Gulf banks are likely to expand their reach and gobble up market share in the region as international lenders retrench after the financial crisis, says the chief executive of Mashreqbank.
Abdul Aziz al Ghurair, who is also the speaker of the Federal National Council, said Gulf banks were ready to fill the void left by retreating international banks, many of which had cut staff and reduced operations in the region during the crisis.
“All banks are focusing on their headquarters, and their success starts from there,” said Mr al Ghurair, whose bank opened its first branch in Kuwait on Sunday.
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