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Western banks have begun to close down credit lines to Maan Abdul Sahed Al-Sanea – a major shareholder in HSBC - and his investment entity, Saad Group. Sanea’s investment business said that some of the several dozen international banks that had lending relationships with the Kuwaiti-born former fighter pilot had started liquidating shareholdings. This followed news of an edict from the UAE central bank, restricting lenders’ business with Saad or related companies.
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