(Bloomberg) -- Dubai Islamic Bank PJSC said it has $541 million of exposure to NMC Health Plc, just a day after the troubled hospital operator’s biggest creditor called for the group to be put into administration.

Dubai Islamic Bank had about $425 million of exposure at the end of March, while NMC owes its subsidiary Noor Bank about $116 million, according to a statement. Noor Bank extended the credit to NMC before the lender was acquired by Dubai Islamic Bank.

The Dubai-based bank said it’s now in talks with NMC’s other main creditors and advisers to ascertain the hospital operator’s financial position and address its governance and financial issues. The bank said it will work closely with all stakeholders to prioritize the preservation of the group’s healthcare operations.

Dubai Islamic Bank has no exposure to Finablr Plc, UAE Exchange or any other group company that is not directly engaged in the provision of medical services, it said. The aggregate exposure constitutes about 0.7% of the bank’s total assets.

Abu Dhabi-based NMC disclosed last month said that its non-executive directors had uncovered alleged theft and excess undisclosed borrowings by former directors. Trading in the shares has been suspended since Feb. 27, the board has sacked top executives and dismissed board members and banks that lent to the company are facing losses on the debt.

NMC Creditor ADCB Calls for Health Firm to Enter Administration

Abu Dhabi Commercial Bank PJSC, one of NMC’s biggest creditors with nearly $1 billion in exposure, on Saturday said it asked a court in the U.K. to put the troubled hospital operator into administration. That move prompted the company’s chairman Faisal Belhoul to counter that such an action would endanger the lives of people living in the United Arab Emirates as the coronavirus rages.

Belhoul had for patience from creditors, seeking a standstill on debt repayments to give the company time to prepare a recovery plan.

Abu Dhabi Commercial Bank Exposure to NMC Health at $981 Million

Other U.A.E. companies with exposure to NMC:

  • Ajman Bank has 151.9 million dirhams exposure to NMC
  • Al-Salam Bank has $44 million exposure to NMC
  • Emaar Malls owed 1.4 million dirhams by UAE Exchange
  • Emaar Malls holds post-dated checks from UAE Exchange at 1.78 million dirhams

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