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Head of Citi's EMEA banking steps down
Tom King, head of Citibank's banking for Europe, the Middle East and Africa has left the bank to 'pursue other interests', Reuters has reported. According to an internal memo, David Wormsley, Citi's head of UK investment banking, will now serve as Citi's interim head of EMEA banking.
Fitch rates 4 Omani banks' IDR
Fitch Ratings has affirmed the long-term IDRs of Omani banks BankDhofar, Oman Arab Bank and Oman International Bank at 'BBB+' and Bank Muscat (BM) at 'A-'. All of the four banks were given 'Stable Outlook'. Fitch attributes its ratings to on the banks' 'systemic importance to the Omani banking system and the Omani authorities' strong history of support'. The agency views credit is the main risk for Omani banks as relatively high borrower concentration remains a concern.
Qatar National ratings affirmed
Fitch Ratings has affirmed Qatar National Bank's (QNB) ratings at Long-term Issuer Default (IDR) 'A+' with Stable Outlook, Short-term IDR 'F1', Individual 'B/C' and Support '1'. Fitch has also affirmed the Support Rating Floor at 'A+'. The bank's H109 results are satisfactory and show strong core earnings, good capitalisation (Tier 1 ratio of 13%), healthy liquidity and a still low NPL ratio (0.9%), the rating agency has said. However, Fitch warns that rising retail and SME defaults could still exert negative pressure on future profitability.
Mashreqbank: Algosaibi debt '$400m'
Mashreqbank, the UAE's third-biggest bank by revenue, has said that it is owed some $400m by Saudi Arabia's Ahmad Hamad Algosaibi & Bros Co. which has defaulted on debt repayments, according to Bloomberg. The figure includes $225m of foreign exchange transactions as well as syndicated loans and bilateral facilities, the bank has said.
Bahrain cuts key rate
The Central Bank of Bahrain has cut its key interest rate on the one-week deposit facility by a quarter of a percentage point to 0.5% from 0.75%, Bloomberg has reported. Rate on the overnight deposit facility was kept at 0.25%, while repo and lending rates were reduced to 2.25% from 2.75%, CBB said. The central bank has also changed the terms for its one-week foreign exchange swap facility, under which banks can swap their US dollars for Bahraini dinars, and added a new one-month swap facility.
Al Hilal to open branches in Kazakhstan
Abu Dhabi-based state-owned Al Hilal Bank has said it plans to open Kazakhstan's first Islamic bank in December and wants to expand to other former Soviet Union states, Emirates Business has reported. Al Hilal Islamic Bank, which will start with an initial capital of around $27m, will be headquartered in the city of Almaty, with the second branch in the country's capital, Asthana.
State Bank of India launches services in Dubai
State Bank of India has started providing banking services from its base in the Dubai International Financial Centre (DIFC), the bank announced today. SBI has received a full banking licence which enables its DIFC branch to accept deposits and provide credit, subject to the regulations of the Dubai Financial Services Authority. The bank has also obtained a retail endorsement to its licence, which enables it to arrange investments for retail customers and offer credit to small and medium enterprises.
New bank set to open in Kuwait
Kuwait's government has approved establishing Warba Bank, a new bank with a capital of $349m, KUNA has reported. The new bank will be a shareholding company with 24% of its stocks owned by state-owned Public Investment Authority, while the remaining 76% would be granted as bonus shares for all Kuwaitis, according to Roudhan Al-Roudhan, Minister of State for Cabinet Affairs.
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.
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