TOP NEWS IN MIDDLE EASTERN AND AFRICAN FINANCIALS
* First Abu Dhabi Bank PJSC's fourth-quarter 2020 net profit rose 5% year over year to 3.23 billion United Arab Emirates dirhams from 3.08 billion dirhams. The lender's full-year 2020 net profit, meanwhile, slid 16% to 10.56 billion dirhams from 12.52 billion dirhams in 2019.
* The monetary policy committee of Nigeria's central bank unanimously decided to maintain its main monetary policy rate at 11.5%. Meanwhile, central bank Governor Godwin Emefiele dismissed Fitch Ratings' criticism that printing more money could destabilize the economy, saying it would be irresponsible not to fund the government as revenues dive, Bloomberg News reported.
➤ Nigeria's banks expand lending as economy keeps ticking despite pandemic
Nigerian banks reported a rise in loans and advances in the third-quarter, S&P Global Market Intelligence data shows, and ahead of fourth-quarter results Zenith Bank said it expects to "remain resilient" in the final quarter.
➤ IMF raises 2021 global GDP outlook on vaccine rollout, policy measures
The International Monetary Fund upgraded its 2021 global economic outlook amid expectations that the rollout of vaccines and additional policy measures would propel activity, though it flagged concerns about new coronavirus variants.
BANKING
* Saudi Arabia-based National Commercial Bank issued $1.25 billion of perpetual additional Tier 1 Islamic bonds. The notes carry a 3.50% coupon until Jan. 26, 2027, after which the coupon will reset every six years.
* Mustafa Ghazi Kheriba stepped down from the board of Bahrain-based Khaleeji Commercial Bank BSC, effective Jan. 25.
* The board of directors of Qatar International Islamic Bank QPSC proposed a 32.5% cash dividend to shareholders on 2020 financial results as it posted a net profit of 937.9 million riyals for the year, compared 927.0 million riyals a year ago.
* Capital Intelligence Ratings affirmed the long- and short-term foreign-currency ratings of Export Development Bank of Egypt SAE at B+/B, with a stable outlook. Meanwhile, the agency assigned Iraq-based Al Mustashar Islamic Bank for Investment and Finance long- and short-term foreign-currency ratings of B-/B.
* Fitch Ratings affirmed the BBB+/F2 long- and short-term issuer default ratings of Bahrain-based Gulf International Bank BSC and revised the outlook on the long-term rating to negative from stable.
* BNP Paribas Middle East and Africa appoints Maryam Kameshki as head of international trading for MENA region, Akhbar Al Khaleej reported.
* U.K.-based lender HSBC Holdings PLC extended a $48 million green trade finance facility to United Arab Emirates-based Lamprell PLC, the first of such a transaction in the Middle East and North Africa, Zawya reported.
FINANCIAL SERVICES
* Saudi Arabia-based Amana Cooperative Insurance Co. received approval from the Saudi Central Bank to reduce its capital by 110 million riyals to 130 million riyals.
* Tarek Anabtawi, the former head of Perella Weinberg Partners LP's Middle Eastern businesses, founded advisory firm Resonance Capital with Jameel Akhrass, a senior adviser at the U.S.-based financial services company, Bloomberg News reported. Resonance Capital has started applying for a license and will be joined by Anabtawi's other former Perella colleagues later.
* Ghana-based Star Assurance Group named Kofi Duffuor CEO following a restructuring of its business, Joy Online reported.
* Businessman Chris Kirubi bought 5.75 million additional shares in Kenya-based Centum Investment Company Ltd., raising his stake in the company to 49.99%, Business Daily Africa reported. The additional stake's market value is estimated at roughly 92.2 million shillings.
* Bahraini asset manager Investcorp Holdings BSC launched a new financial technology platform called Investcorp iPartners, which gives investors online access to the company's investment offerings, Gulf News reported.
* Kuwait and Middle East Financial Investment Co. KSCP received regulatory approval to decrease its capital to 23.7 million dinars from 26.4 million Kuwaiti dinars by cancelling treasury shares to extinguish accumulative losses and then reduce the capital to 22 million dinars and distribute 1.66 million to shareholders on a prorated basis.
* Dubai Financial Market PJSC granted Al Ramz Capital and Al Ansari Financial Services LLC authorization to provide short-term margin trading services.
* United Arab Emirates-based Zbooni raised $5 million in a Series A funding round, Gulf News reported. The company, which processes payments for small businesses, now plans to hire more staff locally and in Saudi Arabia and Jordan.
* BRAC Uganda is working with Kenya-based Software Group to launch an agency banking digital platform, The Exchange wrote.
* Digital assets exchange CoinMena clinched a so-called Category 2 Crypto Asset Services Company License from the Bahraini central bank, The National wrote.
* SH Capital Ltd. launched operations in Dubai, Argaam reported.
POLICY AND REGULATION
* The board of Saudi Arabia's Capital Market Authority approved amended market conduct regulations that are meant to enhance the protection of securities investors against unfair or unsound practices.
* The Egyptian government plans to use development financing to help boost the private sector while focusing on green projects and sustainable growth, Rania al-Mashat, international cooperation minister, told Reuters. The government plans to tap lenders including U.K.-based European Bank for Reconstruction and Development.
INDUSTRY NEWS
* Saudi Arabia issued dual-tranche bonds totaling $5.5 billion, according to Reuters. The first tranche reportedly had a 12-year tenor and attracted orders of more than $13 billion, while the second tranche had a 40-year maturity, with orders of more than $9 billion.
* Yaakov Blitstein has been appointed acting finance minister of Israel, Globes reported. The appointment comes on top of his current role as head of the ministry's national infrastructures department.
MARKETS
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Sheryl Obejera, Abdelghani Henni, Pádraig Belton and Nelson Siqueira contributed to this report.
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