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Saudi banks' overseas investments soar by 75%
February 8, 2010
Saudi Arabia's banks boosted their investments abroad by a record high of nearly 75 per cent through 2009 to counter slackening credit demand at home and the absence of government bonds, official figures showed.
The combined foreign assets of the 12 commercial banks in the world's oil powerhouse swelled by nearly SR47.45 billion (Dh46.5bn) at the end of 2009 to boost their overseas investments to one of their highest levels, showed the figures by the Saudi Arabian Monetary Agency (Sama) yesterday.
But their foreign liabilities dipped by about SR13bn and the decline was mainly in due to foreign banks and branches abroad.
Original Posting At: Business247
The combined foreign assets of the 12 commercial banks in the world's oil powerhouse swelled by nearly SR47.45 billion (Dh46.5bn) at the end of 2009 to boost their overseas investments to one of their highest levels, showed the figures by the Saudi Arabian Monetary Agency (Sama) yesterday.
But their foreign liabilities dipped by about SR13bn and the decline was mainly in due to foreign banks and branches abroad.
Original Posting At: Business247
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