Standard Bank says it has no direct exposure to Dubai World
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Reuters
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Published:
2009/11/27 05:44:20 PM
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Dubai has asked to delay payment on billions of dollars of debt issued by Dubai World and its property subsidiary Nakheel, sparking fears the emirate could default and even derail a world economic recovery.
said today there had been no indication of change in the credit performance of the companies it was exposed to. Banks outside the Gulf also played down their exposure to the debt crisis.
“We have no direct exposure to Dubai World but we do have exposures to companies where Dubai World is a key shareholder,” Standard Bank said.
“These companies are separate operating companies and the exposures are generally collateralised and/or secured,” the statement said.