UK banks 'in $5b Dubai exposure'

LONDON: Four British banks have a $5 billion combined exposure to Dubai World, making them the biggest foreign creditor group at the Dubai state-owned conglomerate, the Financial Times said yesterday.

The report, citing bankers and advisers, said Royal Bank of Scotland was the most exposed with between $1 billion and $2 billion. HSBC, Standard Chartered and Lloyds Banking Group had exposure of about $1 billion each, according to the report.

The estimates were broadly accurate, several bank industry sources told Reuters.