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Saudi sees No Need to Merge its Banks - Cbank Governor - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – 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.”

The central banker also said Saudi foreign investments are “very safe” and have not been impacted by the global crisis.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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