More UAE banks to merge, KPMG predicts | ZAWYA MENA Edition:
More consolidation is likely in the financial services sector in the United Arab Emirates over the next four years, especially among banks, according to a new KPMG report.
The accountancy firm's fourth annual report analysing results from banks in all six Gulf Cooperation Council (GCC) countries stated that it expects more mergers in the emirates between now and the end of 2023 as a result of "moderate economic growth".
"This will be driven by the higher cost of doing business in the UAE and the threat of new entrants disrupting the market," the report said.
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