Banking

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SME Banking

Tamweel Sukuk given 'A' rating
Tamweel Sukuk Ltd (TSL) has been given a long term debt rating of 'A' by Fitch. Dubai-based TSL has Dhs1.1bn trust certificates that are due July 2013. The rating is in line with Tamweel's 'A' Long-term Issuer Default rating with Stable Outlook.
United Arab Emirates: Wednesday, August 13 - 2008 at 12:53 |

AD Financial nets 70% Al Salam stake
Abu Dhabi Financial Services (ADFS) has acquired a 70% stake in Egypt's Al Salam Borkerage. ADFS is a wholly-owned subsidiary of the National Bank of Abu Dhabi. The deal's completion is pursuant to the approval from the Egyptian Capital Markets Authority and the Egyptian Stock Exchange.
United Arab Emirates: Tuesday, August 12 - 2008 at 11:34 |

Bank Dhofar given BBB+ rating
Oman-based Bank Dhofar has been given a rating of BBB+ with a Stable Outlook by Fitch Ratings. The bank's support rating of 2 reflects the high probability of support from the government should it become necessary. The bank's net profit for H1 was up 63% on 2007, OR14.7m.
Oman: Tuesday, August 12 - 2008 at 09:47

QNB to build tallest HQ
Qatar National Bank is planning to build one of the world's tallest towers in Doha to house its new headquarters, according to a report by MEED. The skyscraper is said to be taller than the 509-metre Taipei 101 tower in Taiwan. Main contractors have been invited to bid for the project.
Qatar: Monday, August 11 - 2008 at 09:22

Emirates NBD to fix BSTDB loan
Emirates NBD has been mandated by Black Sea Trade & Development Bank (BSTDB) to arrange for a $90m syndicated term loan facility to refinance its $150m term loan dated 22 November 2007 and for general corporate funding purposes. Bayerische Landesbank, Intesa Sanpaolo S.p.A. and Sumitomo Mitsui Banking Corporation Europe Limited were also mandated as lead arrangers.
United Arab Emirates: Sunday, August 10 - 2008 at 13:10

Ithmaar Bank buys 25% BBK stake
Ithmaar Bank has acquired 25.38% stake in the Bank of Bahrain and Kuwait (BBK), and became a major shareholder in the bank, Arab News has reported. Ithmaar Bank and Global Investment House bought 15.47 million shares of BBK worth BD11m. The transactions were part of a formula agreed earlier between Ithmaar Bank and Global aimed at balancing out their shareholding stakes in the BBK.
Bahrain: Sunday, August 10 - 2008 at 09:04

Egypt raises rates
Egypt's central bank has raised interest rates for the fifth time this year to tame inflation running at over 20%, Reuters has reported. This has increased both deposit and lending rates by 50 basis points, according to the bank. The overnight deposit rate has gone up to 11%, and its overnight lending rate to 13%. It also increased the discount rate by 100 basis points to 11%.
Egypt: Saturday, August 09 - 2008 at 10:39 |

Saudi Fransi seeks $300m in loan
Banque Saudi Fransi has launched syndication of a $300m loan through Calyon, Intesa Sanpaolo, RZB, SMBC and WestLB, Reuters has reported. The loan which will be used for general corporate purposes is split between a three-year tranche, with A paying a margin of 70 basis points (bps) over LIBOR and a five-year tranche B that pays 100 bps.
Saudi Arabia: Saturday, August 09 - 2008 at 08:49

Index : Banking : Page 23