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Over 4 Billion US Dollar Loans Renegotiated by UAE Banks

UAE : 06 March 2010

Three largest banks of UAE have renegotiated loans worth over 4 billion US Dollar. This has raised worry that the balance sheets of local lenders may be weaker than previously thought. Emirates NBD has doubled its renegotiated corporate loans to 7.8 billion Dirham, bringing its total loans to approximately 10 billion Dirham, First Gulf Bank (FGB) has renegotiated loans of 2.5 billion Dirham, National Bank of Abu Dhabi renegotiated loans of 3.2 billion Dirham last year.

Analysts informed that at present some banks are at the brink of not being repaid on borrowing that would be termed as non-performing. An analyst at Al Mal Capital in Dubai, Deepak Tolani said that they are weakened loans even at present the customer is servicing them, all these loans are still stressed.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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