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Saudi banks exposure to Saad fiasco at least $4bn
Saudi Arabia banks' lending exposure to both Saad Group and Ahmad Hamad Algosaibi & Bros may be between $4 billion and...
July 8, 2009 1:34 by Dana El Baltaji
Saudi Arabia banks’ lending exposure to both Saad Group and Ahmad Hamad Algosaibi & Bros may be between $4 billion and $7 billion, according to an HSBC research note.
“Market concerns on Saudi banks’ exposures to Saad and Algosaibi potential debt default (are) overblown,” HSBC analyst Aybek Islamov said. Industry expert estimated Saudi banks’ exposure to Saad and Algosaibi to reach $15 billion, but Islamov said the estimation “too pessimistic.”