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S+P affirms positive ratings for Arab Bank
Standard & Poor's has affirmed the foreign currency rating of Jordan-based Arab Bank Group at "A-" long-term with "Stable" outlook. The rating reflects the lender's superior geographic diversification, robust capitalization, strong liquidity and solid track record of good asset quality, the rating agency said.
NBAD launches Hong Kong branch
The National Bank of Abu Dhabi (NBAD) has marked the beginning of its operations in Asia with the launch of its first branch in Hong Kong. The new Asian branch aims to capture the trade and investment flows between the UAE and the MENA region, and Hong Kong, China and other key Asia economies, NBAD said.
Oman banks' exposure to Dubai World hits $77m
Three of Oman's largest banks said on Sunday they had a total exposure of $77m to Dubai World, Reuters has reported. Bank Muscat, Oman's largest lender by market value, said it had 19.25 million riyals in exposure to a syndicated loan from the group, while National Bank of Oman said it had $22.6m of exposure and Bank Sohar $4.3m.
Fitch: UAE banking sector can absorb bad loan increase
International ratings agency Fitch has said the banking sector in the UAE is capable of absorbing a significant increase in bad loans following its recent capital sensitivity test, Emirates Business has reported. The UAE banks' overall capitalization level of 18% of risk-weighted assets provides a substantial buffer, the rating agency said.
Sama: Dubai World exposure 'limited'
Muhammad al-Jasser, governor of the Saudi Arabian Monetary Agency (Sama) has said that the Saudi banks' exposure to Dubai World is very limited, Reuters has reported. 'If we look at the total balance of all Saudi banks ... exposure to Dubai World is less than 2 in a thousand,' he said, without clarification.
Samba, Deutsche ink services deal
Saudi Arabia's Samba Financial Group has signed an agreement with Deutsche Bank AG Dubai to enable Samba to provide its corporate customers extended banking services globally. The agreement will enable corporate clients of the two lenders to open accounts with each other around the world.
NBAD plans international expansion
The UAE's second-biggest bank by assets, National Bank of Abu Dhabi has announced plans to expand to Turkey, Singapore, Shanghai, Beijing, India, Indonesia and Malaysia, Bloomberg has reported. The bank prefers to "build rather than buy" in expanding its operations, though it will buy when the right opportunity comes, CEO Michael Tomalin said.
African Arab International: Dubai World exposure '2%'
Egypt-based Arab African International Bank has said that only $98.8m, or 2% of its lending portfolio was with Dubai World group, Reuters has reported. The exposure includes $35m in syndicated loans to Dubai World, in addition to $54m in syndicated loans and a $9.8m bond to Dubai World property subsidiary Nakheel, the lender said.
Cairo Amman Bank offers ATM loans
Jordan-based Cairo Amman Bank has launched a new service offering its clients instant cash loans through its network of 210 ATMs across the kingdom. The new service will be available around the clock and clients will receive their loans without any paper work.
Gulf Bank issues statement on Dubai World exposure
Gulf Bank has released a statement saying that it participated in unfunded syndicated facilities for Dubai World of KD28m, with maturity in June 2010. Fawzy Al-Thunayan, GM Board Affairs Gulf Bank stated that otherwise the Bank has no cash, other bank facilities or investments with Dubai World or its subsidiary, Nakheel.
'No deposit runs' on Dubai banks
HC Securities has said the impact of Dubai World's debt restructuring on the banking sector is less-than-notable, as reflected in a slight increase in inter-bank lending rates, according to Gulf News. 'A few retail investors may have panicked, but we have not seen deposit runs in either Dubai or Abu Dhabi-based banks,' HC Securities banking analyst Janany Vamadeva said. The three-month Emirates inter-bank offered rate stood at 1.94 compared with 1.92 on Wednesday.
Kuwait Central Bank assesses Dubai World exposure
Sheikh Salem Abdulaziz Al-Sabah, governor of Kuwait's central bank has said that only two local banks were exposed to Dubai World's $59bn debts, Kuna has reported. Al-Ahli Bank of Kuwait has $20m in bonds for Nakheel, while the Gulf Bank has $28m in unfunded risk participation for Dubai World, both will expire in June 2010, Al-Sabah told the news service.
NBAD reports $345m exposure to Dubai World
National Bank of Abu Dhabi, the largest lender by market value in the UAE, on Monday said its exposure to two Dubai World affiliates amounts to $345m. The bank said it invested $114m in Nakheel's $3.52bn sukuk, which comes due December 14. It had $6m in the same December sukuk, held in NBAD's trading portfolio and marked to market. NBAD also said it had made general corporate loans amounting to $100m to Nakheel and $125m to Limitless. The two property developers are part of Dubai World which last week asked creditors for a six-month delay in repaying debt obligations. NBAD said it held no exposure to Dubai World Group itself, reported Reuters.
FGB refutes reports on Dubai World exposure
Abu Dhabi-based First Gulf Bank today refuted media reports on its exposures to Dubai World, saying the are 'completely unfounded'. In an e-mailed statement André Sayegh, Chief Executive Officer, First Gulf Bank, said, 'First Gulf Bank wishes to confirm that no senior executive released any statement related to FGB's exposure to Dubai World and some of its subsidiaries including Nakheel, and the recent reports are completely unfounded'.
HSBC says Dubai will overcome 'issues'
Michael Geoghegan, CEO of HSBC Holdings, has said that the bank is 'confident' Dubai and the UAE will overcome any short-term issues they face, Dow Jones has reported. 'Although our business on the ground in the Middle East represents only 2% of the group's balance sheet, it's an important and high-potential part of HSBC's international business mix and a region we are completely committed to,' he said. According to its half-year results report, HSBC had gross lending to the UAE of $16.3b as of June 30, including commercial, residential and personal lending.
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