Abu Dhabi Commercial Bank PJSC may be owed $1.9 billion by Dubai World, making it the largest creditor outside the emirate to the state company seeking to reschedule debt, said two people familiar with the companies.
“We are in touch with Dubai World, and we have been in discussions more than once today and yesterday,” Ala’a Eraiqat, the chief executive officer of the third-largest lender in the United Arab Emirates, said in a telephone interview yesterday. He declined to comment on specifics. “We have a lot of assurances which is a good thing.”
HSBC Holdings Plc and Standard Chartered Plc led declines in bank shares in Asia today, and European stocks fell the most in seven months yesterday after Dubai World said it would seek a “standstill” agreement to delay repayment on much of its $59 billion of debt. Royal Bank of Scotland Group Plc, Lloyds Banking Group Plc and Credit Suisse Group AG slumped yesterday on concern Dubai will rattle lenders recovering from the global credit freeze that has triggered $1.72 trillion in losses and writedowns.
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