Several leading banks in the UAE have exposure to the troubled Saudi business groups Saad and Al Gosaibi, but maintained yesterday that it was unlikely to affect their bottom line.
Abu Dhabi Commercial Bank (ADCB), the emirate’s largest lender, yesterday declined to comment on the extent of its exposure, but it said its loans were mostly backed up with cash deposits.
“ADCB is in close contact with the relevant customers and is working with its financial advisers and the rest of the lenders on a speedy solution,” said Ala’a Eraiqat, the chief executive.
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