Saudi Algosaibi family backs down in UK bank spat

LONDON, June 15 (Reuters) - The Saudi Algosaibi family, which has been locked in drawn-out legal battles over who should pay a debt pile estimated at $22 billion, is conceding it owes five international banks millions of dollars.

In a London court case on Wednesday, the Ahmad Hamad Algosaibi & Brothers (AHAB) family partnership said it was dropping its defence against claims by banks including UK-based HSBC Holdings (0005.HK) (HSBA.L) and France's Credit Agricole (CAGR.PA). (Reporting by Douwe Miedema and Sarah White, Editing by Kirstin Ridley)