Friday 9 January 2009

Six Saudi financial services companies contemplating merger

Riyadh: In a bid to avoid grim fallouts of the looming global financial crisis, six Saudi companies in the field of financial services are mulling merger to form a single entity.

At the same time, a few other companies ponder liquidation after they had lost a major chunk of their capital in the recent stock market crash.

Noted financial analyst Mohammad Al Omran said that the companies licensed in the kingdom's financial services, more than 100 companies in number, are heavier than what the market can accommodate in the current scenario.

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