First Gulf Bank calls reports on its Dubai World exposure unfounded

Dubai: First Gulf Bank on Sunday denied media reports on its exposure to Dubai World, saying they are "completely unfounded."

In an e-mailed statement André Sayegh, Chief Executive Officer, said: "First Gulf Bank wishes to confirm that no senior executive released any statement related to FGB's exposure to Dubai World and some of its subsidiaries including Nakheel, and the recent reports are completely unfounded."

Statement

The bank's only statement issued to the press on November 27, said: "We would like to confirm that amounts reported by newswires on FGB's exposure to Dubai World and some of its subsidiaries including Nakheel are incorrect and absolutely overstated," Sayegh said.

"First Gulf Bank reconfirms that the bank's Corporate Communication Department headed by Maha Yassine, senior vice president, is the only official authority at the bank releasing official statements to the media. Information provided by any unnamed personnel should not be considered as a statement by the bank," said Sayegh.