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Islamic Finance Briefing - Categorized | Banking, Compliance, Tax, Legal, Regulatory more

UAE Central Bank would have dealt differently with Saad

Posted on 07 October 2009

From Business24-7.ae: If the writedowns facing two Saudi banking groups had arisen in the United Arab Emirates, officials there would have sought a settlement that included all banks, UAE central bank governor Sultan Nasser al-Suweidi said on Monday.

Saudi family banking conglomerates Saad Group and Ahmad Hamad Algosaibi and Bros Co face legal battles in the US courts and the Gulf Arab region after defaulting on debts, with some bankers expecting the writedowns to affect 120 banks and cost $22 billion………………Full Article: Source

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