FRSGlobal

IBS Journal - Middle East supplement, 28^th March 2011: Analysis - Liquidity risk in GCC countries, Gulf course

Roy Barnes, head of Middle East operations for risk technology vendor, FRSGlobal, part of Wolters Kluwer Financial Services, has seen a marked change in attitude to regulation in the GCC countries. 'They're changing it as fast as they can,' he says. Although there are certain 'cultural constraints' in some quarters (notably at board level) to working with the regulators, the banking industry in the GCC is by and large populated by people 'that do understand, and want to be in a position to rival New York and London as international centres'.

“Banks across the GCC region can expect a more intrusive approach from the regulators” states Roy Barnes, FRSGlobal.

The move towards a GCC central bank - to be based in the Saudi capital, Riyadh - and a single currency, will add to the region's banking gravitas. 'You cannot underestimate the ambition of those that are pulling the strategic strings, and you cannot underestimate the potential for large and medium-sized banks to impact on the market in the region and internationally,' he says.

Read the full article here, courtesy of IBS Intelligence (free registration required) »