The global financial crisis could force out small investment companies in the Gulf and give birth to giant banks with more diverse services, according to a senior banker in the region.
Henry Azzam, Chief Executive Officer of Dubai-based Deutsche Bank in the Middle East and North Africa, said large investment companies in the six-nation Gulf Co-operation Council (GCC) must also adapt to the new world financial situation and embark on what he termed competitive services.
He said such services could include financial brokerage, investment facilities and other related instruments, adding that these firms can no longer net the same high return they had achieved during the 2002-2008 oil boom.
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