UAE bank refutes reports on Dubai World exposure
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Last Updated: Sunday, November 29, 2009, 19:25
  
Dubai: A leading bank in the UAE, First Gulf Bank, on Sunday refuted media reports on its exposures to Dubai World, saying they are "completely unfounded".

First Gulf Bank chief executive officer, André Sayegh, said, "the bank wishes to confirm that no senior executive released any statement related to FGB’s exposure to Dubai World and some of its subsidiaries including Nakheel, and the recent reports are completely unfounded."

A news report on Friday said that the bank has at least USD 1.36 billion exposure to Dubai and its associated companies, including Nakheel.

Sayegh said that the bank’s only statement issued to the press on November 27 read as follows: "We would like to confirm that amounts reported by newswires on FGB's exposure to Dubai World and some of its subsidiaries including Nakheel are incorrect and absolutely overstated."

He said that the First Gulf Bank reconfirms that the information provided by any unnamed personnel should not be considered as a statement by the bank.

PTI


First Published: Sunday, November 29, 2009, 19:25


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