22-Apr-19, Zawya
The wave of mergers and acquisitions in the financial services industry in the Gulf Cooperation Council has long been needed to raise efficiencies of the sector, according to the co-chief executive of Investcorp, who expects more consolidation in the fragmented retail sector as well, and sees hot investment spots in the region’s social infrastructure industries.
%20ADCB_Handout%20via%20Thomson%20Reuters%20Zawya.jpg "Gulf banking consolidation long overdue (c) ADCB Handout via Thomson Reuters Zawya")
Image: ADCB / Handout via Thomson Reuters Zawya
Rishi Kapoor, Co-CEO of Bahrain’s Investcorp, an alternative asset manager with USD22.2 billion under management, also noted that consolidation in banking would build the scale required to increase investments in financial technology, as payment solutions are increasingly enabled by fintech.
"Consolidation in the financial services industry in the region is long overdue. If you look at the biggest single market in the world today, the United States, there are four major money center banks: JP Morgan, Citi, BofA, and Wells Fargo," Kapoor told Zawya.