CBD announces Dh581m exposure to NMC, UAE Exchange

Dubai - Commercial Bank of Dubai has an exposure of Dh140.1 million to NMC Healthcare - of which Dh31.3 million is working capital facilities.

Commercial Bank of Dubai (CBD) on Monday announced Dh581.6 million exposure to NMC Healthcare Group and its sister company Finablr's subsidiary the UAE Exchange.
The two London-listed groups, owned by billionaire BR Shetty, are facing scrutiny from regulators and creditors for financial irregularities worth billions of dirhams. On Sunday, most of the he UAE listed companies revealed details of their exposures to troubled NMC Healthcare, Finablr and UAE Exchange with total exposure exceeding Dh7.66 billion after local bourses instructed all the listed firms to share information regarding exposure to these troubled companies.
A number of local banks have announced their exposure to NMC including Abu Dhabi Commercial Bank, Dubai Islamic Bank, Noor Bank, Abu Dhabi Islamic Bank, Ajman Bank and Al Salam Bank.
Commercial Bank of Dubai said it has an exposure of Dh140.1 million to NMC Healthcare  - of which Dh31.3 million is working capital facilities. The lender has an exposure of Dh410.2 million to remittances and foreign exchange services firm the UAE Exchange.
Bloomberg earlier reported that the UAE Central Bank had appointed Alvarez & Marshal Holdings as an advisor on the management of the UAE Exchange. The regulator took over the UAE Exchange operations last month as its parent company Finablr prepared for potential insolvency.
- waheedabbas@khaleejtimes.com