|06 April, 2020

Dubai's CBD reveals exposure to NMC Health, UAE Exchange

Most UAE banks disclosed on Sunday their exposure to hospital group NMC Health

A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

REUTERS/Nikhil Monteiro

Commercial Bank of Dubai (CBD) revealed its exposure to troubled NMC Healthcare Group and UAE exchange.

CBD’s exposure to NMC Health as of April 6 is 140.1 million dirhams ($38.1 million), represented by fully secured credit facilities, of which 31.3 million dirhams are working capital facilities, the bank said in a statement.

CBD also has an exposure of 410.2 million as of today to UAE Exchange, represented by fully secured credit facilities. The bank has no exposure to embattled payments and foreign exchange company, Finablr.

NMC Health and Finablr, the holding company of UAE Exchange were founded by Indian entrepreneur BR Shetty.

Most UAE banks disclosed on Sunday 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)

(seban.scaria@refinitiv.com)

#CBD #NMC #UAEEXCHANGE #UAE #DUBAI

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