Qatar National sees limited exposure to Algosaibi - paper

by Tamara Walid Sunday, 26 July 2009

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.

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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.

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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