Financial Times FT.com

Private banks win in younger markets

By Andrew England and Najmeh Bozorgmehr

Published: November 24 2008 17:09 | Last updated: November 24 2008 17:09

Banks throughout the Middle East have used the recent years of high oil prices to expand at home and abroad. But they have started from very different places.

In Syria and Libya, for example, even ATMs were non-existent until recently as their financial sectors were monopolised by inefficient state-run banks.

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