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Paris Bank Rescue

October 06, 1988|From Reuters

PARIS — The Bank of France said it has coordinated the rescue of a Paris-based bank with Middle East connections, Al Saudi Banque SA, after it lost around $315 million.

The statement said the Saudi Arabian group Hariri, the main shareholder of Dutch-based Al Saudi Bank Holding NV, which in turn had held a 99.9% stake in the Paris bank, had injected funds into it, but did not give the amount.

Outlines of the rescue were settled at the central bank after several meetings, a Bank of France spokesman said.

He said 44 French-based creditor banks had backed the operation, which would allow Al Saudi to continue its activities.

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