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  <copyright>(c) 1996-2013 AME Info FZ LLC / 4C. All rights reserved.</copyright>
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    <title>HSBC inks exclusive deal to distribute general insurance products in MENA</title>
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    <pubDate>Thu, 23 May 2013 02:20:17 +0400</pubDate>
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        HSBC Middle East has signed an exclusive 10-year agreement with Zurich Insurance Middle East to distribute its personal and commercial General Insurance products in the UAE, with other Middle East and North Africa (MENA) markets to be considered in the future. The agreement will help to improve access and distribution of insurance products across the region, which has some of the lowest insurance penetration rates in the world. It will also enable HSBC's Retail Banking and Wealth Management (RBWM) business in MENA to build specialist expertise in General Insurance and, together with its Life Insurance expertise, provide a consistent experience to HSBC customers, the lender said.  
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    <title>New bank to open in Gaza Strip</title>
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    <pubDate>Thu, 23 May 2013 02:19:58 +0400</pubDate>
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        A new bank is set to be inaugurated in the Gaza Strip next week, although it has not yet received the necessary licence from the Ramallah-based Palestinian Monetary Authority (PMA), Kuna has reported. The Al-Intaj bank has a capital of $20m and a board of directors chaired by Kuwaiti businessman and member of the International Islamic Fiqh Academy, Dr Riyadh Al-Khulaifi, said the lender’s deputy board chairman, Rushdi Wadi. "The bank… will be headquartered in Gaza City and have branches in other parts of Gaza Strip in the coming years. 50% of its capital will be channelled to production-oriented activities, while 40% will be allocated to the traditional transactions. The remaining 10% will be set aside to the 'murabahat' (Shari’ah-compliant transactions)," Wadi said.
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    <title>ENBD launches $1bn Tier 1 bond</title>
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    <pubDate>Thu, 23 May 2013 02:19:39 +0400</pubDate>
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        Emirates NBD has launched a $1bn core capital-boosting bond, amid healthy demand, allowing the Dubai lender to tighten earlier price guidance, Reuters has reported. The Tier 1 bond launched at a final yield of 5.75%. Bank of America Merrill Lynch, Deutsche Bank , HSBC Holdings, ING, Morgan Stanley as well as Emirates NBD's investment banking unit are mandated arrangers on the bond.
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    <title>Doha Bank mulling bond sale to boost capital</title>
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    <pubDate>Thu, 23 May 2013 02:19:23 +0400</pubDate>
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        The chief executive of Doha Bank, R Seetharaman has said the Qatari lender may issue a capital-boosting bond instead of shares as planned, although it was evaluating the best route to help raise core capital, Reuters has reported. The Gulf country’s fifth-largest lender by market value said in January it would increase its paid-up capital by 50%, split equally between a local rights issue and a sale of global depositary receipts (GDRs) in London. "The second part, we have multiple options. We can go for a GDR or for hybrid debt that is validated for Tier 1, or for a rights issue again to shareholders," Seetharaman told reporters in Dubai. "All these options are being contemplated and hopefully we should be in a position to resolve this during this year," he said, adding the bank's Tier 1 capital ratio was already above 15% after the local rights issue.
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    <title>QNB to launch India operations in Q3 2013</title>
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    <pubDate>Wed, 22 May 2013 02:52:12 +0400</pubDate>
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        Qatar National Bank (QNB) has announced it had received all regulatory approvals to set up a fully-owned subsidiary in India, expanding its reach to Asia's third-largest economy, Reuters has reported. QNB India Private Limited, which is expected to begin operations in the third quarter, would offer consultancy and advisory services in investment and finance for Middle Eastern companies looking to establish businesses and/or invest in India, the bank said.
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