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Saudi Arabia's NCB posts YOY rise in Q4'17 profit; Kenya eyes 1st green bond

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Saudi Arabia's NCB posts YOY rise in Q4'17 profit; Kenya eyes 1st green bond

* The head of the influential Bank for International Settlements, Agustín Carstens, said authorities, particularly central banks, must be prepared to act against the "invasive spread" of cryptocurrencies to safeguard consumers and investors and preserve financial stability.

* Investec Group, which comprises London-listed Investec Plc and Johannesburg-listed Investec Ltd., said three of its "founding members" will step down and hand over to what the company called the next generation of leadership. CEO Stephen Koseff and Managing Director Bernard Kantor will step down Oct. 1. Fani Titi and Hendrik du Toit were named CEO-designates, effective April 1, and will become joint CEOs Oct. 1, among other changes in top management.

MIDDLE EAST AND NORTH AFRICA

* National Commercial Bank's fourth-quarter 2017 net profit rose to 2.56 billion Saudi Arabian riyals from 2.29 billion riyals in the same period in 2016, driven by an improvement in operating expenses and higher other nonoperating income. For full year 2017, the bank reported net profit of 9.80 billion riyals, up from 9.32 billion riyals in 2016.

* HSBC, JPMorgan and Mitsubishi UFJ Financial Group are said to have leading roles in the refinancing of Saudi Arabia's existing $10 billion syndicated loan, with loan syndication expected to be completed this month, insiders told Reuters.

* Qatar-based lender Masraf Al Rayan (QPSC) and investment firm Amwal QSC intend to list exchange-traded funds in Qatar's stock market in the first quarter, insiders told Reuters. Masraf Al Rayan is said to be planning to raise 400 million Qatari riyals from investors for an ETF.

* Qatar National Bank (QPSC) is raising $1.38 billion in privately placed bonds as part of efforts to diversify funding resources amid the ongoing diplomatic rift between Qatar and a group of its neighboring Arab states, Reuters reported. The issuance is in addition to the bank's recently priced private note of $1 billion.

* Solidarity Saudi Takaful Co. appointed Abdul-Ella Ibrahim Al-Qasimi chairman of its board of directors, replacing Khaled Yusuf Abdullah Janahi, who resigned in June 2017. The insurer named Ashraf Adnan Bseiso to succeed Al-Qasimi as vice chairman of the board.

* The Central Bank of the United Arab Emirates has launched an initiative to develop a national payment systems strategy to ensure that payment systems are interoperable and well-regulated, as part of efforts to transform the country to a cashless society, Gulf News wrote.

* The United Arab Emirates' Securities and Commodities Authority has suspended Investor Financial Brokerage for six months following recurrent irregularities and for not submitting financial reports as stipulated by regulations, Emarat Al Youm reported. The regulator also suspended Al Sharhan for Shares & Bonds for two weeks for executing orders for clients who do not have enough liquidity in their portfolios.

* Dubai Holding LLC CFO Amit Kaushal was named CEO, replacing Edris Alrafi, Bloomberg News reported.

* Central Bank of Egypt Governor Tarek Amer said the regulator intends to begin easing monetary policy soon but first wants to ensure inflation is under control, Bloomberg News wrote.

* Separately, Amer said the central bank plans to launch a digital bank to deal with payments and other electronic financial services, Al-Masry Al-Youm reported.

* The Central Bank of Egypt signed a memorandum of understanding with the Monetary Authority of Singapore in the field of financial services and financial technology, Al-Masry Al-Youm reported.

* Abu Dhabi Islamic Bank - Egypt (SAE) CFO Soha Sayed Mohamed Ali El-Turky has resigned from his post, effective Feb. 21, Reuters reported.

* Morocco's Banque Marocaine du Commerce Extérieur SA announced it will launch new banking products in its majority-owned subsidiary in the Republic of the Congo, La Congolaise de Banque SA, Financial Afrik said. The products will include a range of new electronic money products, as BMCE attempts to establish itself as one of the seven major pan-African banking groups.

EAST AND WEST AFRICA

* The Kenyan government plans to issue its first green bond in the 2018-2019 fiscal year, Business Daily Africa reported.

* Nigeria-based Fortis Microfinance Bank PLC said that due to accounting irregularities observed in the third quarter of 2017, previous financials filed with regulatory authorities and released to the public may have been impacted and may need to be restated where necessary. The bank is also in talks with a group of foreign lenders about the possible restructuring of its existing facilities.

* The Bank of Ghana said it is taking steps to make the country's Deposit Protection Act operational by April following some revisions, according to Citi Business News.

* GCB Bank Ltd. has completed its integration of the systems of the failed lenders UT Bank Ghana Ltd. and Capital Bank Ltd. GCB Bank also retained 22 of the 53 branches of the defunct institutions and absorbed nearly 70% of their permanent staff.

* Ivory Coast plans to sell bonds worth as much as $1.2 billion in a series of tranches denominated in euros and U.S. dollars, and possibly in CFA francs, insiders told Bloomberg News.

CENTRAL AND SOUTHERN AFRICA

* The mandatory reserves of Angola's commercial banks increased by 1 billion kwanzas at the end of 2017 after new central bank rules came into force in December 2017, Jornal de Angola reported. According to preliminary data from the country's central bank, deposits rose 8% year over year in the last month of 2017 after it fixed foreign-currency reserve requirements at 15% and 30% for local currency.

* A recent devaluation of Angola's kwanza could deepen this week and exceed a 30% drop since the central bank abandoned a dollar peg at the start of 2018, Novo Jornal reported. The central bank's monetary authority is due to hold this week the fourth foreign-currency auction since launching the new forex regime.

* South African President Jacob Zuma is said to be prepared to resign once a list of preconditions has been finalized, following a deal agreed with African National Congress party leader Cyril Ramaphosa, insiders told Times Live.

* Standard Chartered Bank Botswana Ltd. said the group's full-year 2017 results will be significantly lower than those achieved in the corresponding prior-year period due to a significant impairment booked for one client in the current reporting period.

* Mauritius-based SBM Holdings Ltd. named Andrew Bainbridge group CEO, effective Jan. 27.

* The IMF announced its intention to grant Zimbabwe financial support, Agence Ecofin reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: CBA H1 profit falls; ICICI Securities gets IPO nod

Europe: Lloyds to cut 1,000 jobs; Munich Re FY'17 net profit drops

Latin America: Itaú, Banco ABC Q4'17 earnings up; Bradesco names new CEO

North America: CFPB says Equifax probe ongoing; Fed's C&D won't hurt Wells Fargo: Bove

North America Insurance: State Farm's Calif. wildfire payouts top $1.3B; 2 health insurers boost outlook

Sheryl Obejera, Henni Abdelghani, Pádraig Belton and Helen Popper contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 4 a.m. London time. Some external links may require a subscription.