Dubai – Mubasher: The Commercial Bank of Dubai (CBD) on Thursday announced that it was working on maximising its recoveries regarding a credit facility offered to The Abraaj Group.
The bank affirmed that it was not in a position to comment on media reports that said that the bank had intended to acquire stakes in the funds offered as security against its debt to Abraaj, according to a filing to the Dubai Financial Market (DFM).
The bank noted that there was no material change to its exposure or structure of the exposure that required external market disclosure.
“As of now, we have not agreed to any structural change with our exposure,” CBD stated.
In July, CBD revealed that it had an exposure of around $166 million to The Abraaj Group, which filed for bankruptcy in 2018 following reports of money misuse in its $1 billion healthcare fund.