Emirates NBD Has $23.7 Million Exposure to Fallen Agri-trader Phoenix

Emirates NBD has $23.66 million to the Dubai subsidiary of Phoenix Commodities which had recently filed for liquidation, Dubai’s biggest lender said on Tuesday, Reuters reported. Emirates NBD bank said in a statement that the exposure was to Phoenix Global DMCC, a unit of Phoenix Commodities Pvt Ltd. Phoenix, with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by the liquidators seen by Reuters. The document did not name the creditors but sources familiar with the company had told Reuters that Standard Chartered was one the banks that extended financing to the group. Standard Chartered has declined to comment. Read more