UNB says has $60m exposure to Algosaibi
Dubai, October 1, 2009
UAE-based Union National Bank said on Thursday it had no exposure to Saudi's troubled Saad Group but its total exposure to Ahmad Hamad Algosaibi & Bros (Ahab) reached $60.5 million.
The exposure to Algosaibi is in the form of a joint loan of $20.8 million and trust receipts amounting to $39.7 million, the company said in a statement on the Abu Dhabi bourse website.
The bank said in July it had limited exposure to Algosaibi and had taken adequate provisions. – Reuters