Ben T. Smith IV, a longtime Silicon Valley executive and currently head of the Communications, Media and Technology practice at Kearney, speaks to Global Finance about the post-SVB venture capital industry and the pace of innovation.
Many of the world's richest countries are also the world's smallest: the pandemic and the global economic slowdown barely made a dent in their huge wealth.
Global Finance editor Andrea Fiano interviews Ásgeir Jónsson, Central Bank Governor of Iceland during Global Finance's World's Best Bank Awards at the National Press Club in Washington, DC on October 15th.
To minimize the effects of the recent drop in oil prices, Gulf countries are encouraging local banks to merge.
In the UAE, National Bank of Abu Dhabi and First Gulf Bank are in the process of creating the largest bank in the Middle East—with $178 billion in assets. The merger will be effective Q1 2017 and is expected to deliver cost synergies of over $135 million annually.
In Qatar, Masraf Al Rayan, Barwa Bank and International Bank of Qatar are looking to create the region’s third-largest Islamic bank—with more than $44 billion in assets.
In a context of slow economic growth and low demand for credit, mergers have two main advantages: They strengthen the banks by reducing costs and competition, but they also help attract foreign capital. This, in turn, makes it easier for governments that are looking for new sources of revenue to sell their bank stakes.
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