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SME Banking

China's ICBC to open branch in Dubai
Industrial & Commercial Bank of China, the world's largest bank by market value, has won approval from the UAE to set up a subsidiary in Dubai, reported Reuters. The subsidiary, which will have registered capital of $50m, will mainly cover accepting deposits, providing credit, dealing in investments, managing assets and other businesses. ICBC became the first Chinese bank to open a branch in the Gulf when it launched a branch in Doha in February.
United Arab Emirates: Thursday, May 08 - 2008 at 08:37

Dubai Holding sets up Islamic investment firm
Dubai Holding on Tuesday said it has consolidated its investments in Dubai Islamic Investment Group and Dubai Bank under Dubai Banking Group, to form a global Shariah-compliant investment company. Dubai Banking Group will be managed by Dubai Group, the leading diversified financial services company of Dubai Holding.
United Arab Emirates: Wednesday, May 07 - 2008 at 07:03

Al-Salam profit up 44% in Q1
Al-Salam Bank, a Bahrain-based Islamic bank, has reported a first-quarter profit of 44% boosted by sales of investments, reported Bloomberg. Net income advanced to 7.4 million Bahraini dinars ($19.6), or 6.2 fils per share, from 5.16 million dinars, or 4.3 fils per share, in the year earlier period.
Bahrain: Tuesday, May 06 - 2008 at 09:21

Burgan Bank to buy UGB for $725m
Burgan Bank has expressed its interest in buying United Gulf Bank's holdings in four regional operations for a total of $725m. The four banks being watched are United Gulf Bank's holdings in Algeria Gulf Bank, Bank of Baghdad, Jordan Kuwait Bank and Tunis International Bank.
Kuwait: Monday, May 05 - 2008 at 14:44

Axis Bank opens in Dubai
Axis Bank has announced the opening of its Representative Office in Dubai to promote its retail NRI products and services. Axis Bank is one of India's largest private banks with a network of 685 branch offices.
United Arab Emirates: Monday, May 05 - 2008 at 14:36

BankMuscat launches new identity
BankMuscat International has unveiled its new corporate identity as BMI Bank, with a new logo to match. The new look is part of the bank's expansion strategy as it targets new launches in international markets.
Bahrain: Monday, May 05 - 2008 at 09:01

Arab Bank joins $900m loan deal
Arab Bank Group has entered into a joint $900m loan deal with eight other international banks. The loan will go to Orascom Construction Industries and will partly be used to finance the group's recent acquisition of Egyptian Fertiliser Company.
Jordan: Sunday, May 04 - 2008 at 09:16

Qatar lowers deposit rate
Qatar Central Bank has lowered its deposit facility rate by 25 basis points but left its benchmark lending rate unchanged, after the US announced further rate cut, reported Reuters. The deposit rate is down to 2% from 2.25% while the benchmark lending facility rate remains at 5.5%.
Qatar: Saturday, May 03 - 2008 at 09:39

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