6/2/2009

Declining market capitalization set the stage for what could become a wave of mergers and acquisitions among banks in the Persian Gulf region, AT Kearney said in a report. "Consolidation is gathering momentum driven by structural, market and regulatory factors," said Dirk Buchta, managing director of AT Kearney Middle East. "The declining market capitalization of regional banks in the wake of the financial crisis has created favorable conditions for acquisitions, and the large proportion of public ownership in some of the banks may also facilitate takeovers."

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