Gulf banks are expected to record lower earnings in 2009 as they continue to suffer from the global financial turmoil and this could trigger a wave of mergers in the sector this year, a key regional bank said yesterday.
The Bahraini-based Gulf Finance House (GFH) said it also expected consolidations in the private small and medium enterprises while a decline in assets of some firms would tempt investors to acquire some of them.
In a study about the impact of the global economic distress on the GCC, GFH presented a gloomy outlook for the economies of the 28-year-old group as a result of an expected 60 per cent plunge in oil export earnings.
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