Friday, 09 January 2009
updated 1 minute ago
05:14 UAE time

YOUR DIRECTORY /

Saudi central bank dismisses need for mergers

by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 29 October 2008

NO MERGERS: Saudi banks are 'highly liquid' and don't need to merge, says Saudi Central Bank chief. (Getty Images)

Saudi Arabia has no need to merge its banks in response to the global financial crisis, the kingdom's central bank governor said on Wednesday, dampening speculation that such a move may be at hand.

"They don't need any assistance, they are highly liquid and have good capitalisation," Hamad Saud Al-Sayyari told reporters on the sidelines of an Islamic finance conference.

When asked by Reuters if there was a need for Saudi banks to merge to cope with the credit crunch, he said: "No, no there is no need."

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The central banker also said Saudi foreign investments are "very safe" and have not been impacted by the global crisis. (Reuters)

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