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Sun 5 Apr 2020 10:45 AM

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Dubai Islamic Bank, Noor Bank exposure to NMC at $541m

Abu Dhabi Commercial Bank has requested NMC be placed in administration

Dubai Islamic Bank, Noor Bank exposure to NMC at $541m

Dubai Islamic Bank had exposure of about $425m at the end of March.

Dubai Islamic Bank and its unit Noor Bank have a combined exposure of $541 million to troubled hospital operator NMC Health Plc.

Dubai Islamic Bank had exposure of about $425m at the end of March, while Noor Bank had at $116m, according to a statement. Noor Bank extended the credit to NMC prior to its acquisition by DIB.

Dubai Islamic Bank has no exposure to Finablr, UAE Exchange Centre or any other group company that is not directly engaged in the provision of medical services, it said.

The aggregate exposure constitutes approximately 0.7 percent of the bank’s total assets.

It was revealed last week that Abu Dhabi Commercial Bank, seen as one of the biggest creditors to NMC, has $981m worth of exposure to NMC, which risks wiping out more than 80 percent of the lender’s estimated profit for the year.

Abu Dhabi Commercial Bank PJSC said on Saturday it applied on April 2 to the UK’s High Court for the appointment of administrators to take control of NMC Health and investigate alleged unauthorised activities.

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