UAE banks are coming together to help small to medium-sized businesses, who can't pay their debts. All 49 institutions are agreeing to halt criminal prosecutions for bounced cheques, which are frequently held as security in business transactions. Under the initiative, SMEs can apply for a standstill agreement and restructuring of their debt, if they face tough trading conditions. To start with, only those who owe at least AED 50 million are covered by the new system. Peter England, the CEO of RAK Bank says this could be the start of a cultural change in the UAE’s banking sector.
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