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Amlak, Tamweel to form Islamic realty bank
The merger between UAE mortgage lenders Amlak Finance and Tamweel may result into an Islamic realty bank, Bloomberg has reported. According to Ministry of Economy Sultan Bin Saeed Al Mansouri, a third of the new bank may be owned by Amlak and Tamweel's investors, while the federal government and Dubai's government may share the remaining stake equally. The proposal may be passed before the end of this year, said Al Mansouri.
Gulf Finance House to offer rights issue
Bahrain-based Gulf Finance House has unveiled its plans to raise capital to the market and will offer up to 907,898,065 shares at an offer price of $0.38 a share. The offering period will open on October 15th 2009 and close on October 29th 2009 with an allotment date of 5th November 2009. Bank of America Merrill Lynch has been retained as financial advisor and corporate broker to Gulf Finance House. KPMG will be the issue managers and both Khaleeji Commercial Bank (Bahrain) and Commercial Bank of Kuwait (Kuwait) hav been appointed as receiving banks for the capital raising exercise.
Middle East banks offer good value, says EFG-Hermes
Egypt-based EFG-Hermes has said that Middle East banks still present attractive value compared to international peers, with return on equity expected to remain around 20% over the medium term for most banks, Reuters has reported. Banks in Qatar, Saudi Arabia and Oman were likely to show the quickest recovery, with credit growth expected to go up to a range of 12% to 15% in 2010 after having dipped to 4% to 6% in 2009, it said. The UAE is in better shape than was feared, the investment bank added.
Qatar National Bank Q3 profit falls 7.5%
Qatar's largest lender, Qatar National Bank, has reported a 7.5% decline in third-quarter profit on increased provisions for non-performing loans, Bloomberg has reported. Net income declined to QR1.06bn ($290m) from QR1.15bn a year earlier, QNB said. Provisions for non-performing loans rose to QR104.8m from QR10.9m a year earlier.
Fitch affirms AUB's long term ratings
Fitch Ratings has affirmed the long-term Issuer Default Rating of Bahrain-based Ahli United Bank at 'A-' with stable outlook. The rating agency has also rated the lender's short term IDR at 'F2', Individual at 'B/C' and Support at '1'. The individual rating reflects the bank's expanding franchise, solid operating profit despite rising impairment charges, sound liquidity and asset quality, and diversified funding, Fitch said.
Ahli Bank inks deal with Sohar Port
Oman-based Ahli Bank has announced the signing of an agreement with Sohar Port Special Projects for a syndicated financing facility for the dredging and construction of the new 1380 metre long and 25 metre deep water jetty at the Port of Sohar. The facility involves a group of seven banks including Ahli Bank and its strategic partner, Ahli United Bank, Bahrain.
Bahrain calls for Saad, Algosaibi coordination
Bahrain's central bank governor, Rasheed al-Maraj has called for a joint approach in settling debts at troubled Saudi conglomerates Saad Group and Algosaibi, which involve both local and international banks, Reuters has reported. The Bahraini banking system had continued to function normally despite the crisis at the two groups, he said. 'There are no widespread negative repercussions [in Bahrain]', Maraj said. A Saudi government panel last month brokered a debt settlement deal between Saad and Saudi banks.
Qatar to buy 5% of bank capital
Youssef Kamal, Qatar's Financial Minister has said that the government plans to buy another 5% of local banks' capital in December under a 2008 plan to deal with the impact of the global financial crisis, Reuters has reported. In March, Qatar had said that it had bought $1.79bn worth of listed banks' investment portfolios.
DIB, Ajman Bank not owed money by Saad
Dubai Islamic Bank and Ajman Bank issued statements today stating that they are not owed money by Saudi Arabia's Saad and Algosaibi groups, who have defaulted on loans.
Alwaleed wants US to sell Citigroup stake, says report
Major Citigroup investor, Prince Alwaleed bin Talal has urged the US government to sell its 7.7 billion shares in the bank as soon as this year to boost investor confidence, Reuters has reported, citing Emerging Markets magazine. 'We need to give confidence back to the shareholders and investors that these companies are moving along without government support,' Prince Alwaleed was quoted as saying.
QNB denies report of investment in Iran
Qatar National Bank has denied reports about financing the development of Iran's Esfandiar oilfield, Reuters has reported. Iran had said on Saturday that QNB would invest €400m to finance the development of the field, Oil Ministry website SHANA reported, quoting a senior official. QNB, which has a representative office in Tehran, has said it is not aware of such a development, nor is it considering such an investment.
Moody's: UAE banks must set aside more provisions
Moody's Investor Service has said that UAE banks have not set aside enough money to cover for potential losses in the property sector, The National has reported. "We are still seeing low numbers here, basically around 2.5% loan loss provisions to total loans," Mardig Haladjian, head of Moody's GCC banking team said. "Given the deterioration that we have seen, and expect to see, particularly in exposures to property, one would expect provisions to have increased more aggressively."
ADCB issues $1bn bond
Abu Dhabi's, Abu Dhabi Commercial Bank (ADCB), the emirate's second-largest lender by total assets, is to issue $1bn of bonds under its updated and amended $7.5bn global medium term note programme, Kuna has reported. "The issue will consist of bonds at a fixed coupon rate of 4.75% per annum, representing 262.5 bps over US Treasuries, which will mature in October 2014," ADCB's CEO Ala'a Eraiqat said. The transaction is the first ever global offering by any GCC bank.
Algosaibi moves to dismiss Mashreq lawsuit
Saudi company Algosaibi Group (AHAB) has moved to dismiss a lawsuit in the US by Dubai-based Mashreq Bank over more than $200m in foreign exchange trades, claiming it is based on forged documents, Reuters has reported. The family-run conglomerate presented affidavits in September by a handwriting expert and a doctor to support its argument for dismissing the case. "It is up to the court to determine the veracity of the specific assertions made in AHAB's motion to dismiss our claim against the AHAB partners," Mashreq Bank said in a statement.
HSBC UAE reduces workforce by 122 people
HSBC Holdings has cut its workforce by 122 people in the UAE, Bloomberg has reported. The cuts were made to reduce costs. HSBC employs about 3,800 people in the UAE and is the biggest foreign bank operating in the UAE. HSBC head of human resources said the cuts were reflective of 'reduced market activity'.
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