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...
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