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Citi,BNP Have Biggest Loans to Saudi Groups: Report - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – BNP Paribas and Citigroup figure among the biggest lenders to Saudi billionaire Maan al-Sanea with a 16 percent share of $6.3 billion in syndicated loans to him and the Algosaibi family, Bloomberg News reported on Wednesday.

Both Algosaibi and Saad Group have said they are restructuring their debt, which totals around $10 billion, according to unconfirmed reports.

Bloomberg cited a list of 37 creditors that provided $5.6 billion to Saad Group, saying France’s BNP loaned about $475 million to Saad Group and $47.5 million to Ahmad Hamad Algosaibi & Brothers Co (AHAB).

Citigroup loaned $500 million to Saad, the report said.

The third largest creditor is Jordan’s Arab Bank ARBK.AM with a $350 million loan to Saad and $40 million to Algosaibi. Samba Financial Group 1090.SE is owed $300 million by Saad Group, Belgium’s Fortis Bank loaned $250 million to Saad, and HSBC provided $200 million to Saad, Bloomberg said.

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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