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Saudi banks exposed to Saad, Gosaibi up to $7bln

Posted on 09 July 2009

From Aawsat.com: Saudi banks may have between $4 billion and $7 billion in lending exposure to troubled conglomerates Saad Group and Ahmad Hamad Algosaibi & Bros, according to an HSBC analyst report.

A recent sell-off in Saudi banks suggests the domestic bad debt exposure to Saad and Algosaibi is around $15 billion, but those assumptions are “too pessimistic”, HSBC analyst Aybek Islamov said in the note on Tuesday………Full Article: Source

 
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