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NBAD opens 90th branch in UAE
National Bank of Abu Dhabi (NBAD) has announced the opening of its new branch in Al Nahda in Sharjah in line with its expansion plan to cover all strategic and remote locations in the UAE, taking to 90 the total number of the banks branches across the country.
Oman banks may need more provisions on Saudi
Banks in Oman may need to take additional provisions on bad debt due to exposure to troubled Saudi conglomerates, the Sultanate's central bank governor has said. 'It depends on how things progress. At the moment they have taken enough provisions but you can never say,' Hamood Sangour al-Zadjali told Reuters.
Bahrain banks told to raise H1 provisions
Commercial banks in Bahrain have been advised by the kingdom's central bank to boost their provisions to two troubled Saudi firms in the first half, Reuters has reported. "We have advised banks for (first) half year results to up the provisions to 50% of exposures to the groups," Rasheed al-Maraj, governor of the central bank of Bahrain said.
UAE banks face increased impairments, says Fitch
The eight largest UAE national banks continue to face rising impairments and other challenges, but can absorb higher impairments as capitalisation has improved and they have a high level of sustainable revenues, according to a new report by Fitch Ratings.
Saad in deal with local creditors, says SAMA
Muhammad al-Jasser, governor of Saudi Arabia's Saudi Arabian Monetary Agency (SAMA), has said that Saad Group has reached an agreement with Saudi creditors to repay syndicated and bilateral loans, Reuters has reported. Two bankers had said on September 17 that a Saudi government panel had brokered a deal between local creditors and Saad Group. One banker said the deal covered repaying syndicated loans worth $700m and bilateral loans of unknown volume. The banks agreed to a 15% haircut on the outstanding debts to reach the accord.
UAE lending conditions getting better, says central bank
UAE central bank governor Sultan Nasser al-Suweidi said today that lending conditions in the UAE are improving but economic conditions remain fragile, Reuters has reported. 'The gap between loans and deposits is narrowing because liquidity is steadily improving but I think the economic situation in the UAE and other countries is fragile,' al-Suweidi said on the sidelines of a meeting of Arab central bank governors. Interbank rates in the UAE had lowered since the central bank last month rejigged the panel of providers for the Emirates interbank offered rate in the hope it would lower rates, he added.
Omani bank offers 12,800 loans to farm sector
Oman Development Bank (ODB), whose mission is to support the Sultanate's farming sector, has offered 12,800 loans since its inception to the agricultural sector, according to the Times of Oman. The total loans offered by the bank stood at RO54,162 and represents 26% of the loans provided to all economic sectors, the bank has said in a statement.
Credit Suisse upgrades Saudi banks
Credit Suisse has upgraded six Saudi Arabian banks as it expects a 16% year-over-year net income growth from them during the second half of the year, Reuters has reported. The anticipated growth was attributed to the lenders' low base aggregate earnings during the second half of 2008. Among the banks upgraded by the brokerage are Al-Rajhi Bank and Riyad Bank which were raised to 'outperform' from 'neutral' and Arab National Bank to 'neutral' from 'underperform.' Credit Suisse has also named Samba Financial Group as its top pick in the sector and raised the stock to 'outperform' from 'neutral.'
NBK launches Ijara fund
National Bank of Kuwait (NBK) has launched its third edition of its Islamic Ijara KD series, Kuna has reported. The 'Islamic KD Ijara Fund III' is denominated in Kuwaiti Dinars with the minimum investment of KD30,000 in multiples of KD10,000. The Fund's Term is five years with a possibility of two one-year extensions. The offering period starts on September 27, 2009 and ends on October 11, 2009.
Kuwait Finance House reschedules Aref debts
Kuwait's largest Islamic bank, Kuwait Finance House (KFH) has signed an agreement to reschedule Aref Investment Group's debts of KD132m ($461m). The rescheduling would enable the group to pay its commitments to foreign banks and investment funds, KFH has said.
Fitch downgrades seven UAE banks
Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDR) of seven UAE-based bank, citing view that the ability of the sovereign UAE federal authorities and the emirate of Dubai to provide support has lessened. Affected banks are Bank of Sharjah, Commercial Bank of Dubai, Dubai Bank, Emirates Bank International, Mashreqbank, National Bank of Ras Al-Khaimah and Tamweel. Support ratings for four of these institutions have been downgraded to '2' from '1'.
Al Ahli files $125m Saad suit
Kuwait-based Al Ahli Bank (ABK) has filed a law suit in the New York State Supreme Court against Saudi Arabia-based conglomerate Saad and its billionaire owner Maan al-Sanea for $125m, for breach of contract and fraud over a credit agreement, Reuters has reported. According to court papers, ABK is accusing Saad of breaking a $60m credit facilities' agreement in 2007.
ADCB has $609m exposure to Saudi conglomerates
Abu Dhabi Commercial Bank has more than $600m in exposure to two Saudi family businesses currently undergoing a massive debt restructuring, for which it will have to book additional provisions, Reuters has reported, citing the lender's global medium-term note prospectus. ADCB holds Dhs1.487bn ($404.8bn) in exposure to Saad Group and Dhs751m ($204.5m) to Algosaibi, according to the prospectus. 'ADCB expects to establish significant additional impairment allowances in the near future with respect to its exposures to the Saad Group and the Algosaibi Group based on changes in its expectations related to recoverability of these loans,' the bank said.
ADCB updates its global medium term programme
Abu Dhabi Commercial Bank (ADCB) has announced the completion of the update of its Global Medium Term Programme. The update will allow the bank to offer a range of debt securities throughout global debt capital markets. ADCB is currently holding investor meetings in Hong Kong, Singapore, London and Abu Dhabi, among other international financial centres, to communicate information directly and transparently with capital market specialists and investors, the lender said.
Bahrain's central bank 'won't bail out offshore banks'
The Central Bank of Bahrain has ruled out the possibility of bailing out banks that are part of the country's offshore banking centre, Reuters has reported. 'We have been very clear over the years that the primary responsibility for supporting the wholesale banks resides with their shareholders,' CBB's governor, Rasheed Al-Maraj said. 'The CBB would not, for example, expect to act as lender of last resort.'
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