ADCB has $609 Million Exposure to Saudi Groups.Summary: DUBAI u Abu Dhabi Commercial Bank Abu Dhabi Commercial Bank, commonly called ADCB, is a bank in the United Arab Emirates. , or ADCB ADCB Abu Dhabi Commercial Bank , is owed more than $600 million by Saudi ArabiaAEs troubled Saad and Algosaibi conglomerates, the biggest official disclosure of potential losses for any bank in the UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. since trouble erupted at the C family-owned businesses. ADCB expects to book additional provisions in the near future to cover its exposure, according to a debt prospectus published by the lender and dated September 17, but only made public in recent days. ADCB, the UAE's third-largest lender by assets, holds Dh1.487 billion ($404.8 billion) in exposure to Saad Group and Dh751 million ($204.5 million) to Ahmad Hamad Algosaibi & Brothers Co., according to the prospectus. The two Saudi groups are undergoing a major debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: that has sent shockwaves through the Gulf's regional banking system. "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. Mashreqbank PSC (Public Service Commission) Same as PUC. , the UAE's third-biggest bank by revenue, also said on September 16 that it is owed about $400 million by Algosaibi. Meanwhile, Al Ahli Bank of Kuwait, or ABK ABK Abkuerzung (German: Abbreviation) ABK Anybody Killa (musician) ABK Ahli Bank of Kuwait ABK American Bank of Kosovo ABK Aphakic Bullous Keratopathy (ophthalmology) , has started legal action against Saad Group and its billionaire owner Maan Al Sanea, seeking $125 million in compensation, a Kuwaiti C newspaper said. Aa ABK, which started the legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. on September 15 in New York, has accused Saad Group of violating conditions related to a credit facilities agreement by providing misleading information about its financial situation, Kuwait's Al Anbaa said in an C unsourced report. AaAaAa ABK officials were not available C for comment. Aa -- Copyright 2009 Khaleej Times. All Rights Reserved. Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion