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Citi moves top banker to Dubai
Citigroup is moving one of its most senior investment bankers to the Middle East in a bid to strengthen its foothold in the region. The banker, Alberto Verme, a co-head of investment banking, is expected to head to Dubai by the end of the month after spending four years in London. Verme will continue to oversee Citigroup's investment banking division alongside Raymond McGuire, his co-head based in New York.
United Arab Emirates: Thursday, May 08 - 2008 at 10:23

ADCB buys $1.2bn stake in RHB Capital
Abu Dhabi Commercial Bank is buying 25% of RHB Capital for 3.9 billion ringgit ($1.2bn) in the largest overseas investment in a Malaysian bank, reported Bloomberg. ADCB is to pay 7.20 ringgit for each share of Malaysia's fourth-largest bank, Employees Provident Fund, the pension fund that's selling the stake, a 38% premium over the stock's closing price on Wednesday.
United Arab Emirates: Thursday, May 08 - 2008 at 10:10

China's ICBC to open branch in Dubai
Industrial & Commercial Bank of China, the world's largest bank by market value, has won approval from the UAE to set up a subsidiary in Dubai, reported Reuters. The subsidiary, which will have registered capital of $50m, will mainly cover accepting deposits, providing credit, dealing in investments, managing assets and other businesses. ICBC became the first Chinese bank to open a branch in the Gulf when it launched a branch in Doha in February.
United Arab Emirates: Thursday, May 08 - 2008 at 08:37

Dubai Holding sets up Islamic investment firm
Dubai Holding on Tuesday said it has consolidated its investments in Dubai Islamic Investment Group and Dubai Bank under Dubai Banking Group, to form a global Shariah-compliant investment company. Dubai Banking Group will be managed by Dubai Group, the leading diversified financial services company of Dubai Holding.
United Arab Emirates: Wednesday, May 07 - 2008 at 07:03

Al-Salam profit up 44% in Q1
Al-Salam Bank, a Bahrain-based Islamic bank, has reported a first-quarter profit of 44% boosted by sales of investments, reported Bloomberg. Net income advanced to 7.4 million Bahraini dinars ($19.6), or 6.2 fils per share, from 5.16 million dinars, or 4.3 fils per share, in the year earlier period.
Bahrain: Tuesday, May 06 - 2008 at 09:21

Burgan Bank to buy UGB for $725m
Burgan Bank has expressed its interest in buying United Gulf Bank's holdings in four regional operations for a total of $725m. The four banks being watched are United Gulf Bank's holdings in Algeria Gulf Bank, Bank of Baghdad, Jordan Kuwait Bank and Tunis International Bank.
Kuwait: Monday, May 05 - 2008 at 14:44

Axis Bank opens in Dubai
Axis Bank has announced the opening of its Representative Office in Dubai to promote its retail NRI products and services. Axis Bank is one of India's largest private banks with a network of 685 branch offices.
United Arab Emirates: Monday, May 05 - 2008 at 14:36

BankMuscat launches new identity
BankMuscat International has unveiled its new corporate identity as BMI Bank, with a new logo to match. The new look is part of the bank's expansion strategy as it targets new launches in international markets.
Bahrain: Monday, May 05 - 2008 at 09:01

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