A dispute between a Kuwaiti investment company and the National Bank of Umm Al Qaiwain (NBQ) is set to reach the highest court of appeal in the country tomorrow, with the stakes high for both lenders.
NBQ will make one last plea to overturn an earlier court decision forcing it to return a payment worth about US$315 million (Dh1.15 billion) to Global Investment House.
Not so long ago it would have been a mismatched encounter. Global was among the Gulf's biggest investment banks, and NBQ is a tiny lender with assets of Dh12.5bn, but analysts say the combination of the financial crisis and the court dispute has left both banks "squeezed into a corner".
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