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GIB chief resigns
The chief executive officer of Saudi-based Gulf International Bank, Khaled al-Fayez, has resigned from the bank after 35 years, MEED has reported. Earlier this year, GIB was one of the few institutions in the Gulf to reveal a writedown because it held assets exposed to the US subprime crisis. Al-Fayez will be replaced by Yahya al-Yahya, a former executive director for Saudi Arabia at the World Bank in Washington DC, who will start work on 1 January 2009.
Saudi Arabia: Thursday, December 04 - 2008 at 08:51

Gulf Bank says time is not right for merger
The chairman of Kuwait's Gulf Bank said he has received 'numerous' merger offers but believes the time is not right for a deal, reported Reuters. Gulf Bank, the country's fourth-largest lender by market value, is the only lender in the Gulf that has had to be rescued by a government as a consequence of the global credit crisis, having made losses on currency derivatives deals. Chairman Kutayba Al Ganem told state news agency Kuna that Gulf Bank would not get a good price in the current conditions.
Kuwait: Wednesday, December 03 - 2008 at 15:11

Iris scans for UAE bank customers
Customers at UAE banks will soon be required to have their irises scanned in order to improve security and prevent fraudulent withdrawals, reported Khaleej Times. The Ministry of Interior has reached an agreement to this effect with the UAE Central Bank and other banks in the country, according to Major-General Ahmed Nasser Al Raisi, Director of Abu Dhabi Police Central Operations. He said the agreement is expected to go into effect in January.
United Arab Emirates: Wednesday, December 03 - 2008 at 11:16

CBI opens new branch in Fujairah
Commercial Bank International (CBI) has launched a branch in Fujairah, taking its distribution network to a total of 12 branches and 66 ATMs in the UAE. The expansion is part of CBI's efforts to provide a wider network of branches across the country in order to build stronger ties with the local and expatriate communities. CBI said customers who open a new Mabrook account or increase their deposits in their existing accounts will be eligible to enter a draw to win Dhs10,000.
United Arab Emirates: Wednesday, December 03 - 2008 at 07:55

Morgan Stanley cuts Dubai jobs
International finance house Morgan Stanley has announced that it has cut approximately 10% of the workforce of its Dubai International Financial Centre office. Despite the cuts from the group's regional hub office Morgan Stanley said that it had no plans to redefine its presence in the region.
United Arab Emirates: Monday, December 01 - 2008 at 10:14

Mashreq 2008 profits up
Mashreq Bank's net profits are set to be over Dhs2bn in 2008, a Gulf investment bank said yesterday. Mashreq will profit a record Dhs2.05bn this year compared with nearly Dhs1.9bn in 2007, said Kuwait-based Global Investment House. The bank's net profits have surged by around 12.3% to Dhs1.5bn in the first 9-months of 2008 from Dhs1.4bn in the same period 2007.
United Arab Emirates: Sunday, November 30 - 2008 at 12:27

Qatar Islamic Bank ups IT centre
Sheikh Abdullah Bin Saoud Al Thani, Qatar Central Bank (QCB) Governor has inaugurated a state-of-the-art Information Technology (IT) Centre at Qatar Islamic bank's headquarters. The IT centre upgrade is one of 30 projects designed to transfer the entirety of the bank's IT systems to 2010 technologies.
Qatar: Sunday, November 30 - 2008 at 12:25

Emirates NBD 'Best' UAE bank
Emirates NBD has received the accolade of 'Best Bank in the United Arab Emirates' from London-based Banker Magazine. The award was received by Sulaiman Al Mazroui, the bank's GM, Marketing and Corporate Communications.
United Arab Emirates: Sunday, November 30 - 2008 at 09:45

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