Banks in the oil-rich countries of the Gulf Cooperation Council (GCC) are becoming active buyers again of stakes in banks in the Middle East and North Africa (Mena) and even farther afield, ratings agency Standard & Poor's said today.
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As acquirers in Mena, Gulf banks are taking the place of European banks that are shoring up their balance sheets in the aftermath of the financial and sovereign crises.
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"Banks in the Gulf have capital to spare, and 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," said Standard & Poor's credit analyst Timucin Engin.
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