Amid fears of a debt crisis in Dubai, ICICI Bank today said it does not have any significant exposure to Dubai corporates.
“ICICI Bank has no material, non-India linked exposure to Dubai corporates,” an ICICI Bank spokesperson said.
As such, the questions pertaining to any losses to the bank due to the imminent crisis in Dubai does not arise.
Delhi-based Oriental Bank of Commerce also said the bank does not have any exposure in Dubai.
“We have no exposure there,” OBC Executive Director S C Sinha said.
There are fears that Dubai’s conglomerate and the Middle East’s largest realty firm Dubai World may default on its around 59 billion dollar debt and is seeking postponing of the debt until at least May.
Dubai, which borrowed hugely during the real estate boom, has incurred large losses due to real estate slump during the global recession.