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Article: EFG-Hermes sees value in Middle East banks.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- October 9, 2009
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CAIRO: Middle East banks still present attractive value relative to international peers, with return on equity expected to remain around 20 percent over the medium term for most banks, Egypt's EFG-Hermes Research said on Wednesday.
Credit growth is expected to show strong recovery in 2010 as risk appetite improves, despite pressure on the region's banking sector from economic slowdown and the deflation of asset prices, the Cairo-based investment bank said in a research note.
"We believe that banks are strongly positioned for a recovery, justifying our view that the valuation discount for MENA (Middle East and North Africa) banks to their historical ...