VOL. XLII

No. 20

17-May-1999

UAE

UAE Bank Exposure To Patel Group Highlights Need For IAS

Following uneasy speculation regarding the true extent ofexposure of the UAE banking system to the financially troubled Sharjah-basedPatel group, the Central Bank Governor, Mr. Nasir al-Suwaidi, has reiteratedreassuring remarks to the financial community. On 9 May, the Governor said thathe had no plans to tighten banking supervision after both local andinternational banks lent around Dh479mn ($130mn) to the...