S&P: GCC Banking Sector may Experience the Second Wave of M&A
April 08, 2020
S&P Global Ratings (S&P) said that the Gulf Cooperation Council (GCC) region may see another wave of mergers and acquisitions (M&A), which will be more opportunistic, driven by economic rationale. S&P expected these mergers to take place once the GCC economies recover from the COVID-19 pandemic and the full effect of the current crisis on banks’ financials is visible.
In its latest industry report card, S&P stated that the current economic situation might force the GCC region’s banks to find stronger shareholders or partner with peers to strengthen resilience. S&P added that the second wave of M&A might involve consolidation across different GCC countries.
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