In a notice dated 16 September, Saeed Abdulla al Hamiz, senior executive director in the banking supervision examination department of the Central Bank, contacted all the country’s banks to request details of their exposure by 1pm on 18 September.
National Bank of Abu Dhabi (NBAD) has become the latest bank in the country to publically declare that it has no exposure to Lehman, or troubled US insurance company American International Group (AIG), except through a subsidiary of AIG in the UAE.
NBAD says this exposure is fully secured by commercial property, which is currently still generating income.
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