Doubt cast on bank mergers

Fitch Ratings has poured cold water on the idea that the Gulf may be on the cusp of a surge in bank mergers. Over recent months there have been a series of deals, including National Bank of Abu Dhabi and First Gulf Bank merging to create First Abu Dhabi Bank, and Qatar’s Masraf Al Rayan, Barwa Bank and International Bank of Qatar holding talks for a three-way merger. Saudi Arabia’s Alawwal Bank and SABB announced last month they were discussing a merger.