UAE-based Mashreq bank expects 2010 to be a challenging year for business with increased likelihood of property loan defaults, a senior official said on Tuesday.
Douglas Beckett, head of retail banking, said the bank has been spared bad loans in the property sector this year, but has been hit by credit card and personal debt defaults.
“The property sector has not been a problem for us this year. We expect that we will see increased levels of challenge in our property portfolio next year,” he told Maktoob Business on the sidelines of a conference in Dubai.
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