The Financial Resilience Forum Middle East
Press Release
G20 co-founder and former German finance minister H.E. Hans Eichel opens 2nd Financial Resilience Forum Middle East
Abu Dhabi, UAE, November 19th 2014 – The 2nd Financial Resilience Forum Middle East, organised by The Asian Banker, was held on November 19th, 2014 at the Hilton Abu Dhabi in the United Arab Emirates. The meeting brought together senior bankers from the leading GCC banks to discuss improving the resilience of the financial system in the region.
International dialogue participants were hand-picked from a cross-section of players and influencers from around the world, taking part in high level full day roundtable, contributing to a holistic view of the issues and opportunities created by the progress of the banking industry taking place in the GCC today.
H.E Saif Al-Shamsi, assistant governor, Central Bank of the UAE, highlights growing importance of macro prudential policies
H.E Saif Hadef Al-Shamsi, the assistant governor of the Central Bank of the UAE responsible for monetary policy and financial stability, highlighted the growing role of macro prudential instruments in central banking policy. He also discussed the strength and resilience of the banking sector, the country’s open and diversified economy and the prospects of introducing a corporate tax.
Hans Eichel, G20 co-founder, stresses on co-operation towards financial resilience
Hans Eichel, who was finance minister of Germany and chairman of the G7 and G20, said:
“Financial reforms is often more meaningful when they are combined with social reforms. While Germany and the UAE are rightly considered as economic achievers in their respective regions, we should not rest too long on our successes. To be truly financially resilient, we must always have an eye on the future and see how we can continue to strengthen the competitiveness of our own countries, as well as deploy our expertise and excess capital to help neighbouring countries who are not in as strong a position as we are. For example, Germany should take a lead by investing more in its economically weaker neighbours in southern Europe. The Asian Banker Page 2 of 2
Key area to be addressed includes reassessment of governance structure
The meeting was designed to facilitate the sharing of lessons and world-class knowledge on bank resilience between the international and GCC financial services communities. Key areas that the GCC industry can address to further strengthen its international standing includes the reassessment of governance structure to enhance transparency and further strengthen bank ratings. The rise of the GCC banks will see a fundamental transformation of current risk processes and infrastructure to support new strategic ambitions in the years ahead.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has a new office in Dubai, as well as Malaysia, Hong Kong and Shanghai with representatives in London, New York and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
