Banking

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SME Banking

First Leasing Bank replaces CEO
First Leasing Bank, the equipment financing unit of Bahrain-based Ithmaar Bank, has hired Gregory Brinkerhoff from Oracle Corp. to be its CEO, reported Bloomberg. Brinkerhoff was a member of Oracle's vendor financing management team and replaces James Cracco at First Leasing, the bank said in a statement.
Bahrain: Tuesday, May 13 - 2008 at 10:26

UAE banks to perform well in 2008
A new report by Fitch Ratings says that UAE banks' positive performance in 2007 is expected to continue in the current year. Similar to the other GCC countries, the UAE banking sector continues to benefit from a buoyant operating environment, principally driven by high oil prices resulting in increased government infrastructure spending and general growth in both retail and corporate lending, the report said.
United Arab Emirates: Tuesday, May 13 - 2008 at 08:30

Shamil in Europe realty venture
Shamil Bank of Bahrain, Sharjah Islamic Bank and Swiss-based Faisal Private Bank have partnered to offer a EUR150m Sharia-compliant Central and Eastern European Real Estate Fund. The fund looks into income generating real estate assets in Central and Eastern Europe, has a term of five years.
Bahrain: Monday, May 12 - 2008 at 09:09

Unicorn up by 83% in Q1
Unicorn Investment Bank showed strong performance during the first quarter of 2008, as earnings rose by 83%. It jumped from $24m during the previous year's quarter to $44m in 2008. Unicorn has successfully closed a $125m 3-year Syndicated Commodity Murabaha Facility.
Bahrain: Sunday, May 11 - 2008 at 14:41

GBCORP expands into energy advisory
Global Banking Corporation (GBCORP) has set up a subsidiary operation in tie up with Washington DC based investment banking firm Taylor-DeJongh. The subsidiary will focus on the energy sector and will look into GBCORP’s projects in the oil & gas and power sectors.
Bahrain: Sunday, May 11 - 2008 at 09:22

Qatar, Bahrain plan bank JV
Qatar and Bahrain's chambers of commerce are planning to set up a joint bank, according to the Chairman of Bahrain Chamber of Commerce and Industry, cited The Peninsula. The two chambers have agreed on several other investment projects and have already set up a joint Takaful Insurance company.
Qatar: Saturday, May 10 - 2008 at 09:16

Citi moves top banker to Dubai
Citigroup is moving one of its most senior investment bankers to the Middle East in a bid to strengthen its foothold in the region. The banker, Alberto Verme, a co-head of investment banking, is expected to head to Dubai by the end of the month after spending four years in London. Verme will continue to oversee Citigroup's investment banking division alongside Raymond McGuire, his co-head based in New York.
United Arab Emirates: Thursday, May 08 - 2008 at 10:23

ADCB buys $1.2bn stake in RHB Capital
Abu Dhabi Commercial Bank is buying 25% of RHB Capital for 3.9 billion ringgit ($1.2bn) in the largest overseas investment in a Malaysian bank, reported Bloomberg. ADCB is to pay 7.20 ringgit for each share of Malaysia's fourth-largest bank, Employees Provident Fund, the pension fund that's selling the stake, a 38% premium over the stock's closing price on Wednesday.
United Arab Emirates: Thursday, May 08 - 2008 at 10:10

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