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Thursday, November 12 - 2009
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Bank Muscat to write down Silkbank investment

Oman's biggest lender, Bank Muscat has announced that since it has no plans to subscribe to the rights offer of Pakistans' Silkbank, a 'significant' part of its OR23.4m ($61m) investment in the Karachi-based lender may be written down in the fourth quarter, Bloomberg has reported. 'As a result of our non-participation in the rights issue, our stake in Silkbank is expected to be diluted, though the actual dilution is not known at this stage,' the bank said.
Oman: 12 hours, 46 minutes ago

Commercial Bank of Qatar raises$1.6bn bonds

Commercial Bank of Qatar has raised $1.6bn in bonds by selling $1bn in five-year notes yielding 250 basis points over midswaps and $600m in 10-year notes yielding 400 basis points over midswaps, Reuters has reported. The lender, which is rated A- by Standard & Poor's and A by Fitch ratings, has a $380m loan maturing this month, according to financial statements on its website.
Qatar: 13 hours0 minutes ago

Akbank gets DIFC licence

Turkey's largest bank in terms of market capitalization, Akbank has said that it has received a license to operate from the Dubai International Finance Centre (DIFC). Headed by Cem Atac, the new Akbank (Dubai) Ltd. will focus on mergers and acquisitions, manage IPOs and dual listings of Turkish firms. It will also act as placement agent or arranger of funds, give advice on financing long/medium term projects and provide private banking services.
United Arab Emirates: 13 hours, 1 minute ago

Venture Capital Bank 9-month profit falls

Bahrain-based lender, Venture Capital Bank has reported $2.1m in net profits for the third quarter, compared to $7.5m for the same period last year. Net profit for the first nine months of the year was $9.3m, compared to $38.9m for the same period in 2008.
Bahrain: Wednesday, November 11 - 2009 at 09:10

Kuwait's Gulf Bank rating lowered to 'BBB-/A-3'

Standard & Poor's Ratings Services has lowered its long- and short-term counterparty credit ratings on Kuwait-based Gulf Bank to 'BBB-/A-3' from 'BBB+/A-2', with 'negative' outlook. The ratings agency said the tough operating environment in Kuwait is putting the domestic real estate sector and stock market under pressure, in turn weakening both the credit profiles of local investment and real estate companies and the asset quality and profitability of the bank.
Kuwait: Wednesday, November 11 - 2009 at 09:08

Global Investment House posts Q3 loss

Kuwait-based investment bank, Global Investment House (GIH) has reported a third-quarter loss of KD5.6m, compared to a profit of KD20.66m in the same period last year, Bloomberg has reported. GIH, which had defaulted on loan repayments, expects to pay its outstanding bonds of KD89.5m on schedule, but has some KD500m ($1.75bn) of debt which needs restructuring, the lender said.
Kuwait: Tuesday, November 10 - 2009 at 09:22

SocGen names ME private banking CEO

France-based Société Générale has announced the appointment of Eddy Abramo as the new chief executive for its Middle East private banking business. Abramo will oversee the bank's expansion through its regional offices in Bahrain, Abu Dhabi and Dubai, focusing on both Arab and Indian clients. Eric Lorentz, formerly at JP Morgan and Citibank, was also named as managing director and global market manager for Arab high and ultra-high net worth clients.
Middle East: Tuesday, November 10 - 2009 at 09:17

Pioneers to buy Beltone Financial

Egyptian financial services firm Pioneers Holding said it would buy investment bank Beltone Financial in an all-share deal, Reuters has reported. Pioneers said it would issue 100 million new shares at a yet to be determined price representing Beltone's total value and giving Beltone shareholders a 17% stake in the merged company. Beltone, which oversees some $5bn in assets, is based in Egypt and has offices in New York, Saudi Arabia, Qatar and the UAE.
Egypt: Monday, November 09 - 2009 at 08:51

Gulf Bank 9-month provisions hit $466m

Kuwait's second- biggest lender by assets, Gulf Bank has said it had made provisions of ($466m) in the first nine months, Al-Qabas has reported, citing CEO Michel Accad. Last month, the lender reported a 98% drop in third-quarter profit on provisions for bad loans.
Kuwait: Monday, November 09 - 2009 at 08:44

Broker raises Union National target price

HC Securities has raised its target price for Union National Bank to Dhs4.90 from Dhs4.70, and kept its 'buy' recommendation on its stock, Khaleej Times has reported. The brokerage has also raised its 2009 and 2010 earnings estimates for the Abu Dhabi-based lender, citing its better-than-expected performance in the third quarter, and expectations of lower provisions for losses in 2010.
United Arab Emirates: Sunday, November 08 - 2009 at 10:31

Alinma Bank launches education financing programme

Saudi Arabia-based Alinma Bank has launched an 'Education Financing' program, which enables clients to pay school fees in installments without interest or administrative fees, Arab News has reported. The new Shari'ah-compliant service, which allows clients to repay the amount over a 12-month period, is available to both Saudis and expatriates.
Saudi Arabia: Sunday, November 08 - 2009 at 10:23

Bahrain's GIB sets initial price for bond issue

Bahrain's Gulf International Bank (GIB) has said its initial price guidance for its Saudi bond issue will be at 130 to 140 basis points above the Saudi interbank offered rate (Sibor), MEED has reported. The bond will be offered through private placement and will be riyal dominated with a tenor of three years.
Bahrain: Saturday, November 07 - 2009 at 10:55

Visa launches money transfer in UAE

Visa Inc. has announced the launch of its money transfer service in the UAE, the Associated Press has reported. The payments processor will work with UAE Exchange, a remittance and exchange house. The service is expected to launch later this month, bringing the number of countries in which the service is available to 14.
United Arab Emirates: Thursday, November 05 - 2009 at 10:40

Gulf Bank posts profit

Egypt-based lender, Gulf Bank has reported a net profit for the first nine months of 2009 of EGP71.7m, a 14% fall compared to EGP83.7m during the same period of 2008, Reuters has reported. The bank had added provisions of EGP5.85m during the quarter, down from EGP41.9m in the 2008 period.
Egypt: Thursday, November 05 - 2009 at 10:35

CBQ dollar bond issue would list on LSE

Commercial Bank of Qatar has said that any potential US dollar bond issue would be listed on the London Stock Exchange, Reuters has reported. The issue will take the form of Tier II capital or senior notes, the bank said.
Qatar: Thursday, November 05 - 2009 at 10:29
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