Banking

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Islamic Bank of Asia to open in May
The Islamic Bank of Asia will launch its first office at the Bahrain Financial Harbour in May, the company said in a statement. The bank was established in 2007 as a joint venture between DBS, one of the largest financial services groups in Asia, and 34 investors from prominent families and industrial groups based in the GCC.The company said it is poised to capitalise on the predicted double digit growth in the GCC's Islamic banking sector.
Bahrain: Wednesday, April 09 - 2008 at 08:03

Saudi raises reserve level
Saudi Arabia has raised bank reserve requirements to 12% from 10% to help curb inflation, reported Reuters. The move was the third of its kind since November. The Saudi Arabian Monetary Agency raised the reserve ratio to 9% from 7% in November and increased it again in January to 10%.“The increase took effect on April 1,” one trader said on condition of anonymity. The reserves move forces banks to keep more money in their vaults, slowing growth in money supply in the world’s largest oil exporter.The Saudi Arabian Monetary Agency (SAMA) raised the reserve ratio to 9 percent from 7 percent in November and increased it again in January to 10 percent.Money supply grew at 23.9 percent year-on-year in January, its highest in at least four years, versus annual growth of 19.6 percent in December.
Saudi Arabia: Tuesday, April 08 - 2008 at 14:11

Riyad Bank gets approval for $3.5bn rights offer
Riyad Bank has received regulatory approval to raise 13.13 billion riyals ($3.5bn) through a rights offer, reported Bloomberg. Saudi Arabia's Capital Market Authority said it is allowing the bank to sell 875 million shares at 15 riyals apiece to existing shareholders.
Saudi Arabia: Tuesday, April 08 - 2008 at 11:43

NBAD to open Hong Kong branch
National Bank of Abu Dhabi plans to open its first Far East branch in Hong Kong this year, reported Bloomberg. National Bank also plans to open a branch in Libya this year as part of its global expansion plans, said David Sanders, senior fund manager at the bank.
United Arab Emirates: Tuesday, April 08 - 2008 at 11:39

Inma Bank launches $2.8bn IPO
Saudi Arabia-based Al Inma Bank launched a $2.8bn initial public offering (IPO)on Monday, reported Gulf News. The government-backed, Sharia-compliant bank will sell 70% of its equity in a 10-day offering open only to Saudi nationals. The IPO is the largest Saudi flotation in the kingdom's history and the Gulf's second-largest flotation, trailing last year's IPO of DP World, Dubai's ports operator.
Saudi Arabia: Tuesday, April 08 - 2008 at 06:59

Commercialbank gets 40% in UAB
Commercial Bank of Qatar said that its shareholding in United Arab Bank has reached 40%. This completes the planned acquisition of shares by Commercialbank in UAB and follows the strategic alliance announced between the two banks in February 2008.
Qatar: Monday, April 07 - 2008 at 09:37

Burgan Bank plans foreign acquisitions
Kuwait's Burgan Bank has said it plans to look abroad to expand its business, as competition within its home market gets tougher. The bank, which recently went through a total image rebranding, said it would make its first foreign acquisitions within a year. According to Gulf News, the bank has warned it may struggle to meet its 2008 profit target. The bank is looking to counterparts in Egypt, Algeria, Mauritania, Syria and Iraq as possible targets.
Kuwait: Monday, April 07 - 2008 at 08:38

Emirates NBD targets GCC growth
Emirates NBD has said it wants to break into the top 100 for profitable banks and that its exposure to the sub-prime crisis is minimal. While a wider presence in the GCC is also a target, in an interview with Business 24/7, CEO Rick Pudner pointed in particular to Saudi Arabic and Abu Dhabi, where he said the bank was 'under-represented'.
United Arab Emirates: Sunday, April 06 - 2008 at 08:27

Index : Banking : Page 9