A Swiss bank has become the latest international lender to withdraw from the region as financial companies trim costs in expectation of tougher times ahead.
EFG International,based in Zurich, said it would close its Dubai and Abu Dhabi offices as part of a worldwide cost-cutting effort, ending its presence in the Middle East.
Despite earlier projections that it would be able to benefit from growing Gulf wealth as oil prices and economic growth soared, EFG International found fewer opportunities than it had hoped for, said a spokesman for the bank.
No comments:
Post a Comment