Co-ordination policies

October 2003
Middle East;Oct2003, Issue 338, p37
The most important development in banking has been bancassurance, i.e. cross-selling of financial services. This concept is popular in Europe and North America and reached new dimensions with the formation of Citigroup in 1998, comprising Citibank's worldwide networks, investment banking company Salomon Smith Barney Inc. and insurance company Travelers Corp. The big Arab groups, however, have not shown much interest in mergers. With moves toward Economic Monetary Union in 2005 and a single currency by 2010 — modeled on the euro — and fully embracing the WTO's agreement on liberalization of financial services, the Gulf region's long-term outlook remains bullish.


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