Mashreqbank became the first UAE bank to admit to lending exposure to the Saudi family trading groups at the centre of an international credit default crisis.
The bank, which is owned by billionaire Abdul Aziz al Ghurair, said it was working with clients based in Saudi who were “facing problems”, and had taken legal action to protect its interests.
“Mashreq is aware of a number of problems faced by Saudi-based clients and has taken legal action to protect its interests when appropriate and is actively working with such clients, their advisers, regulators and other banks in an effort to resolve the matter,” the bank said in an e-mailed statement.
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