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Banks in MENA have emerged stronger from the pandemic crisis, with the top 30 listed players in the region seeing their combined assets grow in value by 13% to hit $2.5 trillion by the end of 2021, compared to $2.3 trillion in 2020, while profits climbed by 37% to over $34 billion. The aggregate market cap of the 30 banks rose to nearly $587 billion as of June 28, 2022, an increase of 23% ...
Apr 26, 2023 · Qatar National Bank (QPSC) remained the largest bank by assets in the region with $323.56 billion, and United Arab Emirates-based First Abu Dhabi Bank PJSC remained in second place with $302.22 billion. For the latest ranking, company assets were adjusted on a best-efforts basis for pending mergers, acquisitions and divestures, as well as the M ...
Aug 3, 2023 · In late 2019, Lebanon’s dollar shortages created a panic and run on the banks as they imposed strict withdrawal limits for depositors who kept their savings there. Under what financial experts and the World Bank described as a Ponzi scheme, Lebanon’s central bank would entice commercial banks to lend dollars at high interest rates to stay ...
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Apr 26, 2022 · All three South African banks in the list slipped two to three places. Standard Bank Group Ltd. fell from the top five to eighth with assets of $170.79 billion, while FirstRand Ltd. ranked 11th with $124.82 billion. Absa Group Ltd. and Nedbank Group Ltd. took the 17th and 20th spots, respectively, with assets of $102.81 billion and $76.51 billion.
- Billions Lost
- Lebanon Cannot Pay Those Debts
- New Money For Old Debts
- Just Like The 2008 Financial Crisis?
- The Middle East Moves on
- Imminent Collapse, No Compromise
Late last year, Syrian dictator Bashar Assad blamed his country's ongoing economic woeson the fact that anywhere between $20 billion and $42 billion belonging to Syrian depositors was trapped in Lebanon. Syrian businesspeople have long used Lebanese banks to avoid international sanctions and other restrictions. Earlier in 2020, research by a Yemeni...
It is already clear that billions of dollars may never be recovered because Lebanese banks simply don't have the funds to pay out to depositors. In August 2020, the country's central bank said that local banks had six months to raise the amount of capital they were holding to 20%. This capital includes the assets — the cash and stocks in a bank's p...
Governments and businesses in the Middle East deposit their money in Lebanese banks for a number of reasons. They include the county's strict banking secrecy laws and tax exemptions and the fact that, for years, local banks were offering inflated interest rates on US dollar deposits in order to lure more depositors in. As the specialist publication...
Having lent depositors' money to the government and the central bank in various forms, private banks hold most of Lebanon's public debt. So how dangerous is all this for other countries in the Middle East? It won't be like Greece and the EU, argues Khaled Abdel-Majeed, a fund manager with UK-based investment adviser SAM Capital Partners. "The count...
"Lebanon's financial system is too localized [to impact many other countries]," agreed Mike Azar, an analyst based in Washington and former lecturer in international economics at the John Hopkins School of Advanced International Studies. "There certainly has been an impact on many non-Lebanese individuals and companies, but it is limited and not sy...
Abdel-Majeed believes that depositors may eventually get a small fraction of their money back, although who gets what will be a political decision. Like many others inside and outside the country, he worries about what comes next. He notes that the institutions who could possibly bail Lebanon out of the financial crisis, such as the International M...
Sep 16, 2022 · Abed Soubra, who is allegedly holding hostages in a bank in an effort to get to funds in his account, looks at his mobile inside a Blom Bank branch in Beirut, Lebanon, Friday, Sept. 16, 2022. Lebanese depositors have stormed at least five banks to demand their trapped savings, signaling growing chaos amid the country’s economic meltdown.
Qatar National Bank (QPSC) remained the largest bank by assets in the Middle East and Africa region for the sixth consecutive year, S&P Global Market Intelligence's latest regional ranking shows. The Qatari lender had assets worth $286.35 billion as of March 31, 2021, $24.79 billion more than United Arab Emirates-based First Abu Dhabi Bank PJSC, which placed second.
