In a statement made by Fitch Ratings, it was stated that many GCC banks are willing to acquire banks in Turkey, Egypt and India.
“GCC banks are looking to expand their presence in large regional markets, particularly Turkey, Egypt and India, attracted by improving economic conditions and growth opportunities,” the statement said.
External growth is believed to be part of a strategy by some GCC banks to diversify their business models and increase profitability.It was also emphasized that these banks could offset the slow growth in their home markets by directing capital to fast-growing markets.
The statement said that Turkey, Egypt and India are very attractive for GCC banks and that there is greater growth potential in these countries.
It was stated that the subsidiaries of GCC banks in these countries had approximately 150 billion dollars of assets as of the first quarter of this year and were the focus of their growth strategies.
It was also emphasized that the interest of United Arab Emirates banks, especially those with strong financial and commercial ties with India, in India has increased.
