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GCC’s Saad, Al-Gosaibi exposure ’significant’

Posted on 23 July 2009

From Maktoob.com: The exposure of 30 Gulf banks to troubled Saudi conglomerates Saad Group and Al-Gosaibi create “significant credit risks for these banks” as the exposure is “significant but manageable”, ratings agency Standard and Poor’s said on Wednesday.

S&P conducted a survey of banks in Gulf Cooperation Council (GCC) countries and reported that exposure to the two Saudi groups is as high as 20 percent of the adjusted total equity of some banks………Full Article: Source

 
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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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