Business | Banking
Gulf banks take $1.5b subprime hit
Arab Banking Corp., Gulf Investment Corp. and Gulf International Bank BSC wrote down a combined $1.5 billion of losses from the subprime crisis, Middle East Economic Digest reported, without saying where it got the information.
- Bloomberg
- Published: 00:47 March 3, 2008
Dubai: Arab Banking Corp., Gulf Investment Corp. and Gulf International Bank BSC wrote down a combined $1.5 billion of losses from the subprime crisis, Middle East Economic Digest reported, without saying where it got the information.
Losses at the banks, which are controlled by governments of the Gulf Cooperation Council, make up 75 per cent of the region's total writedowns attributable to mortgage-related assets, the London-based weekly magazine said on its website.
Bahrain-based Gulf International got $1 billion from shareholders to match $1 billion of provisions it made, MEED said. Arab Banking took $230 million of provisions and Gulf Investment $246 million, according to the report.
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
