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KUWAIT CITY: Several local banks are reportedly being pressurized to get involved in lending procedures for the benefit of investment companies, reports Al-Qabas daily.
"The kind of push and pressure banks are receiving from certain quarters is really baffling," says a source in the banking field. Reportedly, several investment companies want to borrow from foreign banks, but want local banks to offer guarantees. "Some of these companies are pushing banks to protect their assets with full guarantees for the loans while many others are asking banks to ensure that the net value of their assets doesn't fall at any cost. The banks are now at a crossroads and don't know which direction to follow," added the source.
Another banking executive said it is very surprising that companies are asking their involvement at a time when banks still expect them to respond to their inquiries. He noted that the banks are not against getting involved, but since the loans are to be paid to foreign banks, the companies should meet loan conditions. He said they will consult the Central Bank of Kuwait (CBK)Central Bank of Kuwait (CBK)
in this regard and if it allays fear of negative consequences, they will join hands with CBKCBK to bail out these companies.Citing Kuwait Chamber of Commerce and Industry's (KCCI)Kuwait Chamber of Commerce and Industry's (KCCI)
statement in which it said the issue has transcended bailing out companies or individuals as it has to do with state's economy and external image, the source said, "if companies fail to pay back, it will affect the country's image adversely." We cannot afford to fall into another pit after the recent experience of the Gulf BankGulf Bank, the banker noted.
© Arab Times 2008
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