DESPITE OIL WEALTH and purpose-built financial centres, Gulf banks have failed to achieve the global status enjoyed by banks of other emerging-market regions. Now regional political upheavals add to the lingering effects of the oil, stock and property crashes that followed the Lehman Brothers collapse.
In the United Arab Emirates, even in Abu Dhabi, competition for local deposits is still intense, even though banks have become more conservative lenders, partly thanks to debt restructurings at government-linked corporates in Dubai.
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