The economic and political turmoil created by the Arab Spring and the eurozone crisis has created some clear winners in private banking over the past year as well as some clear losers. In the Middle East, local banks have been steadily ceding ground to their international rivals as the region’s wealthy turn to more complex international investments to shelter from turbulent markets.
The trend is apparent in most areas of private banking and in most countries and is particularly notable among the region’s richest customers.
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