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Thursday, 4 March 2010

Standard Chartered declares $10b exposure to UAE loans

Standard Chartered on Monday said its exposure to UAE entities accounted for $10 billion (Dh36.8 billion) of the $14 billion value of its Middle East and South Asia (MESA) corporate loan portfolio. However, it assured investors that it did not expect "material losses."

"Certain high profile entities within this portfolio have experienced stress," the bank said in its annual earnings release.

"Our exposure to these entities is around $500 million. The resolution process is ongoing, but in the event losses arise, we do not expect they would be material."