Leading UAE banks have revealed their exposure to Phoenix Commodities, a rice trading firm with offices in Dubai and Singapore, which went into liquidation after accruing huge losses.

While Emirates NBD has revealed an exposure of $23.66 million, Mashreq Bank’s exposure to Phoenix Commodities stood at $11.7 million.

Other financial institutions are also expected to announce their exposures later.

Reuters reported that the commodities trader went into liquidation after amassing more than $400 million in potential trading losses.

The lenders below announced that they have no exposure to Phoenix Commodities:

- Abu Dhabi Commercial Bank

- Abu Dhabi Islamic Bank

- Ajman Bank

- Commercial Bank International

- Dubai Islamic Bank

- Emirates Investment Bank

- Emirates Islamic Bank

- Invest Bank

- Khaleeji Commercial Bank

- National Bank of Fujairah

- National Bank of Umm Al Qaiwain

- Sharjah Islamic Bank

- The National Bank of Ras Al Khaimah

(Reporting by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#Emirates NBD #Mashreq #Phoenix Commodities #Dubai

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