Mashreq, Dubai's second-biggest bank by stock market value, said it has met the tougher lending rules imposed by the central bank to tighten up the financial system after the Emirates debt crisis.
The new lending rules are part of a broader move to curb the vast debts taken on by government-owned businesses in the years before the property crash in 2009. The crisis was worsened by local banks' excessive exposure to government-related entities.
In April the United Arab Emirates central bank introduced caps for loans made to local governments and their entities and asked lenders to comply with the rules by the end of September.
"We are ok. We were able to abide by the timeline," Abdulaziz Al Ghurair, chief executive officer of Mashreq, told the Reuters Middle East Investment Summit.
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