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Saturday, 21 November 2009 15:39 UAE time

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Qatar National sees limited exposure to Algosaibi - paper

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 26 July 2009
LIMITED EXPOSURE: Qatar National Bank reported to have limited exposure to troubled Algosaibi Group. (Getty Images)
LIMITED EXPOSURE: Qatar National Bank reported to have limited exposure to troubled Algosaibi Group. (Getty Images)

Qatar National Bank has limited exposure to troubled Saudi conglomerate Ahmad Hamad Algosaibi & Bros, a Qatari newspaper said on Sunday, citing QNB's executive general Manager.

"Ali Ahmed al-Kuwari ... reiterated that QNB's lending to the (Algosaibi) group was limited and does not affect its financial situation or profits," Al Sharq daily said.

Kuwari declined to give a figure for loans given to the group by QNB, the Gulf state's largest lender by market capitalisation.

Bank officials could not be immediately reached to comment.

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Ratings agency Standard & Poor's estimates that 30 banks in the region bear about $9.6 billion in exposure to debt-ridden Saudi conglomerates Saad Group and Algosaibi, calling it "significant but manageable". (Reuters)

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