 Prince Al-Waleed: investor in Saudi banks  Hariri: controls largest Lebanese bank  Mohammed: newly-crowned king |
Reflecting the oil wealth of the Gulf Co-operation Council (GCC) countries, the GCC banks, as in previous years, continue to dominate the top 100 Arab banks. While the GCC was confronted with a severe economic downturn last year due to collapsing oil prices and ripple effects from the Asian and Russian financial crises, the region witnessed a number of positive developments. In line with the worldwide banking consolidation, two Saudi Arabian banks, the 30% Citibank-owned Saudi American Bank, which appears sixth among Arab banks ranked by total capital, and United Saudi Bank (11), controlled by the high profile Saudi investor Prince Al-Waleed bin Talal, announced a merger in early 1999 which was completed in July. |
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