Gulf’s demand for corporate loans down in 2021

Web Desk BOL News

08th Oct, 2021. 01:30 pm

The Citigroup sign is seen outside the Citigroup Center in New York, October 1, 2007. Citigroup Inc, the largest U.S. bank by market value, said on Monday its quarterly earnings will drop 60 percent on $5.9 billion in losses and write-downs from subprime and leveraged loan woes, fixed income trading, as well as weakness in its consumer business. REUTERS/Shannon Stapleton (UNITED STATES) – RTR1UH9U

RIYADH: Corporate loan applications dropped this year in the Gulf region, while consumer retail loans saw a rise, compared with 2020, Arab News quoted the CEO of Citigroup MENA, as saying.

The retail loan requests grew 2.3 per cent this year, Elissar Fara Antonios said in an interview.

The banking sector in the region has excess liquidity that enables it to support the recovery of economies, she said.

Antonios added that there is a rise in offerings and mergers in the region, with the expectations of witnessing more activity and expansions thanks to the opening up of sectors such as travel and tourism.

“We noticed an increase in the activity of consolidations and monetization in the region in the last two years, despite the lockdown,” Antonios said.

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