Kuwait's ABK reveals $26mln exposure to NMC Health

The bank has no exposures to other subsidiaries of NMC Health

  
General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020.

General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020.

REUTERS/Satish Kumar

Al Ahli Bank of Kuwait (ABK) has revealed its exposure to troubled NMC Healthcare Group, a statement on Boursa Kuwait showed.

ABK’s exposure to UAE-based NMC Health is $26.286 million and the bank has no exposures to other subsidiaries of the company.

ABK said that currently, it is difficult to determine the financial impact of the exposure on the bank’s financial statement.

Top UAE banks disclosed on Sunday and Monday their exposure to hospital group NMC Health, which revised its debt position last week to $6.6 billion from $5 billion earlier in March.

The healthcare group has been in crisis since US short seller Muddy Waters questioned its financial statements in December.

(Writing by Gerard Aoun; Editing by Seban Scaria)

( gerard.aoun@refinitiv.com )

#Kuwait #NMC #ABK #Banks #Healthcare

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