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Barclays to launch Saudi private banking arm
Barclays Bank plans to set up a private banking operation in Saudi Arabia to tap the market for wealthy individuals in the kingdom, Reuters has reported. Saudi Arabia is 'massive in terms of percentage of GDP of the Middle East, massive in terms of number of wealthy individuals, you absolutely have to be a player there if your aspirations are to be top of the league', according to Soha Nashaat, chief executive for Barclays private banking arm in the Middle East and North Africa. 'People are now more concerned on missing out on the market rebound than they are about the downside risk,' she added.
Bank of Tokyo opens in Bahrain
Bank of Tokyo - Mitsubishi UFJ has commenced operations at Bahrain Financial Harbour, the kingdom's $3bn integrated 'financial city.' BTMU aims to ensure a selection of financial products and services to businesses, governments across the region, the bank said.
NBAD note sale to help Gulf banks, says Paribas
BNP Paribas bank has said National Bank of Abu Dhabi's $850m note issue this month, the first by a Gulf Arab financial institution since 2007, will help other 'stronger' lenders to sell bonds, Bloomberg has reported. The sale had received more than $4bn in orders, 70% from outside the MENA region, Mark Waters, head of debt capital markets at BNP Paribas has said. NBAD's note created a 'benchmark and should allow the better quality financial institutions from the region to also access the market', Waters said.
Mashreq launches 11 ATMs at Dubai metro
Mashreq said it has installed 11 ATMs in nine stations of phase one of the Dubai Metro project, making it the first national bank to have ATMs at the newly launched metro stations. More than 2,000 transactions were made in the first three days at the new ATMs, said the bank, which now has 246 ATMs throughout the country.
Standard Chartered unveil EPL sponsorship
Standard Chartered has announced that it will take up the main sponsorship of Liverpool Football Club from July 2010 until the end of the 2013-2014 season. The group did not release details of the commercial terms of the deal, although regional CEO Shayne Nelson, said that it was the largest ever signed by the football club. Media reports have placed the sum at GBP80m over four years.
Saudi pension agency ups stake in Samba
Saudi Arabia's Public Pension Agency bought on Saturday a 2.2% stake in Samba Financial Group from unknown parties, Reuters has reported. State-owned PPA now holds 12.4%cent of Samba, the country's second-largest lender by market capitalisation.
Saud Algosaibi no longer chairman of Samba
Saudi Arabia's Samba Financial Group has said that Saud Bin Abdul Aziz Algosaibi is no longer chairman or a board member. The announcement was made in a statement to the Saudi bourse. Samba gave no reason but said that the move was effective Sept. 12. AHAB, the Alkhobar-based Algosaibi family holding company, has been involved in legal battles after its Bahrain-based banking unit defaulted on payments. The family accuses Maan Al-Sanea, chairman of Saad Group, of fraud totaling $10bn.
General Insurance posts H1 earnings
Jordan-based International General Insurance Holdings has reported net earnings of $11.1m for the first half year ended June 30, 2009, compared to $6.4m in the same period of last year. Due to the group's policy of reducing exposure to certain catastrophe prone regions, gross written premium stood at $85.37m, compared to $88.68m in 2008, the group has said. Net earned premium had increased to $53m from $40m during the same period of 2008. Total assets had amounted to $454m and shareholders' equity at $173m, compared to $426m and $153m, respectively, as of December 31, 2008.
KFH-Turkey gets Shariah banking license for Germany
Islamic lender Kuwait Finance House (KFH) has said its Turkish unit has received the necessary licence from German authorities to open a financial services branch in Mannheim, Kuna has reported. The licence lets KFH-Turkey provide Shariah-compliant banking services in Germany. The Mannheim branch aims to provide financial services to a growing number of customers looking for Islamic products.
Capital Intelligence upholds Oman International ratings
The international credit rating agency, Capital Intelligence (CI) has affirmed foreign currency ratings of Oman International Bank's (OIB) at BBB long-term and A3 short-term, and the financial strength rating at BBB. The ratings reflect the bank's position in the local economy, its large retail customer franchise and the likelihood that the government will provide support in case of need, CI said. The bank's good liquidity, improving asset quality, good capital ratio and reasonably good earnings underscored the financial strength rating.
DED signs licensing deal with Dubai Bank
The UAE's Department of Economic Development (DED) has signed a co-operation agreement with Dubai Bank to facilitate electronic payment of trade licence fees. Under the agreement, Dubai Bank will present a detailed weekly report to DED covering all transactions and procedures that take place in the preceding week. The bank will also provide DED with electronic systems services for reviewing banking settlement.
BankMuscat to raise RO40m in CD auction
Oman-based BankMuscat is launching its eighth round of Certificates of Deposit (CDs) auction on September 15 in aim to raise RO40m, Times of Oman has reported. The CDs will be issued on September 20 in three categories with maturity of 12, 36 and 60 months with coupon of 3.75%, 4.75% and 5.50% respectively. The subscription is eligible for Omani and non-Omani investors, individuals, corporate bodies and institutions established in Oman and otherwise.
HSBC postpones Sukuk launch
HSBC bank has postponed the launch of its first fund investing in Shariah-compliant Sukuk, after investors were put off by a four-year lock-up period, the Gulf Daily News has reported. 'We decided to take some time to redesign the product based on feedback during the marketing phase,' an HSBC spokesperson has said. HSBC Amanah, the group's Islamic unit, had planned to launch the fund in the summer.
Bank Dhofar given BBB ratings
Capital Intelligence (CI), the international credit rating agency, has affirmed Oman's Bank Dhofar's foreign currency ratings at BBB long-term and A3 short-term and its financial strength rating at BBB. The ratings are based on the lender's sound asset quality and good profitability, CI has said. However, tight liquidity position and small balance sheet size are major constraining factors, the rating agency has noted.
Morgan Stanley MidEast head steps down
Georges Makhoul has resigned his post as the regional manager of Morgan Stanley' in the Middle East, Bloomberg has reported. Habib Achkar, head of the investment bank's Saudi Arabian unit will be replacing Makhoul, the lender has said.
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