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Gulf Finance places $100m Murabaha
Bahrain-based Islamic lender Gulf Finance House has agreed the placement of a $100m convertible Murabaha with Deutsche Bank. The investment bank also placed a $100m convertible Murabaha with Australia's Macquarie Group in August and raised $300m in fresh capital in October to shore up its balance sheet.
Burgan Bank posts 91% fall in Q3 profit
Kuwait-based lender, Burgan Bank has reported a 91% fall in net profit for Q3 2009, Bloomberg has reported. The bank has not given a reason for the fall. Net income plunged to KD1.7m ($5.96m) from KD19m a year earlier.
QNB-Syria to open today
Qatar National Bank (QNB) has announced that its Syrian unit, QNB-Syria will commence operations today in the country's capital, Damascus. The lender plans to increase its presence in the country to 15 branches by the end of next year. QNB-Syria will offer a full range of retail, corporate, investment, treasury and wealth management products and services.
Abana completes teller machine installation
Saudi Arabia-based Abana Enterprises Group Co. has said it has completed the installation of Magner75 Plus teller currency counting machines across all Bank AlBilad and Enjaz branches in the kingdom. The Magner75 Plus allows accurate and high-speed currency counting and reliable counterfeit detection.
Dubai Islamic Bank launches online system
Dubai Islamic Bank has launched its new online banking system. Features of the new Al Islami Online Banking include graphical representation of account and card transactions, detailed information across all banking relationships, complete online setup and maintenance of login credentials, as well as customisable account management and security settings, the group said.
Court ruling freezes Saad assets in UAE
Assets held by the troubled Saudi conglomerate Saad and its partners in banks in the UAE will be frozen, according to a court order by the Summary Proceedings Court, Gulf News has reported. The court said in its ruling on Thursday that assets will be frozen in favour of Abu Dhabi Commercial Bank, which include money deposited in banks operating in the UAE, assets and properties located across the UAE and amount of shares they own in a number of companies listed on the local stock markets.
Bank Muscat to write down Silkbank investment
Oman's biggest lender, Bank Muscat has announced that since it has no plans to subscribe to the rights offer of Pakistans' Silkbank, a 'significant' part of its OR23.4m ($61m) investment in the Karachi-based lender may be written down in the fourth quarter, Bloomberg has reported. 'As a result of our non-participation in the rights issue, our stake in Silkbank is expected to be diluted, though the actual dilution is not known at this stage,' the bank said.
Commercial Bank of Qatar raises$1.6bn bonds
Commercial Bank of Qatar has raised $1.6bn in bonds by selling $1bn in five-year notes yielding 250 basis points over midswaps and $600m in 10-year notes yielding 400 basis points over midswaps, Reuters has reported. The lender, which is rated A- by Standard & Poor's and A by Fitch ratings, has a $380m loan maturing this month, according to financial statements on its website.
Akbank gets DIFC licence
Turkey's largest bank in terms of market capitalization, Akbank has said that it has received a license to operate from the Dubai International Finance Centre (DIFC). Headed by Cem Atac, the new Akbank (Dubai) Ltd. will focus on mergers and acquisitions, manage IPOs and dual listings of Turkish firms. It will also act as placement agent or arranger of funds, give advice on financing long/medium term projects and provide private banking services.
Venture Capital Bank 9-month profit falls
Bahrain-based lender, Venture Capital Bank has reported $2.1m in net profits for the third quarter, compared to $7.5m for the same period last year. Net profit for the first nine months of the year was $9.3m, compared to $38.9m for the same period in 2008.
Kuwait's Gulf Bank rating lowered to 'BBB-/A-3'
Standard & Poor's Ratings Services has lowered its long- and short-term counterparty credit ratings on Kuwait-based Gulf Bank to 'BBB-/A-3' from 'BBB+/A-2', with 'negative' outlook. The ratings agency said the tough operating environment in Kuwait is putting the domestic real estate sector and stock market under pressure, in turn weakening both the credit profiles of local investment and real estate companies and the asset quality and profitability of the bank.
Global Investment House posts Q3 loss
Kuwait-based investment bank, Global Investment House (GIH) has reported a third-quarter loss of KD5.6m, compared to a profit of KD20.66m in the same period last year, Bloomberg has reported. GIH, which had defaulted on loan repayments, expects to pay its outstanding bonds of KD89.5m on schedule, but has some KD500m ($1.75bn) of debt which needs restructuring, the lender said.
SocGen names ME private banking CEO
France-based Société Générale has announced the appointment of Eddy Abramo as the new chief executive for its Middle East private banking business. Abramo will oversee the bank's expansion through its regional offices in Bahrain, Abu Dhabi and Dubai, focusing on both Arab and Indian clients. Eric Lorentz, formerly at JP Morgan and Citibank, was also named as managing director and global market manager for Arab high and ultra-high net worth clients.
Pioneers to buy Beltone Financial
Egyptian financial services firm Pioneers Holding said it would buy investment bank Beltone Financial in an all-share deal, Reuters has reported. Pioneers said it would issue 100 million new shares at a yet to be determined price representing Beltone's total value and giving Beltone shareholders a 17% stake in the merged company. Beltone, which oversees some $5bn in assets, is based in Egypt and has offices in New York, Saudi Arabia, Qatar and the UAE.
Gulf Bank 9-month provisions hit $466m
Kuwait's second- biggest lender by assets, Gulf Bank has said it had made provisions of ($466m) in the first nine months, Al-Qabas has reported, citing CEO Michel Accad. Last month, the lender reported a 98% drop in third-quarter profit on provisions for bad loans.
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