Kuwait International Bank said it has completed the sale of its exposure in troubled UAE healthcare group, NMC.
The lender, which was owed $74.11 million by NMC health, in May decided to cut its losses and sell the debt to an unnamed entity for $13.25 million
In a statement on Sunday to Boursa Kuwait, where its shares trade, KIB said while the sale would enhance its financial position, it should not necessarily be an indicator of the bank’s financial results for the third quarter 2021 as it is still subject to review by external auditors and approval from the authorities.
NMC, the largest private healthcare provider in the UAE, ran into trouble last year after it disclosed more than $4 billion in debt. The company was placed in administration last year.
