In the Middle East, where a rush this year to issue Islamic bonds, or sukuk, is attributed to a withdrawal of European lenders. Within Europe, too, national boundaries are being reinforced as lenders cut back their exposures to weaker markets.
Non-European banks are also trimming their foreign portfolios as they rationalise their businesses: Citigroup agreed to sell its Belgian retail arm in December; HSBC is offloading businesses from Costa Rica to Pakistan………………………………………..Full Article: Source