Banking

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SME Banking

NBAD nods on 40% cash dividend
The National Bank of Abu Dhabi (NBAD) has approved the proposed 40% dividend of the nominal share value in cash and 20% in bonus shares, reported Gulf News. The bank said its total assets hiked by 38% to Dhs140bn. Loans have increased by 39% and customers' deposits by 16% to Dhs82bn. NBAD said it does not have any exposure to the US sub-prime mortgage crisis.
United Arab Emirates: Monday, March 24 - 2008 at 08:57

BNP Paribas, SAIB form JV
BNP Paribas Investment Partners and The Saudi Investment Bank (SAIB) have sealed asset management partnership, allowing BNP group to buy 25% stake in SAIB Asset Management Company, a newly-formed subsidiary of SAIB. The Joint Venture will be renamed SAIB BNP Paribas Asset Management.
Saudi Arabia: Sunday, March 23 - 2008 at 11:46

Loan amount in Saudi rises to SR312bn in 2007
A new report has found that a total of 5.2 million people took bank loans or financed purchases in Saudi Arabia last year, of which 4.8 million were Saudis and 461,000 expatriates, reported Khaleej Times. An employee can now get a loan just on the strength of his monthly salary serving as the only collateral, said Nabeel Al Mubarak, a financial analyst and author of the report. As such, employees are tempted to take loans because the terms for loans are much simpler compared to a few years ago. The loan amount in Saudi Arabia last year rose to SR312 billion.
Saudi Arabia: Sunday, March 23 - 2008 at 07:59

Saudi Hollandi arranges sukuk
Saudi Hollandi Bank announced it has closed the first ever Saudi Riyal-denominated sukuk issue for Taajeer Company for Vehicles, Equipment & Real Estate. The bank acted as the sole Lead Manager and Bookrunner. The Sukuk is a Floating Rate Note (FRN) with tenure of five years and investors expect a return of SIBOR plus 2.5% bi-annually.
Saudi Arabia: Saturday, March 22 - 2008 at 08:14

Fitch gives CBB sukuk A rating
Fitch Ratings has given CBB International Sukuk’s $350m trust certificates, due in 2013, a final 'A' senior unsecured rating. Wholly owned by the Central Bank of Bahrain, the rating reflects Fitch's view that the sukuk can be considered an unconditional, unsubordinated and general obligation of Bahrain, ranking equally with other Bahraini senior unsecured obligations, said Gulf Daily News.
Bahrain: Thursday, March 20 - 2008 at 10:10

Indian bank targets Mideast rich
India’s largest nationalised bank is opening a wholesale branch in Bahrain this coming Sunday. The Bank of Baroda, the fifth largest in India, is targeting the rich and corporations in the region. It is returning to Bahrain after a gap of 15 years, when it pulled out of the country due to a forex crisis in India, said Gulf Daily News. It has now been granted a new licence by the Central Bank of Bahrain. The bank has assets of $36.4bn and recorded a net profit in its last financial year of $261m.
Bahrain: Thursday, March 20 - 2008 at 08:49

BNP Paribas to buy stake in Saudi investment asset unit
BNP Paribas, France's largest bank, has agreed to buy a quarter of Saudi Investment Bank's asset management unit, reported Bloomberg. SAIB Asset Management, which manages $2.2bn, including Gulf stocks and Islamic funds, will be renamed SAIB BNP Paribas Asset Management pending regulatory approval.
Saudi Arabia: Wednesday, March 19 - 2008 at 14:44

Indian bank plans Dubai branch
India's Oriental Bank of Commerce is planning to open a representative office in Dubai in the next three to five months, reported Sify news. The branch would be the bank's first overseas foray. Oriental currently has 1,308 branches across India.
United Arab Emirates: Wednesday, March 19 - 2008 at 08:31

Index : Banking : Page 13