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ADCB has $609m exposure to Saudi conglomerates
- United Arab Emirates: Wednesday, September 23 - 2009 at 15:04
Abu Dhabi Commercial Bank has more than $600m in exposure to two Saudi family businesses currently undergoing a massive debt restructuring, for which it will have to book additional provisions, Reuters has reported, citing the lender's global medium-term note prospectus. ADCB holds Dhs1.487bn ($404.8bn) in exposure to Saad Group and Dhs751m ($204.5m) to Algosaibi, according to the prospectus. 'ADCB expects to establish significant additional impairment allowances in the near future with respect to its exposures to the Saad Group and the Algosaibi Group based on changes in its expectations related to recoverability of these loans,' the bank said.
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StaffWednesday, September 23 - 2009 at 15:04 UAE local time (GMT+4)
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