A new banking giant in Abu Dhabi

A new banking giant in Abu Dhabi

“Integration into the banking sector is good for creating giant banking entities that are capable of meeting the economic challenges that the region is currently experiencing,” said Reda Mosallam, Managing Partner of Truth economic and management consultancy.

He added that there are a large number of banks, representative offices, payment offices, finance and investment companies and investment portfolios operating within the banking and financial sector in the country, expressing his belief that the number is greater than what the market needs. “The market needs strong financial and banking entities able to finance according to For modern financing tools, and can take risks”.

He also said that giant institutions were also required to reduce costs, as a result of their financial strength on the one hand, as well as the result of cost reductions on the other.

He noted that the expected integration process could reduce the current workforce; it would replace redundant labor with automated work systems, sophisticated electronic systems and technical services, and new, more efficient, productive and cost-effective new mechanisms.

He added: “We expect the birth of a big banking giant, able to bear the burdens and able to lend in accordance with the foundations of banking studied, and able to assume its responsibilities in the return of the investment map and the rotation of economic wheel in the Emirate of Abu Dhabi and the UAE. He stressed that banks must support the economy; therefore, giant banking entities, are economic necessity and important vital requirement”.

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