Dubai – Mubasher: Mashreq Bank announced that its total direct exposure to New Medical Centre Trading (NMCT) amounted to AED 502,598 in the form of guarantees, representing 100% cash secured.
The bank has also an indirect exposure to NMC Health Group through the Makaseb Arab Tigers Fund, according to a disclosure to Dubai Financial Market (DFM) on Sunday.
The bank owns 89.587% of the total units of the fund, which holds 25,000 shares in the health group.
Meanwhile, Mashreq Bank does not have any exposure to Finablr and the UAE Exchange Centre.
It is noteworthy to mention that Dubai Islamic Bank (DIB) and Abu Dhabi Commercial Bank (ADCB) have exposure to NMC Health at a total amount of $425 million and $981 million, respectively, as of 31 March 2020.
