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Fri 27 Nov 2009 02:48 PM

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First Gulf Bank has at least $1.4bn Dubai exposure

'We have an exposure to Nakheel's bonds', an FGB executive tells Reuters.


First Gulf Bank

has at least AED5bn ($1.36bn) exposure to Dubai and its associated companies including Nakheel, an executive at the bank said.

"At this stage, all we can say is, yes our credit is about 5 billion dirhams to the Dubai government-owned companies. We have an exposure to Nakheel's bonds," the
FGB

executive told Reuters.

The executive could not be named for this report as he is not authorised to speak to the media.

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