SC, Citigroup in row with Etisalat on $400m loan: report

November 11, 2013 12:00 am

Standard Chartered and Citigroup Inc. have fallen out with Abu Dhabi’s Etisalat over $400m which they lent to Etisalat’s now defunct Indian affiliate, Etisalat DB (EDB), Reuters has reported, citing three banking sources familiar with the matter. As a result, the banks did not participate in the $8bn financing, which was arranged in April to back Etisalat’s successful bid for Vivendi’s 53% stake in Maroc Telecom, the sources said. “Etisalat DB is a separate legal entity incorporated in India, prior to Etisalat’s investment in it,” Etisalat’s chief financial officer, Serkan Okandan, told the news service when asked if his company had any liability for recovery of the debt.