European banks are continuing to cut their exposure to Middle East financial institutions, with five deciding against rolling over their commitments to a facility for National Bank of Fujairah. Two non-European banks also dropped out, but with three new firms joining the group, the $235m two year loan was still a success for the borrower.
BAWAG, BayernLB, DZ Bank, Erste Group and Raiffeisen Bank International are not taking part in the facility, and nor are Arab Bank and Royal Bank of Canada. The gap was filled by Emirates NBD, National Bank of Abu Dhabi and HSBC, which all joined the group as new
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