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Saudi sees no need to merge its banks

Dubai, October 29, 2008

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. - Reuters




Tags: Saudi | banks | credit crisis |

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