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HSBC not worried about Gulf property sector exposure despite war volatility, CEO says

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The National
“HSBC not worried about Gulf property sector exposure despite war volatility, CEO says”

British lender HSBC is not worried about its exposure to the slowing property sector or the health of its corporate loan book in the Gulf region despite the war-driven economic contraction this year, its group chief executive has said. The provisions, just shy of $400 million for potential loan losses, taken so far by Europe’s second-largest lender for its Middle East exposure, are “benign”, and the bank is ready for challenges if they arise, Georges Elhedery told The National in an interview…

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