BoB 7th largest foreign lender in UAE; HSBC on top

Public sector lender Bank of Baroda (BoB) is the seventh-largest foreign lender in the United Arab Emirates (UAE) with loans of $1.63 billion, while global banking major HSBC Bank leading the chart with $17 billion exposure.

As per the Emirates Bank Association data for the financial positions of the banks in UAE in 2008, HSBC Bank Middle East is followed by UK's Standard Chartered Bank with a total loan exposure of $7.6 billion.

The other major foreign banks in the UAE with significant loan exposure include Barclays Bank ($3.6 billion), ABN Amro Bank ($2.24 billion), Arab Bank ($2.09 billion) and Citi Bank ($1.92 billion).

In terms of assets also HSBC Bank led the chart with total assets of $29 billion at the end of 2008, followed by StanChart and Barclays with assets of $19 billion and $6.27 billion, respectively.

India's BoB was ranked 12th in the list with total assets of $2.35 billion at the end of the period.

India's largest private sector lender ICICI Bank and PSU lender Oriental Bank of Commerce today said they have not significant exposure to Dubai corporate houses.

The Dubai government owned Dubai World has asked its creditors for a six month delay on repaying its debts. Dubai World has total debts of $59 billion. This raised concern of the financial health of the once financially strong Gulf country.