Banking
- The news you choose »
- Login to Add to Watchlist
Categories
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'.
NBK long term A+ rating affirmed
The National Bank of Kuwait (NBK) has had its A+ rating affirmed by agency Standard & Poor's. The group said that the rating was supported by its strong capitalization, resilient operating performance and a commercial position in the domestic market. The bank reported H1 net profits of $439m and consolidated assets reached $42.2bn as of June 30 2009.
Amlak, Tamweel 'to merge' into Islamic bank
Dubai-based Islamic mortgage lenders Amlak and Tamweel could be merged soon into one company and turned into an Islamic bank after increasing their capital, Al Khaleej Arabic newspaper has reported citing unnamed sources. The merged companies' capital will be raised to Dhs5bn ($1.36bn) from the current Dhs2.5bn, of which Dhs1.5bn is presently Amlak's capital and Dhs1bn is Tamweel's, the sources said. Under the scenario, the federal government will guarantee the money of the two companies' creditors, which will be paid back on a long-term basis that could be over 10 years. Amlak and Tamweel's general assemblies will convene in November or December to vote on the proposed scheme, the sources said.
National Bank of Fujairah posts $25.4m Saudi exposure
The National Bank of Fujairah has said its exposure to Saudi Arabia's Algosaibi Group amounts to $10.2m, and it also has $15.2m outstanding with Saad's Bahrain unit, Awal Bank, Reuters has reported. The lender has taken provisions of $3.3m for Algosaibi and $6.5m for Awal Bank as of August 31, according to a statement on the Abu Dhabi stock exchange.
Investment Dar creditors' individual claims 'ongoing'
According to a report by Al-Qabas Arabic daily, several of Kuwait's Investment Dar creditors including National Investments and Kuwait Investment have refused to join an agreement to suspend individual claims, Bloomberg has reported. On September 27, KIA had announced that its lenders had agreed to suspend individual claims under a 'standstill agreement' to facilitate a debt restructuring by the company after it defaulted on its borrowings.
Sharjah Islamic posts $15m Algosaibi exposure
Sharjah Islamic Bank has announced its exposure to Saudi Arabia's Algosaibi Group was Dhs55m ($15m), but it had no exposure to the Saad Group, Reuters has reported. The bank has taken provisions for 50% of its exposure. The Abu Dhabi Securities Exchange has directed banks to provide details of exposure to Saudi groups Saad and Algosaibi, and the provisions taken, as part of regulatory measures by September 30.
UAE banks to provide details of Saudi exposure
The Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) have directed listed banks to disclose their exposure to troubled Saudi groups Saad and Algosaibi as part of regulatory measures. ADX sent out a circular urging banks to provide any exposure details by September 30 or to let ADX know by what date banks can provide those details. DFM said the exposure details must be included in the banks' Q3-09 financial statements.
Dubai banks' exposure to property sector hits 23%
According to a report by Kuwait Financial Centre, the exposure of Dubai banks to the troubled real estate sector is 23%, the second highest in the GCC after Bahrain, while banks in Abu Dhabi have the least at 9%. Bahrain banks have the highest exposure with 26%, Kuwait has 16% while Qatar has 10%.
Saad's parent company in Dubai is liquidated in UK
The parent company of the Saad Group's Dubai investment unit has gone into liquidation in the UK. The liquidators of LA Investments (LAIL), a London-based investment vehicle belonging to the Saad Group, said they had advised the Dubai financial regulator they intended to withdraw the licence of SAAD Financial Advisory Services. The company is registered with the Dubai International Financial Centre (DIFC) and has an office on Sheikh Zayed Road in Dubai.
Investcorp's rating cut by Moody's
Credit rating agency Moody's has downgraded Bahrain-based Investcorp, citing the fragility of its financial condition and the tough environment for private equity deals to generate income, Reuters has reported. The long-term deposit rating of the Bahrain- and London-listed investment house has been downgraded to 'Ba2' from 'Ba1', its financial strength rating to 'D' from 'D+' and assigned a negative outlook to the ratings. Investcorp's financial strength was limited by modest equity levels compared with its risk assets, a high concentration of its private equity investments and little prospects for the company to improve its earnings from fee-generating private equity transactions, the rating agency said.
Dubai Bank unveils e-pay system for Salik
Dubai Bank, in partnership with the emirate's Roads and Transport Authority (RTA), has unveiled an electronic recharge facility that allows its customers to recharge their Salik road toll tags via the bank's electronic channels, including Internet, phone banking, ATMs and cash deposit machines. Additionally, RTA's customers who currently do not have accounts with Dubai Bank will also be able to recharge their Salik tags using any one of the banks' cash deposit machines.
Gulf Investment to reschedule debt
Kuwait-based Islamic lender, Gulf Investment House (GIH), has reached an agreement with three of its six creditors to reschedule debt, Bloomberg has reported. GIH has paid KD4m ($13.9m) out of KD17.8m in debt, while the remaining debt will be rescheduled over one year, the bank said in a statement.
Rasmala launches equity fund in Egypt
Rasmala Investment Bank, headquartered in the Dubai International Financial Centre (DIFC), has launched an equity fund in Egypt that aims to invest in securities of publicly listed companies traded on Egyptian exchanges. The Rasmala Egypt Equity Fund, which will be open for subscriptions on a weekly basis, may also invest in the securities of corporations domiciled in, or with the majority of their operations in Egypt, but are listed on exchanges outside Egypt. The fund's minimum investment is $100,000, the bank said.
It looks like you are using a Mac - check out our 
Web Feeds