Saudi cbank panel to examine Saad, Algosaibi
Riyadh, September 1, 2009
Saudi Arabia's central bank sees no risk to the country's banking system from two troubled conglomerates but it has set up a panel to examine the two and take appropriate action, the bank's governor said on Tuesday.
Banks in the region have been coping with the fallout from debt restructuring at Saad Group and Ahmad Hamad Algosaibi & Bros (AHAB).
'There is no systemic risk on Saudi banking system from the debts of the two firms, profitability however could be affected,' Muhammad Al-Jasser, governor of the Saudi Arabian Monetary Agency (Sama) said at a news conference.
'The government has set up a special committee to look into the two firms and take appropriate action.'-Reuters
More Finance & Capital Market Stories
- Saudi inflation plunges to four-year low
- UAE investment appetite 'strengthens' says expert
- Dubai mulls rule change to woo domiciled funds
- UAE, Abu Dhabi roll over $20bn of Dubai's debt
- Saudi can achieve 4.4pc growth this year
- Emaar listing of retail unit 'within months'
- Dubai Investments nets $29m profits
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m