UAE bank refutes reports on Dubai World exposure

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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