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November 28, 2009

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China banks: No Dubai bonds

CHINA'S three leading banks yesterday said they do not hold the troubled Dubai World bonds.

Industrial and Commercial Bank of China, the country's biggest listed lender, said it has no exposure to bonds issued by Dubai World.

Bank of China, the country's third-largest, does not hold bonds issued by Dubai World, the Dubai government or any Dubai sovereign funds and related institutions, said Zhao Rong, a spokeswoman for Bank of China.

The bank's overseas branches do not have direct credit business relationship with Dubai World, Zhao said. The bank will continue to investigate any potential impact on its other businesses and closely monitor related risks.

Bank of Communications, the country's fifth-largest, said it does not have exposure to Dubai World credit and bonds.

China Construction Bank Corp, the country's second-largest bank, said its investigation is underway.

Dubai said on Wednesday it was asking for a six-month reprieve on paying Dubai World's debts as a first step to restructuring the company.

Market observers said if Dubai should prove unable to pay the debts, many of the world's leading banks will suffer losses.


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