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S&P says GCC lenders using spare cash for Mena acquisitions
- Middle East: Monday, February 04 - 2013 at 05:16
S&P has said that banks in the six-member GCC are taking the place of European banks that are shoring up their balance sheets in the aftermath of financial and sovereign-debt crises, Bloomberg has reported. "Banks in the Gulf have capital to spare," credit analyst Timucin Engin said in a report. They "are literally capitalising on their traditional strengths such as strong capital positions, healthy liquidity, and supportive shareholders to pursue acquisitions in Mena emerging-market countries, where opportunities for long-term growth exist."
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