Financial and Banking News
Gulf Riyad Loses $18mn on LDC Provisioning
The Bahrain-based Gulf Riyad Bank, a joint venture between Riyad Bank (60%)and Credit Lyonnais (40%), has declared a $18.4mn loss in 1987 after increasingits provisions for loan losses from $5.6mn to $25.7mn. In 1986 the bank made aprofit of $4.1mn. However, the increase in provisioning, which the bankattributed to its exposure to developing countries, was not the only factorbehind...