Falcon Group holds its annual Dubai forum
- United Arab Emirates: Thursday, March 21 - 2013 at 17:50
- PRESS RELEASE
Alternative financing is here to stay was the conclusion of experts at the annual Falcon Group trade and corporate finance forum. Now in its fourth year, the forum discussed how the power of global banks is waning, just as that of non-bank financiers is increasing.
"Corporates do not want to have to depend on the fickle nature of banks," said Philip Jan Kok, Portfolio Manager at Galena Asset Management, Trafigura Group.
"Yet a machine doesn't run without oil, and there is real need for funding," he added.
"The banking sector doesn't understand us," added Suri Penubolu, Director of Marketing and Business Development at Microsol - a global solar cell manufacturer. "And their off-the-shelf solutions cannot keep up with our ever-changing and developing requirements," he concluded.
The rise of non-bank financiers - as well as the success of companies such as Falcon Group, which recently reported a record turnover of $1.7bn - is indicative of the popularity of non-bank financiers as an alternative to global bank funding.
"The value of alternative financiers goes well beyond simply filling the gap left by global banks scaling-back lending," explained Kamel Alzarka, chairman of Falcon Group during the event's panel discussion. "They are flexible, and, perhaps most importantly, are able to move quickly - providing bespoke solutions to fast-growing corporates. The financial crisis made the value of alternative financiers clear, but the need or desire for their offerings will last, even if global banks were to return to their former stability," he added.
The forum was held on 3rd March 2013 at the Madinat Jumeirah Hotel, Dubai. It was moderated by Al Jazeera anchor Shiulie Ghosh, and other speakers included David Smith, Economics Editor of The Sunday Times, and keynote speaker Mike Moore, former Director General of the World Trade Organisation.
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