GCC banks set the pace despite falling price of oil | The National

GCC banks set the pace despite falling price of oil | The National:



"Banks in the Arabian Gulf have been outperforming international counterparts in terms of revenues and profitability, and despite the drop in oil they are expected to continue to lead the way.



Unlike many international banks, most Middle Eastern lenders came out of the financial crisis of 2008 stronger as they were not weighed down by fines and an increasingly stricter regulatory environment, according to the Boston Consulting Group.



“There’s a new financial crisis in the sense of paying fines, and if you look at revenue growth of international banks and the profit growth, they still are far behind from pre-crisis levels,” said Reinhold Leichtfuss, a senior partner and managing director at BCG."



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