Banking

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SME Banking

Bank Muscat's profit up 39% in Q1
Bank Muscat, Oman's largest bank, has announced that first-quarter profit rose 39% due to increased earnings from lending, reported Bloomberg. Net income increased to 26.5 million rials ($68.8m) from 19 million rials a year earlier. Meanwhile, net interest income rose 31% to 37 million riyals, while operating revenue climbed to 55 million riyals, or 45% higher than a year earlier.
Oman: Thursday, April 24 - 2008 at 13:37

ABC and BNP Paribas to arrange $100m IFC facility
Arab Banking Corporation and BNP Paribas announced that they have been mandated by International Finance Company to arrange a $100m 4.5-year amortising syndicated term loan facility secured by an assignment of consumer loan receivables. The facility has been fully underwritten by ABC and BNP Paribas.
Bahrain: Thursday, April 24 - 2008 at 10:37

Samba is most active IPO manager in ME
Samba Capital has managed initial public offerings worth a total of more than SR137bn ($36.5bn) with over 38 million subscribers in Saudi Arabia since 2004, said Eissa M. Al Eissa, chairman of the company’s board of directors. With 76% share of total IPOs in the Kingdom , Samba Capital tops the list of most active IPO managers in the region, reported Khaleej Times.
Saudi Arabia: Thursday, April 24 - 2008 at 10:06

Tamweel closes $235m syndicated bank facility
Dubai-based Islamic mortgage lender Tamweel said it successfully closed a $235m syndicated bank facility, which involved the participation of leading regional and international financial institutions, including banks based in the Far East. The facility, provided under a Sharia-compliant structure, will be used to fund Tamweel's long-term growth and aggressive business objectives.
United Arab Emirates: Thursday, April 24 - 2008 at 06:53

UNB to expand to 60 branches
UAE-based Union National Bank plans to expand its network to 60 branches by the end of this year, up from its current total of 47, the bank's CEO Mohammad Nasr Abdeen said yesterday. He said 'five or six' branches are currently in the pipeline, including one in Bani Yas which is under renovation, one at the Dubai Healthcare City, one in the Airport road in Abu Dhabi, and one in Khalifa City. The bank will also open its Qatar branch and its representative office in China before the end of June.
United Arab Emirates: Wednesday, April 23 - 2008 at 09:18

Tamweel profit jumps 249%
Tamweel, the UAE’s largest provider of real estate finance, reported a 249% jump in net profit, reaching Dhs176.34m ($48m) during the first quarter of this year compared to Dhs50.47m in the first quarter of 2007, the company announced. Islamic financing and investing assets in the first quarter of 2008 rose to Dhs6.63bn, an increase of 120% compared to Dhs3.01bn in the first quarter of 2007.
United Arab Emirates: Wednesday, April 23 - 2008 at 07:19

BBK appoints new CEO
BBK, formerly known as Bank of Bahrain and Kuwait, has appointed Abdulkarim Ahmed Bucheery as its chief executive officer, reported Bloomberg. Bucheery joined the bank in January 2002 and has been acting chief for several months, the bank said in a statement.
Bahrain: Tuesday, April 22 - 2008 at 12:36 |

ADCB plans $1.3bn bond issue
Abu Dhabi Commercial Bank plans to issue Dhs4.8bn ($1.3bn) worth of three-year convertible bonds in the second quarter of this year, reported Gulf News. The bank's board of directors proposed the issue for the purpose of expanding the capital base and providing the necessary liquidity for the the bank's expansion plan.
United Arab Emirates: Tuesday, April 22 - 2008 at 07:02 |

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