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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




Tags: Dubai | UNB | exposure | Saad | Algosaibi |

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