Banks in the Gulf Cooperation Council (GCC) countries are becoming active buyers again of stakes in banks in the Middle East and North Africa (MENA) and even farther afield, Standard & Poor’s said yesterday.
As acquirers in MENA, Gulf banks are taking the place of European banks that are shoring up their balance sheets in the aftermath of the financial and sovereign crises.(...)
Standard & Poor’s Ratings Services has noted a sharp rebound in acquisitions by Gulf banks in 2012, especially in Turkey and Egypt, in a report published today, “Exit European Banks, Enter Gulf Banks as Major Acquirers in the Region’s Emerging Markets”.
Mergers and acquisitions in 2012 in MENA were the highest since 2008, and buyers favored the financial sector slightly more at 30.5 percent of transactions than telecommunications at 26.7 percent. And Egypt and Turkey attracted much of the activity. According to the report, 142 deals were announced or closed in Turkey for a total value of $ 10.1 billion, and in Egypt, transaction volume reached $ 9.8 billion from 38 deals.(...)