According to the international business magazine, The Economist, the financial traffic between the the Kingdom of Saudi Arabia produced a terrible wreck last year - one of the worst in the history of banking in the Gulf.
The Economist article, published June 24, says in May 2009 The International Banking Corporation (TIBC), a Bahrain bank owned by a venerable Saudi merchant family, the Gosaibis, defaulted on its obligations. The default was an early sign that its parent, the Ahmad Hamad Algosaibi & Brothers Group (AHAB), was in financial trouble.
Read the full Economist article here.
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