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In This List

KCB bets on South Sudan; S&P lifts Rwanda; Mozambique's debt scandal crackdown

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KCB bets on South Sudan; S&P lifts Rwanda; Mozambique's debt scandal crackdown

* The U.K. Serious Fraud Office added charges of actual fraud to the indictment brought against three former Barclays PLC executives — Roger Jenkins, Thomas Kalaris and Richard Boath — over the bank's controversial 2008 cash calls with Qatari investors. This indictment is in addition to the existing counts of conspiracy to defraud, and a criminal trial is set to begin in October.

GULF COOPERATION COUNCIL

* The Saudi Arabian Monetary Authority has updated its regulations on consumer financing for goods and services through registered lenders and eased some regulatory requirements to secure a financing license for agencies offering financing for consumers, Argaam reported.

* Saudi Arabian Oil Co. is accelerating the timeline for its IPO to as soon as early 2020 in hopes of capitalizing on the positive international reaction to the company's bond sale in April, sources told The Wall Street Journal. After shelving plans for an IPO in 2018, Saudi Aramco restarted preparations in July to push through the offering by 2021.

* Capital Intelligence Ratings affirmed Oman's BBB-/A3 long- and short-term foreign- and local-currency ratings. The outlook on the ratings remains stable.

* AM Best revised the outlooks to negative from stable and affirmed the A financial strength rating and "a" the long-term issuer credit ratings of Gulf Insurance Group KSCP and subsidiary Gulf Insurance & Re-insurance Co. KSC (Closed).

REST OF MIDDLE EAST AND NORTH AFRICA

* Barak Capital Ltd. and Leader Underwriters submitted a binding offer to acquire IDB Development's 20.3% stake in Israel-based insurance firm Clal Insurance Enterprises Holdings Ltd. for 630 million Israeli shekels, Globes reported.

* A U.S. jury in Maryland found former CEO of Israel-based binary options firm Yukom Communications Lee Elbaz guilty of wire fraud and conspiracy through the sale of $145 million of binary options, Reuters wrote. Prosecutors claimed Elbaz, who is set to be sentenced Dec. 9, and several associates defrauded investors by misrepresenting the potential returns of their investments, among others.

* Moody's affirmed the Baa1 issuer and senior unsecured debt ratings of African Export-Import Bank, with a stable outlook.

* AM Best upgraded the long-term issuer credit rating to "bbb+" from "bbb" and affirmed the financial strength rating of B++ of Egypt-based Arab Misr Insurance Group Co. SAE. The outlook is stable.

EAST AND WEST AFRICA

* S&P Global Ratings upgraded Rwanda's long-term sovereign credit and senior unsecured ratings to B+ from B and affirmed the country's B short-term sovereign credit rating. The outlook was revised to stable from positive.

* Kenyan lender KCB Group PLC intends to increase its investments in unit KCB South Sudan Ltd. by reopening branches and introducing mobile banking in South Sudan, Bloomberg News wrote, citing Roba Waqo Jaldesa, the unit's managing director. The lender also aims to grow its customers from about 122,000 currently to 200,000 by the 2020-end. KCB previously closed 12 of its 23 branches in South Sudan amid hyperinflation brought by a five-year civil war and shortages in foreign currency.

* Tanzania-based CRDB Bank PLC reported after-tax group net income of 30.39 billion shillings for the second quarter, up from 19.60 billion shillings a year ago. For the first half, the lender's after-tax group net income also rose on a yearly basis, to 61.08 billion shillings from 29.33 billion shillings.

CENTRAL AND SOUTHERN AFRICA

* Mozambique has indicted 20 individuals, including the son of former President Armando Guebuza, on charges including money laundering and corruption in relation to $2 billion in controversial loans extended to three state-owned firms, Bloomberg reported. Former Mozambique Finance Minister Manuel Chang, who has been in custody in South Africa since his arrest in December 2018 on U.S. charges over his alleged involvement in the debt scandal, could also face legal action in Mozambique after resigning as a lawmaker in July.

* Mozambique's central bank launched a branch in the Xai-Xai District in the Gaza province, O País wrote. The president expects the presence of Banco de Moçambique to attract other banks and financial institutions to the region.

* Standard Bank Group Ltd. is now earning more per staff after the South African lender reduced its headcount by almost 2,100, in the year ended June 30, according to an analysis by Bloomberg.

* TymeBank Deputy CEO Tauriq Keraan was promoted as CEO of the South African digital lender, replacing Sandile Shabalala.

* S&P Global Ratings affirmed the South Africa national scale rating of Sanlam Life Insurance Ltd.'s at "zaAAA" and that of parent Sanlam Ltd. at "zaAA."

* South African Reserve Bank Governor Lesetja Kganyago said his country does not need financial assistance from the IMF yet as South Africa's economic problems are still within control, Bloomberg reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: HSBC Greater China chief quits; 400,000 NAB customers eligible for class action

Deza Mones, Henni Abdelghani, Sophie Davies and Mariana Aldano contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 5 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

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.