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December 29, 2011 at 05:51 AM
European banks, in search of cash to meet new requirements, are looking to sell off their loans to Middle Eastern countries, and are looking for Arab banks as buyers in the process.
Bloomberg reported that the banks, led by France’s BNP Paribas SA and Societe Generale Belgium-based Dexia and KBC Groep, and Italy’s Intesa Sanpaolo and UniCredit, are among the firms looking for buyers willing to purchase project finance and corporate loans in the Persian Gulf region. Five bankers who had been approached about such deals spoke anonymously about them, and said the offers had all occurred within the last five months.
European banks are cutting back on some kinds of loans and also selling off businesses in the quest to raise capital to satisfy regulators as the eurozone debt crisis escalates. Across Europe, banks have promised to slash over 950 billion euros ($1.2 trillion) in assets over the next two years, the report said.
