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December 1, 2009

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CCB's exposure to Middle East small

CHINA Construction Bank Corp yesterday said it has some exposure to the Middle East, but will not suffer substantial impact from the Dubai debt crisis as the exposure takes a very small percentage in the bank's total assets.

Wang Lin, a spokesperson for China's second-largest lender, did not specify details on CCB's exposure to the Middle East in a statement on the bank's Website.

CCB will continue to monitor financial market changes across the world, including the Middle East, Wang said.

CCB's competitors, the Industrial and Commercial Bank of China, the Bank of China and the Bank of Communications, said last Friday that they did not hold bonds issued by Dubai World.

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

Dubai World said it would ask creditors to agree to a standstill on US$60 billion of debt until at least May.

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


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