Banking
- The news you choose »
- Login to Add to Watchlist
Categories
Bank AlBilad teller roll-out targets fraud detection
Saudi Arabia-based Bank AlBilad has completed the installation of the Magner75 Plus teller currency counting machines across all its AlBilad and Enjaz branches. The new machines allow accurate and high-speed currency counting and can detect counterfeit notes, the bank said, helping its efforts to combat fraud.
NBK offers 0% loans
National Bank of Kuwait (NBK) has launched a 0% interest Ramadan offer for its credit cards and car and retail loans. The offer is valid until late November, and available to both new and existing customers. Existing credit card holders can nominate one purchase, with a value up to KD1,000 ($3,485), for a 0% interest repayment for six months. New customers will get 0% on all purchases for three months.
Mashreq to open 16 Abu Dhabi branches
Mashreq Bank is opening 16 branches in Abu Dhabi and Al Ain. It brings the number of branches run by the Dubai-based bank to 46 in the UAE. The bank also plans to add a further 10 ATM cash withdrawal machines.
Saudi Algosaibi to sue Mashreq Bank
Saudi-based Ahmad Hamad Algosaibi and Bros (AHAB) intends to sue Dubai-based Mashreq Bank in a New York court, for being "wilfully blind" to irregular deals that helped lead Algosaibi into default, Reuters reports. The decision to take legal action follows Mashreq's $150m suit filed earlier this year against Algosaibi. AHAB's legal counsel Eric Lewis claims Mashreq made $12m in profit through irregular short-term loans that were rolled over continuously, as a means of financing the Money Exchange currency trading house owned by Saad Group. In a statement, Mashreq said: 'The charges are completely without merit, outrageous in the extreme and really nothing more than an attempt by Algosaibi to divert attention away from their own responsibility."
Moody's downgrades HSBC Middle East
Moody's Investors Service has downgraded the bank financial strength rating of HSBC Middle East to C from C+ and its long-term local currency debt rating and foreign currency deposit and debt ratings to Aa3 from Aa2. The rating outlook is now stable. Moody's has downgraded HSBC Middle East as it believes the bank will come under pressure on its asset quality and profitability in the countries in which it operates, particularly the UAE, which makes up around 70% of its operations.
GFH signs partnership with Macquarie
Bahrain-based Islamic investment bank Gulf Finance House (GFH) is setting up a joint Islamic financial services platform in the Middle East with Macquarie Group, a provider of banking, financial, advisory, investment and funds management services. The partnership is subject to board and regulatory approvals, but if given the green light will include a joint presence in the region and a $100m convertible Murabaha investment by Macquarie in GFH, as part of GFH's current capital management initiatives.
Emirates NBD appoints CIO for private banking
Emirates NBD announced the appointment of Gary Dugan, a UK financial industry expert, as the new Chief Investment Officer for its Private Banking division. As CIO, Gary will be in charge of the overall investment policy of the Private Banking and will lead a core team that will provide strategic and tactical asset allocation advice to Private Banking clients for investments across several asset classes. He will also be responsible for establishing economic and market views of Emirates NBD Private Banking. (Mac Capital Advisors)
NBAD to meet with investors
National Bank of Abu Dhabi (NBAD) has hired several banks to arrange meetings with fixed-income investors in Europe, Asia and the UAE during the first week of September. The Abu-Dhabi based bank said it recently updated its Euro Medium Term Note program and that it will be holding several meetings, "targeting fixed income investors in Europe, the UAE and Asia." The banks hired to arrange the meetings are Barclays, BNP Paribas, NBAD and The Royal Bank of Scotland. (Mac Capital Advisors)
First Energy Bank posts H1 profit
Bahrain-based First Energy Bank (FEB), an Islamic investment bank focused on the energy sector, has reported profits of $5.6m for the first half of 2009. Gross income was $16.6m, which included $9.4m earned on short- and long-term treasury transactions, $5.8m on advisory services provided to local banks and $1.4m earned on available-for-sale Sukuk investments, FEB said. Vahan Zanoyan, CEO, said: "It is important to realise that this is the first full year of operations for FEB, and that we are still building the bank in terms of our investment portfolio, capabilities and our operations."
UAB keeps strong credit ratings
The international credit rating agency, Capital Intelligence has left United Arab Bank's (UAB) foreign currency ratings unchanged at BBB+ long-term and A2 short-term. The long-term rating indicates good credit quality with a satisfactory ability to fulfilment its financial obligations in a timely fashion, while the A2 rating indicates a strong capacity for timely repayment over the short-term, the rating agency said. UAB posted an H109 net profit of Dhs134m for the period ending June 30, up 11% on the same period last year.
Dubai Silicon Oasis signs loan with ADCB
Abu Dhabi Commercial Bank (ADCB) has approved the Shariah compliant Mudaraba Medium Term Facility worth Dhs300m for Dubai Silicon Oasis (DSO), WAM has reported. The funds will be used by Dubai Silicon Oasis Authority (DSOA) to part finance the development of facilities within the technology park.
Dubai Bank launches utility payment service
Water and electricity utility Abu Dhabi Distribution has teamed up with Dubai Bank to launch an electronic bill payment service. It will allow customers to use Dubai Bank's internet and phone banking services as well as ATMs to make payments towards their utility bills. The service is available for all Dubai Bank customers.
Saudi banks healthy despite downturn
Nomura Saudi Arabia has said that Saudi Arabian banks are resilient to the global economic downturn, due to the relative strength of the region, solid fundamentals and a conservative regulatory environment. Saudi lenders should see profits boosted as rates rise, the brokerage added. But while banks have reduced their exposure in investment securities, Nomura warned that asset-quality was likely to deteriorate if banks continued to grant loans based mainly on a client's reputation, in turn damaging the strength of that profitability and offsetting top-line expansion.
Ahli United Bank to repay $400m of $1.2bn loan
Bahrain-based Ahli United Bank is to repay $400m of a $1.2bn syndicated loan by the end of August, ahead of the final maturity date. The three-year $1.2bn loan facility was signed in October 2006 with the participation of 51 international banks. The loan will be refinanced by the two-year $800m forward start facility, which was signed in September 2008, the bank has said.
Dubai Bank female staff to wear abayas
All female staff at Dubai Bank - both Muslim and non-Muslim - must wear a shailah (head scarf) and abaya starting this Ramadan, Gulf News has reported, citing a memo sent by the bank to staff on Thursday. The dress code decision was made by the bank's Fatwa and Sharia Supervisory Board in June and endorsed by the management. The move is intended to follow Shariah principles and to gain customer confidence and help market the bank's products.
It looks like you are using a Mac - check out our 
Web Feeds