Friday, January 18, 1985 3
THE DETROIT JEWISH NEWS
Arab banks
squeezed by
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New York (JTA) — There are
more than 20 Arab banks pre-
sently doing business in New
York, compared to only one four
years ago and while some are pro-
fiting, others have encountered
difficulties in the fiercely com-
petitive commercial bank market
at a time when their Middle East
base is experiencing a decline in
oil prices.
RODNICK BROS.
According to a recent New York
Times op-ed article by Nicholas
Kristof, "some analysts believe
that some of the institutions that
flooded into New York in the last
few years will end up trickling
out, the poorer for the experi-
ence."
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What the Arab banks seem to
be marketing, Kristof noted, was
their special knowledge of the
Middle East which should appeal
to American companies doing
business in that region. The
largest of them, and the first to
come to New York (1976) is the
UBAF Arab American Bank
which had assets of $1.2 billion as
of late last year.
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USAF, Kristof reported,
"works with American exporters
seeking Arab markets. It finances
trade, arranges joint ventures,
and seeks deposits from corpora-
tions and institutions. That
strategy produced a profit for the
bank of $4.5 million for the first
nine months of 1984."
The Bank Audi, of Lebanon, a
relative newcomer that has gone
after deposits from wealthy
Lebanese Americans, earned a
profit of $35,000 in the first
months of operation, through De-
cember 1983. It is expected to re-
port net earnings of more than
$300,000 for 1984, Kristof re-
ported.
The influx of Arab banks was
made possible by the Interna-
tional Banking Act of 1978 which
suspended the reciprocity re-
quirement to get a federal bank
charter. Before then, an Arab
bank could not get a federal
license unless American banks
were allowed to operate in the
Arab country. Reciprocity re-
mained a requirement to get a
New York state charter until New
York repealed it last fall. Kristof
noted that "although New York
has attracted virtually all of the
Arab banks that have come to the
United States, one chose Wash-
ington D.C. and another estab-
lished a branch in Texas." The
New York banks range from in-
stitutions owned by Arab inves-
tors to branches of banks estab-
lished in the Middle East.
Kristof observed that "avoiding
politics and religion is a particu-
larly sensitive question because of
the Arab-Israeli conflict. The
banks would get in trouble in
their home countries if, for exam-
ple, they invested in Israeli com-
panies. But they would get in
trouble with American
authorities if they were believed
to discriminate against Israel.
The problem seems not to have
arisen much because most Arab
banks aim only to serve Arabs and
American corporations doing
business in Arab countries."
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