* United Arab Emirates-based Zeta Investment has offered to acquire a 90% stake in Abu Dhabi Islamic Bank - Egypt (SAE) unit Alexandria National Co. For Financial Investment SAE for 5.51 Egyptian pounds per share, Mubasher reported, citing a bourse filing.
GULF COOPERATION COUNCIL
* Al Rajhi Banking & Investment Corp., Saudi Arabia's second-biggest lender by assets, recorded a 4.3% year-over-year increase in full-year 2020 profit to 10.60 billion riyals from 10.16 billion riyals despite booking higher impairment charges over the period.
* Abu Dhabi Commercial Bank PJSC reported a fourth-quarter 2020 net profit of 1.01 billion UAE dirhams, down from 1.05 billion dirhams a year earlier. For full-year 2020, the lender's net profit dropped year over year to 3.81 billion dirhams from 5.24 billion dirhams.
* Saudi Arabia-based National Commercial Bank and Samba Financial Group received central bank approval for their merger, with the combined entity resulting from the tie-up to be named Saudi National Bank.
* Qatar-based Commercial Bank (PSQC) is looking to boost its operations in Turkey, with CEO Joseph Abraham affirming the lender's commitment to the market, Bloomberg News reported. The lender also posted a full-year 2020 net profit attributable to equity holders of 1.30 billion riyals, down from 2.02 billion riyals in 2019.
* Fitch Ratings revised to negative from stable the outlook on Kuwait's long-term foreign-currency issuer default rating while affirming it at AA, citing near-term liquidity risk linked to the "imminent depletion of liquid assets" in the country's General Reserve Fund in the absence of parliamentary authorization permitting new debt issuance.
* The Saudi Stock Exchange (Tadawul) will publish this year a timeline on its plan to launch an IPO, with a view that the listing could happen within two years, CEO Khalid Alhussan told Reuters.
* The UAE's central bank fined 11 local banks a total of 45.8 million dirhams for failing to reach appropriate levels of compliance on anti-money laundering and sanctions by the end of 2019, but did not name the lenders.
* First Abu Dhabi Bank PJSC appointed Clarence Singam-Zhou to the newly created role of head of international banking.
* National Bank of Oman SAOG has accepted Chief Risk Officer Salma al-Jaaidi's request to retire early, effective Aug. 1.
* Solidarity Saudi Takaful Company CEO Bader bin Khalid Al-Anzi tendered his resignation due to personal reasons, Argaam reported.
* Yaqub al-Meshari resigned as finance director of Kuwait-based Al Manar Financing and Leasing Company KSC (Closed), with his last day of office being April 30.
* Qatar could see more consolidation among local banks, particularly those with limited pricing power and weaker franchises, driven by pressure on profitability caused by the coronavirus pandemic, according to Fitch Ratings.
* The Kuwait Investment Authority has refused to comply with an order to give up sensitive documents related to a lawsuit with former managers at its London branch, saying its diplomatic immunity protects it from such orders, Bloomberg reported.
* Switzerland's NPB Neue Privat Bank AG and Cypriot investment company ALMHA agreed to set up a joint venture in the UAE that would offer wealth advisory services, finews.com reported.
* The Public Investment Fund of Saudi Arabia is expected to boost the size of a loan it plans to issue to up to $15 billion from between $5 billion and $7 billion previously after seeing strong demand from lenders, insiders told Bloomberg.
* A U.K. court allowed Arif Naqvi, the founder of collapsed UAE-based private equity firm The Abraaj Group, to be extradited to the U.S., where he faces allegations of defrauding investors, Reuters reported.
* Bahrain's central bank approved a request by National Bank of Bahrain BSC to postpone the election of its board of directors for the next term due to begin in March and extend the current term of its board until September.
REST OF MIDDLE EAST
* Israel Discount Bank Ltd., along with unit Mercantile Discount Bank Ltd., agreed to pay roughly A$138 million, or about 343 million Israeli shekels, to settle a tax case related to claims and actions made against the banks by several companies linked to an Australian family.
* Central Bank of Iran Governor Abdolnasser Hemmati said the regulator is moving to lower interbank interest rates to reach its inflation target for the first fiscal quarter, the Financial Tribune reported.
* Lebanese central bank Governor Riad Salamé has been charged with dereliction of duty and breach of trust over the purported misuse of U.S. dollars the regulator provided to the public in 2020, Bloomberg reported.
* Yemen's central bank refuted allegations by monitors from the U.N. that it misused deposits and took part in money laundering and foreign exchange manipulation, Arab News reported.
* Arab Jordan Investment Bank, Safwa Islamic Bank and Capital Bank of Jordan said their boards approved proposals to distribute cash dividends equal to 10%, 6% and 12% of their paid-in capital, respectively, to shareholders.
* Israel's central bank said the government will provide guarantees totaling $750 million to reinstate credit insurance, after some credit insurance firms ceased providing insurance coverage to certain industries seriously affected by the coronavirus crisis.
NORTH AFRICA
* Algeria's central bank gave commercial banks a six-month extension to increase their regulatory capital to 20 billion dinars, after at least four banks missed the 2020-end deadline, Financial Afrik reported.
* Tunisie Valeurs Société anonyme acquired a 98.4% stake in BIAT Asset Management and appointed Hatem Saighi its new CEO and Mohammed Fadhel Abdelkefi chairman of the board, according to Il Boursa.
* Spanish private equity firm Mediterrània Capital Partners Ltd. sold the remainder of its 49% stake in Morocco-based money transfer company Cash Plus SA, according to Financial Afrik.
Abdelghani Henni and Pádraig Belton contributed to this report.
