|07 April, 2020

Kuwait's NBK reveals exposure to UAE's NMC Health

UAE banks also disclosed this week their exposure to hospital group NMC Health

National bank of Kuwait logo, NBK logo.

National bank of Kuwait logo, NBK logo.

National bank of Kuwait

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

NBK’s exposure to UAE-based NMC Health is $91.352 million and the bank has no exposures to other subsidiaries of the company.

NBK said that at the present time, 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)



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