Why you should consider working for a regional bank in the Middle East

It’s no secret that European banks are struggling and the Middle East has not been excluded from their plans to scale back their operations. Now, however, it seems that regional banks are keen to fill the void.

While European banks shrink, and focus on their domestic operations, Gulf institutions are taking the opportunity to expand, according to Reuters.

"There is a lot of pressure on the international banks to divest non-core assets and focus on their domestic operations due to the euro zone crisis," said Jon Breach, Dubai-based chief executive of BDO Corporate Finance Middle East.

"Undoubtedly, for regional banks (in the Gulf) that provides a natural opportunity to consolidate and grow. You can see clear logic for that."

Some international banks have pulled out of their retail operations in the Gulf – Royal Bank of Scotland, for instance, while BNP Paribas is planning to sell its Egyptian retail operation.

They’ve also scaled back their investment banking arms, although local players have also suffered. And, while most international wealth managers are continuing to expand, regional institutions are increasingly making moves to grab market share.

Local banks particularly keen to expand include Qatar National Bank and Kuwait’s Burgan Bank, according to the report. Also, as we pointed to earlier this week, some local institutions have grown rapidly over the last year.