Banks in UAE not at risk due to Lehman bankruptcy

September 19th, 2008 - 3:37 pm ICT by IANS  

Lehman BrothersAbu Dhabi, Sep 19 (IANS) Banks in the United Arab Emirates (UAE) had no exposure to failed American investment bank Lehman Brothers, according to the country’s apex bank.The UAE Central Bank said that there was no systemic risk to the UAE following the bankruptcy of Lehman Brothers, the state-run Emirates News Agency (WAM) reported.

The bank made the statement in the course of a meeting with chief executives, general managers and senior officials of all banks operating in the UAE.

The Dubai Financial Services Authority (DFSA) had Tuesday said that Lehman Brothers has been precluded from conducting any business at its branch at the Dubai International Financial Centre (DIFC).

Lehman Brothers had set up the branch Aug 28, 2006.

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