HSBC Exec Advocates Jail For Defaulting UAE Customers-Report

4th Jul 2010 12:59

DUBAI (Zawya Dow Jones)--HSBC Holdings PLC's (HBC) country head for the United Arab Emirates has advocated jailing defaulting customers in an interview with Dubai-based magazine Arabian Business. Abdulfattah Sharaf told the magazine that detaining individuals with debt problems was an effective way of deterring defaults and retrieving bad loans. The bank lent $14 billion to customers in the emirates last year, Arabian Business reported Sunday on its website. HSBC is one of a core group of creditors in talks with Dubai World as the government-owned conglomerate seeks to restructure $23.5 billion of debt. The bank's profits from the Middle East slumped to $455 million last year, from $1.7 billion in 2008, Arabian Business reported. News website: www.arabianbusiness.com/591996-jail-works-for-recouping-debt---hsbc-boss -Dubai Bureau, Dow Jones Newswires; +9714 446-1686; [email protected] Copyright (c) 2010 Dow Jones & Co. (END) Dow Jones Newswires July 04, 2010 07:59 ET (11:59 GMT)