Business | Banking
ADCB has no direct exposure to Lehman
The Abu Dhabi Commercial Bank (ADCB) said on Sunday it has no direct exposure to the failed global investment bank Lehman Brothers Holdings Inc.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:04 September 22, 2008
Abu Dhabi: The Abu Dhabi Commercial Bank (ADCB) said on Sunday it has no direct exposure to the failed global investment bank Lehman Brothers Holdings Inc.
"ADCB does not have any direct exposure to Lehman," the bank said in an exclusive statement to Gulf News. It didn't elaborate.
A senior ADCB official declined to comment on the bank's indirect exposure in Lehman Brothers when reached by Gulf News.
The UAE Central Bank affirmed last week that the country's banks have virtually no exposure to Lehman Brothers and that there was no systemic risk in the UAE as a result of the fallout in international money markets.
In a press statement issued on Thursday, the apex bank stressed the soundness of the UAE banking system.
A top official of the Middle East's largest bank by assets, Emirates NBD, told Gulf News last week the bank's exposure to Lehman Brothers is "significantly below $5 million", while the National Bank of Abu Dhabi (NBAD) said it has "no direct exposure" to the bankrupt US-based investment bank.
On September 15, Lehman Brothers filed for bankruptcy protection.
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