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Monday, 11/30/2009 2:08:03 PM

Monday, November 30, 2009 2:08:03 PM

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Dubai factor:
KPMG To Represent Dubai Creditor Banks, Which Seek $30B -Report
Last update: 11/30/2009 8:54:43 AM
DOW JONES NEWSWIRES
U.K. banks that lent more than $30 billion to Dubai World plan to appoint auditor KPMG LLC to represent them in talks aimed at recovering their money from the emirate's heavily indebted state investment arm, the Independent newspaper reported Sunday, without citing sources. The banks include HSBC Holdings PLC (HBC), Royal Bank of Scotland Group PLC (RBS), Lloyds Banking Group PLC (LYG) and Standard Chartered PLC (STAN.LN). KPMG's appointment will come once the creditor banks have set up a steering committee composed of five or six of the main lenders to lead the talks, the newspaper said. KPMG declined to comment.