By: Ahmad Awad

Kuwait-Mubasher: The GCC members will discuss at the beginning of June the establishment of a banking union that will be based in the UAE, said a prominent Kuwaiti banking official who preferred to stay anonymous.

The creation of the gulf banking union is an idea developed by the UAE for further coordination between banks as well as keeping pace with the development of banking systems, the source told Mubasher.

Members of the GCC seek the establishment of a unified economic entity by signing several agreements, including the monetary union, as well as founding a gulf bank subject to a unified monetary policy.

Translated by: Ingy ElSafy