2004
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Citibank, 1pc cash reward
Citibank UAE is offering a one per cent instant cash bonus when you open a new Time Deposit. This offer on the 1105-day deposit account will finish at the end of the month. For details visit www.citibank.ae.
Gold down but not out
Gold prices retreated sharply yesterday to USD435 an ounce, partly on a dollar rally and also due to a winding up of speculative positions. However, gold market bulls such as Dr. Marc Faber, author of the book Tomorrow's Gold, remain convinced that long term trends favouring gold are unchanged, see his latest column on AME Info.
Visa sees sharp growth
The Middle East is seeing a major shift towards the retail usage of Visa cards, according to a UAE banking official quoted in Khaleej Times. Retail sales volume for 2004 have already passed USD9bn. There are 50m Visa card holders in the region.
Margin trading bad for UAE stocks
Investors buying up initial public offerings offers with borrowed money in UAE stocks may jeopardise the market's solid performance, bankers told Reuters. They fear an overheating market and potential crash would see investors shun the market for years.
Mideast stocks, difficult phase
Middle East stock markets are entering a more difficult phase which will require investors to focus more on underlying value, according to Jordinvest CEO Dr. Henry Azzam. His latest column argues that the days of momentum investing are over, and that investors should get back to looking at fundamentals.
Al Shaheen Stellar Equity Note
Emirates Bank Group has launched its Al Shaheen Stellar Equity Linked Note with a seven per cent fixed coupon payable in the first year, and up to nine per cent for the rest of the seven-year term. The capital is 100 per cent protected by a AA-rated insurer.
Rakbank, electronic deposits
Rakbank has introduced a new type of Electronic Deposit Machine that allows customers to deposit cash without the use of envelopes, and to see their money being counted and registered online. This eliminates the doubt factor in e-banking, said a statement from the bank.
NBD loan with free phone
The National Bank of Dubai has announced its Take a Loan, Get a Phone personal loan campaign which encourages customers to take out a loan of Dhs25,000 or more and get a free Nokia mobile phone, in addition to free insurance protection, competitive interest rates, two installment deferrals per year and an NBD Free for Life credit card.
HSBC, SMS alerts system
HSBC has announced the launch of SMS Alerts for its customers in the UAE. Once they have signed on to this service, customers will get regular account balance and transaction related information, including deposit and credit transaction, withdrawal and debit transaction, account balance and term deposit maturity notifications.
ADCB strikes regional alliances
Abu Dhabi Commercial Bank has entered into an alliance with the Lebanese Canadian Bank, part of a series of international alliances in key markets. CEO Eirvin Knox said these banks would provide transaction facilities for UAE residents. Meanwhile, the bank's focus is on domestic expansion in 2005.
HSBC, capital secured funds
HSBC Bank International is set to launch three new capital secured funds on December 13. The China Bonus Fund and China Bonus Plus reflect the growth potential of the Chinese economy, while the Atlantic Growth Fund is linked to the world's two premier stock indices.
NBS, Islamic card for students
The National Bank of Sharjah has launched the world's first Islamic card for university students, the NBS Affinity Card, in conjunction with Visa International and the American University of Sharjah.
Citibank, Etisalat payments
Citibank and Etisalat have launched a new instant payment service for UAE customers. Citibank cardholders can now pay Etisalat bills by calling Citibank's call centre 24 hours a day on any day of the year.
HBZ, Etisalat payments
Habib Bank Zurich are offering UAE customers a new payment method for their Etisalat bills. All HBZ customers who have Etisalat fixed, mobile, Internet or Wasel telephone lines can access the service 24 hours a day, via Internet banking, PDA's, automated telephone banking and over the bank's ATM network.
Banque Piguet, new GCC posts
Swiss private bank Banque Piguet has announced two new appointments to boost its services in the Gulf. Khalid Sulaiman is based in Geneva and will now be responsible for developing Gulf business, while Rashad Shawa will be special advisor to the board and based in Kuwait.
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