UK banks 'in $5b Dubai exposure'
LONDON: Four British banks have a $5 billion combined exposure to Dubai World, making them the biggest foreign creditor group at the Dubai state-owned conglomerate, the Financial Times said yesterday.
The report, citing bankers and advisers, said Royal Bank of Scotland was the most exposed with between $1 billion and $2 billion. HSBC, Standard Chartered and Lloyds Banking Group had exposure of about $1 billion each, according to the report.
The estimates were broadly accurate, several bank industry sources told Reuters.
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