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’The shifting sands of UAE bank capital
Here’s some useful data from ratings agency Fitch – a breakdown of how the capital of banks in the United Arab Emirates is likely to be impacted by the Dubai World debt restructuring.
It’s basically an updated version of Fitch’s capital sensitivity test for UAE banks,
Abu Dhabi hardest hit by Dubai World
Abu Dhabi Commercial Bank may be owed $1.9bn by Dubai World, making it the largest creditor outside the emirate to the Dubai-owned company seeking to reschedule debt, reports Bloomberg. Stocks plunged on Thursday after Dubai World sought a delay on repayment on much of its $59bn of debt.
Judge rules against Morgan Stanley, agencies
A US federal judge ruled that Morgan Stanley and two credit rating agencies must defend fraud charges in a class-action lawsuit accusing them of masking the risks of investments linked to subprime mortgages,
Abu Dhabi bank buys into RHB
Abu Dhabi Commercial Bank expects to conclude a deal in the next month to buy 25% of RHB Capital, Malaysia’s fourth-largest bank. Abdullah Badawi, Malaysian prime minister, told the FT on Monday that the deal was a sign of growing foreign interest in the country’s banking sector.