NBK denies Saad, Gosaibi exposure

National Bank of Kuwait , Kuwait’s biggest bank by assets, does not have any exposure to Saudi Arabia's troubled groups Saad and Al Gosaibi, two newspapers said on Monday.    

An official at NBK denied having a relation with both Saad and Al Gosaibi groups, local daily Awan said without identifying the official.

Newspaper al-Rai also reported the same saying NBK did not give any loans to both groups, citing unidentified banking sources.

NBK could not be reached for comment.

Banks in Saudi Arabia, Bahrain and Kuwait with their commercial ties to the groups are thought to have the most exposure to the Saad Group.   

Saad Group, a $30 billion (Dh110 billion) empire, is restructuring its debt. Earlier this month, the Saudi central bank froze the accounts of its billionaire chairman, Maan Al Sanea.

Lenders to the group include Citigroup, BNP Paribas, HSBC, Standard Chartered and JP Morgan along with a host of others, according to Reuters data.

Ahmad Hamad Algosaibi & Bros Co (Ahab) is also restructuring an unspecified amount of debt.    

Kuwait Finance House, the country's biggest Islamic lender, said on June 9 it has minimal exposure to the two troubled Saudi firms. 

               

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.