2007
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Iran buys polyethylene plant
Iran's National Petrochemical Company has said it has bought a heavy and light polyethylene factory in the Philippines, reported the Tehran Times. The plant has an annual production capacity of 220,000 tonnes and is worth more than $445.8m. The factory will export its products to Europe.
QNB ends rights issue
The Qatar National Bank (QNB) has completed phase one of its rights issue with the offer being covered by 146.3%, generating a total of $980m. The QNB will refund the surplus amounts received on Sunday, November 25. The first phase comprised the issuance of shares in the ratio of one new share for every eight shares held, or 12.5% of the bank's capital, at a price of QR120 per share.
UAE consumer loans hit $11bn
Consumer loans in the UAE exceeded $11bn in the first nine months of the year, while bank assets rose by more than 20% over the same period, reported Reuters. UAE banks had 41.01 billion dirhams ($11.17bn) in outstanding loans to individuals on September 30, compared with 31.36bn at the end of December.
Gulf Bank is senior arranger
Kuwait's Gulf Bank will be a senior arranger of a $5bn syndicated loan to be offered to the Dubai World Corporation, reported KUNA. The bank will be providing $250m to help finance the loan. Other arrangers include the Royal Bank of Scotland, Credit Suisse International and Deutsche Bank AG.
DFSA bans private bankers for mis-conduct
On 21 November the Dubai Financial Services Authority (DFSA) issued a statement saying that it had banned two private bankers from carrying out financial services in or from the Dubai International Financial Centre (DIFC). Sweta Nayar and Vanita Chatterbhoj both former Barclays Bank PLC (Barclays) bankers were banned for knowingly misrepresenting the terms of financial products sold to their clients.
NBK offers AlWatany buyout
National Bank of Kuwait has made an offer to buy out remaining minority shareholders in AlWatany Bank of Egypt at 77.01 Egyptian pounds ($13.95) a share, reported Reuters. The offer applies to 3.96% of AlWatany shares, which traded on Tuesday at 74.05 pounds.
NBD mulls $2bn bond sale
Emirates NBD, the Gulf's largest lender by assets, may sell about $2bn of bonds next year as part of a programme to expand lending, reported Reuters. NBD's CEO Rick Pudner said the bank plans to grow its lending business in the UAE and expand in the Middle East through acquisition and adding branches.
CBQ closes $800m loan
The Commercial Bank of Qatar (CBQ) has closed an $800m term loan facility with a number of international banks. The loan has a tenure of six months, with an option to extend for up to one year, and a margin of 20 basis points over Libor. The facility will be earmarked for general funding purposes as well as supporting the purchase of a 40% stake in the UAE's United Arab Bank.
UNB sets up in Shanghai
The UAE's Union National Bank (UNB) has received approval from the China Banking Regulatory Commission to establish a representative office in Shanghai. The UNB becomes the first UAE based lender to enter the Chinese market. Mohammed Nasr Abdeen, the UNB's CEO, said the bank should be in a position to announce its international expansion into more countries in 2008.
Ithmaar $77.9m 9-month profit
Bahrain's Ithmaar Bank has revealed its operating income for the first nine months of the year reached $174.4m. The figure is a 115% increase on the $81.1m achieved over the same period last year. Ithmaar registered a net profit of $77.9m up to the end of September, a decline from the $163.7m accrued in 2006, although last year's figures included a gain of $105.5m from the sale of a subsidiary.
BankMuscat into Saudi
Oman's BankMuscat has inaugurated its new operation in Saudi Arabia, BankMuscat Khayrat, becoming the first bank from the sultanate to open offices in the kingdom. The bank, on King Fahad Road in Riyadh, will offer a range of consumer banking, corporate banking and treasury products and services. Arif Ali has been appointed as the Saudi operation's CEO.
Doha Bank mutual funds deal
The Doha Bank has signed an agreement with India's Kotak Mahindra Asset Management Company for the distribution of their mutual fund products in Qatar. The bank has recently signed up with the UTI Bank, Reliance Capital Assets Management, Birla Sun Life Insurance and the Sundaram BNP Paribas Assets Management Company to offer a variety of mutual fund products.
DFG buys into EFG-Hermes
The Dubai Financial Group (DFG), a part of Dubai Holding, and Abraaj Capital have agreed a deal in which the DFG will acquire 100% of Abraaj Egypt and Abraaj SPV 26 for about $1.1bn. Abraaj Egypt and Abraaj SPV 26 collectively own a 24.6% stake in the Cairo based investment bank EFG-Hermes, which has a market capitalisation in excess of $4bn. The DFG now becomes the bank's largest single shareholder.
BIsB seeks $1bn acquisition
The Bahrain Islamic Bank (BIsB) is planning to make a $1bn acquisition next year and intends to raise the funds required via sukuk, reported the Gulf Daily News. The bank's CEO Mohammed Ebrahim Mohammed said the reason for the purchase was to increase the size of the BIsB so that it would not be a desirable takeover target itself.
Noor to buy in Europe, Asia
Dubai's Noor Islamic Bank, which is 50% owned by the Dubai government, is planning to acquire banks in Europe and Asia next year, reported Reuters. The bank has a capital of $1.1bn and will become the UAE's fifth shariah compliant lender when it commences operations on January 2. CEO Hussain Al Qemzi said Noor would use its capital to make initial purchases, while it could sell shares within three years.
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