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09-03-23
Moody’s estimates surge of M&A operations in GCC
(MENAFN) Banks in the Gulf Cooperation Council region is going to see a surge in merger and purchase actions enabling upcoming synergies as well as oil income divergences in the area, as mentioned by international rating agency Moody’s.
The current and long-standing alliances between GCC banks is going to enable greater scale banking in the area in the future decade, according to Moody’s.
‘‘Consolidation among GCC region banks brings scale to support the diversification of Gulf economies away from oil, and benefits in revenue and cost synergies.” As stated by Francesca Paolina, Forecaster at Moody’s
The ratings agency pointed out that this advancement is going to happen in spite of the area’s pre-existing robust bank economic fundamentals and their modest rate of over-banking.
“GCC banks’ shareholder structure is concentrated in a pool of state-linked entities and groups – which facilitates tie-ups between lenders, and means mergers and acquisitions will continue,’’ also mentioned Paolina.
MENAFN09032023000045014228ID1105737034
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