By Tamara Walid
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)