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FACTBOX-Gulf banks' exposure to Saudi groups
Oct 27 (Reuters) - Saudi family conglomerates Saad Group [SAADG.UL] and Ahmad Hamad Algosaibi & Bros are restructuring debt, as are their Bahrain-based banking units, in some of the worst fallout from the credit crisis to hit the Gulf region.
Following are the latest exposure levels to Saad and Algosaibi according to the banks themselves, sources close to the banks or to media reports.
** new or updated entries
UNITED ARAB EMIRATES
ABU DHABI COMMERCIAL BANK ABCB.AD $609 million
ADCB has $609 million in exposure, according to a debt prospectus published by the bank and dated Sept. 17.
ABU DHABI ISLAMIC BANK ADIB.AD yet to specify
Abu Dhabi Islamic Bank said Sept. 30 it had booked 836 million dirhams ($228 million) provisions as of June 30 but declined to specify how much was related to Saad and Algosaibi.
FIRST GULF BANK FGB.AD $104 million ** First Gulf Bank on Oct. 21 said it had $104 million in exposures and expects to make further provisions until the end of 2010.
COMMERCIAL BANK INTERNATIONAL CBI.AD no exposure
Commercial Bank International on Sept 30 said it never granted any credit facilities or loans to Saad and Algosaibi.
NATIONAL BANK OF ABU DHABI NBAD.AD $10.9 million
National Bank of Abu Dhabi reiterated on Sept. 30 its July announcement that it had $7.5 million in exposure to Algosaibi and $3.4 million in exposure to Saad.
INVEST BANK INVB.AD no exposure
Invest Bank said on Sept. 30 it had no exposure.
UNION NATIONAL BANK UNB.AD $60.5 mln
Union National said it had no exposure to Saad, but $60.5 million to Algosaibi. The Algosaibi exposure is in the form of a joint loan of $20.8 million and trust receipts amounting to $39.7 million.
NATIONAL BANK OF FUJAIRAH NBF.AD $25.4 million
National Bank of Fujairah has exposure to Algosaibi of $10.2 million and $15.2 million outstanding with Saad's Bahrain unit, Awal Bank, it said on Sept 30. IIt has taken provisions of $3.3 million for Algosaibi and $6.5 million for Awal as of Aug. 31.
SHARJAH ISLAMIC BANK SIB.AD $15 million
Sharjah Islamic Bank had $15 million exposure to Algosaibi, it said on Sept. 30, and has taken provisions of 50 percent.
NATIONAL BANK OF UMM AL QAIWAIN NBQ.AD $12.5 million
National Bank of Umm Al Qaiwain said its net exposure to the two groups amounted to $12.5 million.
NATIONAL BANK OF RAS AL-KHAIMAH RAKB.AD "no exposure"
Rakbank reiterated on Sept. 30 its July announcement that it had no exposure to the groups.
UNITED ARAB BANK UAB.AD "no exposure"
United Arab Bank, an affiliate of Commercial Bank of Qatar COMB.QA, said Sept. 30 it has no exposure.
BANK OF SHARJAH BOS.AD "no exposure"
The bank, based in the emirate of Sharjah, has said it had no exposure.
MASHREQ MASB.DU $400 million
Dubai-based Mashreqbank said on Sept. 16 it had $400 million in exposure to Algosaibi and related parties.
EMIRATES NBD ENBD.DU "has exposure"
Emirates NBD has exposure, but it is not material, its chief executive said in July.
DUBAI ISLAMIC BANK DISB.DU "no exposure"
Dubai Islamic Bank said it had no exposure.
ARAB EMIRATES INVESTMENT BANK AEIB.DU "no exposure"
Arab Emirates said it had no exposure.
COMMERCIAL BANK OF KUWAIT (CBKK.KW) $119 million -report
Commercial Bank of Kuwait gave about $119 million in loans to the troubled Saad Group, according to a newspaper report.
AL AHLI BANK (ABKK.KW) below $30 mln
Al Ahli Bank of Kuwait has exposure of less than $30 million to Saad Group, but has no exposure to Algosaibi, Deputy Chief General Manager Abdulla Alsumait, told Reuters.
NATIONAL BANK OF KUWAIT (NBKK.KW) $10 mln
NBK has exposure of about $10 million, the bank's chief executive said in July.
GULF BANK (GBKK.KW) "has exposure" ** The bank said Oct. 25 bad loans would weigh on profits through mid-2010. Its exposure to the groups could be contained and dealt with, state news agency KUNA cited the bank's chief executive as saying on Sept. 28.
KUWAIT FINANCE HOUSE (KFIN.KW) "minimal"
KFH, in which the country's sovereign wealth fund owns a 24.1 percent stake, said in June it had minimal exposure to the two Saudi groups.
BANK MUSCAT BMAO.OM $171 million
Bank Muscat, Oman's biggest bank, said on June 11 that Saad and Algosaibi owed the lender and its unit in Bahrain a combined 66 million rials ($171 million).
NATIONAL BANK OF OMAN NBO.OM $16.89 million
National Bank of Oman said it had a limited interbank exposure totalling 6.5 million rials ($16.89 million) to The International Banking Corporation and Awal Bank in Bahrain.
BANK DHOFAR BDOF.OM $10.39 million
Oman's Bank Dhofar said it had around 4 million rials ($10.39 million) in exposure to the two Saudi groups.
OMAN INTERNATIONAL BANK OIB.OM "no exposure"
The bank said in June it did not have any exposure.
AHLI BANK ABOB.OM "no exposure"
Ahli Bank said it holds no exposure.
AHLI UNITED BANK AUBB.BH Saudi exposure ** Bahrain's biggest bank said on Oct. 25 it had increased the provisions level it booked for its "impaired Saudi corprate assets" to 75 percent during the third quarter from 65 percent during the second quarter. It did not breakdown its exposure.
ITHMAAR ITHMR.BH UNIT SHAMIL BANK "minor"
Shamil Bank, a unit of Bahrain-based Islamic lender Ithmaar, has minor exposure to the two groups.
QATAR NATIONAL BANK QNBK.QA "limited"
The bank has limited exposure to Algosaibi, al Sharq newspaper reported in July, citing the lender's executive general manager.
SAUDI ARABIA ** Saudi Arabian banks have yet to announce exposure to the two Saudi groups, but they booked higher unspecified provisions against bad loans during the third quarter. [ID:nLO578403]
(Compiled by John Irish, Nicolas Parasie and Frederik Richter; Editing by )
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