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Poised for Competitive Advantage in the Middle East

An Interview with Phil Cantor, Chief Marketing Officer & Head of PreSales, iGTB

TMI recently published some of the highlights of iGTB’s February 2015 Middle East Client Advisory Event. At this event, a survey revealed that 93% of participants believed that Middle East banks would capture a significantly larger portion of the transaction banking market in the region over the next decade. Helen Sanders, Editor talks to Phil Cantor, CMO and head of pre-sales, iGTB, to discuss the event and its findings in more detail.

“Firstly, it was encouraging to see so much demand for an event like this, with very senior level participation, including COOs, product management heads, and leaders in cash management and transaction banking”.

Based on discussions during the event, he outlines the reasons why such a high proportion of participants believe that Middle East banks are poised to build their market share so significantly: 62% believed it would increase by more than 25%, and 23% more than 50%,

“The discussions were held against a backdrop of falling oil prices, although most expect these to stabilise in due course. However, in an environment where there will inevitably be winners and losers, many participants observed that commercial organisations in the Middle East are becoming increasingly sophisticated in their financial activities. In addition to a focus on trade finance, many are shifting their attention to cash, liquidity and receivables management, and an integrated view of cash and trade.”