We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 26 Jul 2009 06:51 PM

Font Size

- Aa +

Qatar National sees limited exposure to Algosaibi - paper

Qatari newspaper cites comments from bank's exec GM, Ali Ahmed al-Kuwari.

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.

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)

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.