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UAE banks face $11bn liquidity deficit
Banks in the UAE are reeling under…
October 13, 2009 3:09 by kippreport
Banks in the UAE are reeling under bad debts and face liquidity shortfalls of around $11 billion, Shayne Nelson, Standard Chartered’s CEO in the Middle East said on Tuesday. “Liquidity is still short. Its AED30-40 billion short. (This is) the difference between advances and deposits. Straight math,” Nelson said.
Nelson added that because of unsecured lending, banks were also facing an increase in bad debt.
Around 13 banks in the UAE have exposure to the Saudi groups Saad and Ahmad Hamad Algosaibi & Brothers, which are facing billions of dollars in debt, says Reuters.