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Mon 27 Jul 2009 03:48 PM

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Emirates NBD exposure to Saudi firms 'not material'

Bank's CEO says it does have exposure to troubled firms, Saad and Algosaibi.

Emirates NBD exposure to Saudi firms 'not material'

Emirates NBD, which saw second quarter profits drop 41 percent on increased provisions, has exposure to a pair of troubled Saudi conglomerates but it is not material, its chief executive said on Monday.

"What we can say is that we do have exposure to Saad and Algosaibi, but it is not material in relationship to our balance sheet," Pudner said on a conference call after the bank's results.

Regulators and bankers are grappling with the fallout from debt restructuring and fraud allegations at privately held Saad Group and Ahmad Hamad Algosaibi & Bros. The two firms are now embroiled in a lawsuit. (Reuters)

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