RBI Hit by Bankruptcy of Saudi Arabian Company

Professional Services › Banks ♦ Published: July 4, 2011; 13:15 ♦ (Vindobona)

The Austrian bank has problems with its credit business in Saudi Arabia. “An amount in the low hundreds of millions” is at risk.

RBI Hit by Bankruptcy of Saudi Arabian Company / Picture: © Raiffeisen Bank International AG / S. Klimpt

According to press reports, Raiffeisen Bank International (RBI) is affected by the bankruptcy of the Saudi Arabian construction company Algosaibi. Outstanding loans are said to amount to € 300m. Raiffeisen did not want to confirm or disclaim the figures.

Algosaibi was one of the leading construction companies and industrial conglomerates on the Arabian Peninsula. Major…

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