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Sunday, 30 October 2016

Mashreqbank CEO Sees U.A.E. Bad Loan Provisions Peaking in 2016 - Bloomberg

Mashreqbank CEO Sees U.A.E. Bad Loan Provisions Peaking in 2016 - Bloomberg:

"Bad loan provisions by United Arab Emirates’ banks will peak this year as the industry increasingly works more with businesses to renegotiate terms instead of calling defaults, according to Abdul Aziz Al Ghurair, chairman of the nation’s Banks Federation.
About 7 billion dirhams ($1.9 billion) of loans to companies are being renegotiated under restructuring guidelines outlined by the federation earlier this year in the absence of a bankruptcy law, said Al Ghurair, also chief executive officer of Mashreqbank PSC. Problem loans have slowed “dramatically” in recent months, he said."



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