Consolidation levels in the banking sector in the six states of the Gulf Co-operation Council (GCC) – Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman – have shown few signs of slowing in the past 18 months, as tighter economic conditions continue to press governments and lenders to scale down in often overbanked markets.
All six countries experienced merger activity in their banking sectors in 2019, as lower oil prices have forced governments to look for ways to cut cost and improve efficiencies across multiple economic sectors, including banking.
