Bahrain’s United Gulf Holding Company (UGH) revealed that its unit, FIMBANK, has $8.5 million exposure to Phoenix Commodities, an agri-trader with offices in Dubai and Singapore, which entered into liquidation after accumulating more than $400 million in potential trading losses.

UGH, the Bahrain-listed financial services firm, does not have any direct exposure to the commodities trader, the company said in a statement to the bourse. FIMBANK’s exposure of $8.5 million is net of cash cover and credit insurance.

In the UAE, First Abu Dhabi Bank revealed last week a $73.2 million total exposure to the rice trading firm. (Read more here)

Emirates NBD revealed an exposure of $23.66 million, while Mashreq Bank’s exposure to the rice trading firm stood at $11.7 million. (Read more here)

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com )

#BAHRAIN #UGH #PHOENIX

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