ADCB exposure to NMC Health could top $1b
UAE’s largest healthcare operator has combined debts of $6.6b
Dubai: Out of the $6.6 billion NMC Health has to pay off banks, the Abu Dhabi Commercial Bank’s exposure alone could be more than $1 billion, according to agency reports.
The lender is seen as one of the biggest creditors to NMC. HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc also have large outstanding loans to the Abu Dhabi-based company, the people said.
Some of the lenders are in talks to set up a committee to discuss ways to recover funds from NMC, Bloomberg reported. The crisis at NMC, founded by Indian entrepreneur Dr. B.R. Shetty, has shaken investor confidence in the Middle Eastern business world and raised questions about the oversight of London-listed companies.
NMC shares have been suspended since early February.
