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| Author: | Jones, G. |
| Title: | Britain and the origins of Gulf banking. |
| Journal: | Royal Bank of Scotland Review
1987 : JUN, 154, p. 37-46 |
| Index terms: | BANKING ARAB STATES UNITED KINGDOM |
| Language: | eng |
| Abstract: | An examination of the British role in the development of gulf banking. The pioneering work: opening of the first bank in Bahrain in 1920 by the British Bank of the Middle East (BBME) and opening of Gulf branches. British banks as a means of maintaining British political and economic influence. Transformation of the Gulf economy due to oil industry. Use of the Indian Rupee as currency. Lending not covered by any form of collateral security, but almost no bad debts. The BBME role in Dubai and Oman. The declining influence of the British banks in the Gulf with the creation of locally-owned banks. Advance of National Bank of Kuwait, and expiration of BBME's 30-year concession. Sale of majority shareholding to Saudi nationals. Withdrawal of American banks. |
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