Noor Bank to move away from SME lending, according to CEO
Dubai-based lender Noor Bank is to move away from unsecured lending to SMEs, its CEO John Iossifidis told Reuters, after a rise in bad debts within this sector. The shift is part of a turnaround plan Iossifidis is mapping out since joining the bank in April 2017 to bolster profits. “Unsecured lending to SMEs is not something we will do,” Iossifidis said in an interview on Tuesday. “The whole banking sector was doing unsecured lending to the SMEs and that is why we (the sector) got into the problems.” He added “We are not turning our back on that sector, but it’s certainly not going to be the unfettered lending that was happening two years ago in the banking sector.”
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.