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One year ago, when asked about the state of banking in Saudi Arabia, Bernd van Linder, CEO of Saudi Hollandi, appeared dispirited. “Hard work for very little result,” is how he defined conditions in the new, low oil price environment, which was sapping bank liquidity and raising fears of widespread corporate loan defaults.
A year on, van Linder has left Saudi Arabia to head Commercial Bank of Dubai, but for the bankers that remain, conditions appear to have improved markedly.
Analysts say a combination of changes – some deliberate, some coincidental – have conspired to bolster the Saudi financial sector.
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