the lender and its unit in Bahrain a combined OR66m ($171m).

National Bank Of Oman: $16.89m

National Bank of Oman said it had limited interbank exposure totalling OR6.5m ($16.89m) to The International Banking Corporation and Awal Bank in Bahrain.

Bank Dhofar: $10.39m

Oman's Bank Dhofar said it had around OR4m ($10.39m) in exposure to the two Saudi groups.

First Gulf Bank: "small amount"

First Gulf Bank has a small amount of exposure, according to a source.

Mashreq: "not significant"

Mashreq has said that any amounts involved were "not significant".

Dubai Islamic Bank: no exposure

Dubai Islamic Bank said it has no exposure.

National Bank of Abu Dhabi: ‘negligible’

National Bank of Abu Dhabi said its exposure was negligible.

Ahli Bank: no exposure

Ahli Bank said it holds no exposure.

(Reuters)

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