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Arab banks' profits to drop 40% in 2009
- Middle East: Tuesday, January 06 - 2009 at 09:43
The combined profits of Arab banks will decline up to 40% in 2009 due to ongoing liquidity problems, Adnan Ahmed Yousuf, chairman of the Beirut-based Union of Arab Banks told London-based Arabic language newspaper Al Hayat. Yousuf urged local banks to take measures to deal with the global financial crisis, including admitting sovereign wealth funds and other long-term shareholders to strengthen financial base and regain investors' confidence.
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Jeff Florian, Senior ReporterTuesday, January 06 - 2009 at 09:43 UAE local time (GMT+4)
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