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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.
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.
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.
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.
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.
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.
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.
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.
Pioneers moots Beltone stake
Egypt's stock exchange has said that Pioneers Holding is in talks to buy a stake in investment bank Beltone Financial, Reuters has reported. 'Pioneers Holding said there was contact between the company and Beltone for acquiring a percentage of the capital [of Beltone],' the exchange said in a statement, adding that the two firms had not yet reached an agreement.
Amlak, Tamweel merger to begin in January
The UAE's Minister of Economy has said the planned merger of mortgage lenders Amlak Finance and Tamweel will begin in January, Bloomberg has reported. 'We are moving very forward in that and as we promised, in January 2010 we will start implementing the solution,' Sultan Bin Saeed Al-Mansouri told reporters at a conference in Dubai yesterday.
Egypt's NSGB net profit drops 20%
National Societe Generale Bank, Egypt's fourth-biggest bank by assets, said it posted a 20% drop in third-quarter net profit, beating analysts' forecasts, Reuters has reported. The bank's net profit fell to 224 million Egyptian pounds ($41m), beating the 214.9 million pounds average forecast of four analysts polled by the news service. NSGB Chairman Mohamed El-Dib said the results put the bank in a good position to benefit from economic recovery in 2010, but warned of a decline in the creditworthiness of some customers.
CBQ launches bond roadshow in US
Qatar's third-biggest lender by market value, Commercial Bank of Qatar, is launching a roadshow today that aims at attracting US investors for a potential bond issue, Reuters has reported. The bank's last US roadshow took place in 2006 with a $500m bond as part of a $1.5bn Euro medium term note programme.
Boubyan Bank posts Q3 loss
Kuwait-based Islamic lender, Boubyan Bank, has reported a third-quarter loss, compared with a profit in the year-earlier period, Bloomberg has reported. The lender's loss had stood at KD5.5m ($19m), compared with a net income of KD5.6m.
Al Baraka eyes acquisition in Indonesia
Bahrain-based Al Baraka bank has returned to its strategy of growing through acquisitions in Asia and plans to spend $30m to $50m to buy a bank in Indonesia, the lender's CEO told Reuters. 'Indonesia is a target market for us. We have a representative office there and one of its responsibilities is to find a target,' Adnan Yousif said. "Bank Kesawan is one of them.'
Mizuho to launch investment bank in Saudi
Japan's third-largest bank by market value, Mizuho Financial Group, has received a license to start offering investment-banking services in Saudi Arabia, Bloomberg has reported, citing two people familiar with the matter. Mizuho joins Nomura Holdings, Japan's biggest brokerage, in starting investment-banking operations in the kingdom.
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