The banking sector in the Middle East will become more competitive over the coming two years, according to the annual Barclays Corporate Global Banking Survey.
The survey, which was conducted among 200 top executives from leading banking and insurance services providers, revealed that Asia, the Middle East and Africa were seen as key areas for significant growth.
Conversely, financial institutions said they saw limited potential for growth in Europe and even less so in North America, with the region ranked last among all financial centres in the survey.
Matt Tuck, head of Financial Institutions, Barclays Corporate, said: "There is huge work being done by global banking groups to capitalise on the strong economic growth in developing markets.
"The move by the financial services sector to generate greater penetration across Africa is also gathering pace."
He added: "Europe is an incredibly important market for the banking industry, but there is a move towards spreading risk by diversifying geographies and also banking income streams.
"The banking industry is certainly in growth mode, but is becoming increasingly mobile and selective in where it targets its growth."
Earlier this month, Rory Gilbert, the managing director and head of high net worth business in the UK and Ireland at Barclays Wealth, was appointed as private banking head for the Middle East and North Africa, replacing Soha Nashaat.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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