Local banks in the Middle East and North Africa are
taking advantage of the regulatory-driven downsizing of
international institutions and are landing bigger roles on
deals, according to a recent report.
A June study by US consultancy firm Greenwich Associates
found that companies in the region are increasingly taking
their business to smaller, local financial institutions.
"Global banks have been challenged in recent years
to say the least, and have been reducing provisions and
headcounts," said Greenwich Associates’ Abhi
Shroff, who authored the report. "It has meant that local banks
have been able to step up."
The study also found that the biggest companies in the
region were mostly using domestic cash management, trade
finance and foreign exchange services. Almost 75% of
respondents said they will require capital over the...