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UAE's NBQ bank has $12.5m exposure to Saudi groups

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Friday, 02 October 2009
BIG PROVISION: NBQ says that it made provisions for about 60 percent of its exposure. (Getty Images)
BIG PROVISION: NBQ says that it made provisions for about 60 percent of its exposure. (Getty Images)

UAE lender National Bank of Umm Al Qaiwain said on Thursday its net exposure to two debt-laden Saudi groups amounted to $12.5m, and it had already taken more provisions than the central bank required.

The Abu Dhabi Securities Exchange (ADX) said on Wednesday it has directed banks to provide details of exposure and provisions taken to troubled Saudi groups Saad and Algosaibi.

NBQ said in a statement on the Abu Dhabi bourse website that it made provisions for about 60 percent of its exposure, which is above the UAE central bank requirement.


Related: Al Sanea Scandal
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more » MIDDLE EAST MARKETS DATA

NBQ.ADX

Last Price:

3.30

0.000.00%

18 Nov 2009 08:13 GMT
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