GULF COOPERATION COUNCIL
* Asset managers based in the Gulf region will likely see steady growth over the next 10 years on the back of the region's diversification from oil and encouragement of foreign investment, Moody's said in a report. However, the agency cautioned that firms will be challenged by increased asset inflows testing their capacity constraints and demand from clients for a broader range of products and lower fees.
* Standard Chartered PLC is conducting an internal review of approximately 8,000 customer accounts at its private bank following a discovery that it cannot explain the sources of wealth for some of its clients, Bloomberg News reported. As per a previously unreported Dubai regulatory review conducted in 2017, the bank lacked current addresses and phone numbers for some customers and lacked information on how these and other clients built up their wealth, insiders said. StanChart is now hoping to finish the cleanup process, with its global head for private banking and wealth management, Didier von Daeniken, among executives slated to meet with Dubai regulators this month.
* The Dubai International Financial Centre is now home to more than 100 financial technology firms, representing a threefold increase from 2018-end, Arabian Business reported, citing DIFC Authority CEO Arif Amiri.
* S&P Global Ratings affirmed the long-term local-currency issuer credit and financial strength ratings of Al Buhaira National Insurance Co. PSC at BB+, with a negative outlook.
* Following the Sept. 14 drone attacks on Saudi Arabian Oil Co.'s Abqaiq processing facility and the Khurais field, Saudi officials are considering delaying the oil giant's IPO, several media outlets reported. Although the oil giant is expected to go ahead with presentations to analysts and meetings with bankers as planned, Saudi Energy officials and Aramco executives are discussing rescheduling the IPO until the company's production levels have returned to normal.
* Some of Qatar's largest banks may need to raise capital to comply with Basel IV's stricter capital requirements ahead of its introduction in 2022, and in the nearer term, the country's banking sector must also take steps to prepare for the introduction of VAT, according to an S&P Global Market Intelligence report.
* Hamad Salah Hamad al-Dhakir has resigned as chairman and board member of Al Madar Finance & Investment Co. (K.S.C.P.), effective from Sept. 16. The Kuwait-based company also said that assisting CEO of supervision and head of compliance and commitment Mazan Mohammed Medhat Sadqi has resigned, with his last date in office being Dec. 16.
* Kuwait's central bank amended regulations of corporate governance for local lenders, enabling them to add independent members to their boards of directors and subcommittees, Banker Middle East reported.
* Arzan Financial Group for Financing and Investment - KPSC secured regulatory approval to buy and sell no more than 10% of its issued capital.
* Unicap Investment and Finance Company K.S.C.P. said it has received the approval of a local bank to get a credit facility of 20 million Kuwaiti dinars. The company will disclose the details at a later stage.
REST OF MIDDLE EAST AND NORTH AFRICA
* Israeli voters are heading to the polls today, with Prime Minister Benjamin Netanyahu, who is seeking a fifth term, going against main rival former armed forces chief Benny Gantz, multiple media outlets including Reuters and The Guardian reported.
* S&P Global Ratings affirmed Jordan's long- and short-term sovereign credit ratings B+/B, with a stable outlook. The agency also affirmed the country's short-term debt and senior unsecured ratings at B and B+, respectively.
* Fitch Ratings downgraded the long- and short-term issuer default ratings Bank Audi SAL and Byblos Bank SAL to CCC/C from B-/B. The rating agency also downgraded the Lebanese lenders' viability ratings to "ccc" from "b-," and affirmed their 5 support ratings and No Floor support rating floors.
* The nonperforming loan allocations taken by banks in Egypt had fallen to 122.27 billion Egyptian pounds as of June-end from 125.22 billion pounds as of May-end, Daily News Egypt reported, citing central bank data.
* Abdelkader Bensalah, Algeria's interim president, has announced that the country's first presidential elections since the resignation of Abdelaziz Bouteflika last April will be held Dec. 12, Agence Ecofin reported. It is the second election announcement in less than three months.
EAST AND WEST AFRICA
* Portugal's president, Marcelo Rebelo de Sousa, rubber-stamped plans for state-run bank Caixa Geral de Depósitos SA to sell its stake in Cape Verde's Banco Comercial do Atlântico SA, but expressed concern that the sale would weaken the Portuguese presence in the African nation's financial system, Lusa news agency reported. The sale of the unit is part of a restructuring plan for CGD that also stipulated the sale of other foreign operations including units in Spain, South Africa and Brazil. Banco Comercial do Atlântico, which has 34 branches, posted a €1 million loss last year due to a court ruling affecting its pension fund.
* S&P Global Ratings affirmed the B/B long- and short-term sovereign credit ratings of Nigeria, with a stable outlook. Also affirmed were the country's long- and short-term national scale ratings of ngA/ngA-1 and senior unsecured rating of B.
* Nigeria's Stanbic IBTC Holdings PLC
* CalBank Ltd. unit CAL Brokers Ltd intends to withdraw its membership from the Ghana Stock Exchange and exit the brokerage business. The bourse said it will review the firm's application. The move is a normal business decision and not related to any regulatory breaches, insiders told Joy Online.
* Banks in Ghana will absorb the cost of the envisaged Deposit Protection Insurance Corp. when it launches next month, Alhassan Andani, president of the Ghana Association of Bankers, told Citi Business News. Andani added that the new deposit insurance scheme would charge no bill against bank customers.
CENTRAL AND SOUTHERN AFRICA
* New Development Bank, or BRICS Bank, will provide 7 billion rand to South Africa for the country's road projects, its first loan to be given in local currency, Bloomberg News reported.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: ADB head may quit soon; Moody's downgrades Hong Kong outlook
Europe: LSE rejects HKEX's £32B offer; ex-Deutsche CEO becomes Man Group chair
Latin America: IMF may stall funding to Argentina; SoftBank to double stake in Banco Inter
North America: GSEs' cap structure revised; HBT Financial files for IPO; 2 NY CUs to merge
Global Insurance: PG&E settles $11B of claims; Progressive profit down; Dorian, Faxai losses
Erin Tanchico, Henni Abdelghani, Sophie Davies and Helen Popper contributed to this report.
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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
