Print
Email
Discuss this article ( Comments)
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)
