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MENA news through May 23

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MENA news through May 23

MIDDLE EAST

* Emirates NBD Bank PJSC finally entered into a definitive agreement to acquire PAO Sberbank of Russia's entire 99.85% stake in Turkey-based DenizBank AS for a consideration of 14.6 billion Turkish lira.

* Dubai-based Abraaj Group Ltd. is in advanced discussions with U.S.-based Cerberus Capital Management LP and Colony NorthStar Inc. for the sale of its private equity business in a potential deal that could be valued at up to $600 million, insiders told the Financial Times.

* Meanwhile, TPG Capital Management LP is in talks to take over the management of Abraaj's $1 billion healthcare fund, The Wall Street Journal reported.

* The United Arab Emirates' cabinet approved measures that would allow foreign investors 100% ownership in UAE-based businesses by the end of 2018, Reuters reported, citing state news agency WAM.

* Kuwait's Noor Financial Investment Co. is in discussions with six global investors to sell a 9.59% stake in Pakistan-based Meezan Bank Ltd., insiders told Reuters.

* The initial price guidance for a planned benchmark-sized U.S. dollar-denominated bond issue of Qatar's Commercial Bank PSQC was set in the area of 237.5 basis points over midswaps, Reuters wrote.

* Saudi Arabia-based National Commercial Bank named Saeed Mohammed al-Ghamdi chairman and Rashid Ibrahim Sharif vice chairman.

* U.S. Secretary of State Mike Pompeo warned Iran that it would face "the strongest sanctions in history" if it fails to change its behavior as he outlined Washington's demands following its withdrawal from an international agreement designed to prevent Tehran from developing nuclear weapons.

* The Iranian Ministry of Foreign Affairs criticized the U.S. for imposing sanctions on Central Bank of Iran Governor Valiollah Seif, saying the move is a sign of its "blatant defiance of well-established international norms and rules including immunity of governments and central banks."

* The European Commission is looking at ways for EU governments to directly transfer payments and funds to the Central Bank of Iran to sidestep U.S. sanctions against Iran, an unnamed EU official told Reuters.

* DZ Bank AG will completely suspend its foreign payment transactions related to Iran, effective July 1, following U.S. President Donald Trump's decision to withdraw from the nuclear pact agreed with the Middle Eastern country in 2015, Reuters reported.

* Swiss-Iranian Chamber of Commerce Chairman Sharif Nezam-Mafi said a number of Swiss companies were planning to shutter their units in Iran, according to the Financial Tribune. Swiss Re AG has yet to decide on the matter, awaiting further guidance from U.S. authorities and the EU, Reinsurance News reported.

* Bahrain Insurance Association board member Mohammed Jawad said insurance firms in the country are finalizing a unified comprehensive motor insurance policy, with the Central Bank of Bahrain set to issue a dedicated law governing it by mid-2018, Alayam reported.

* Bank Leumi le-Israel BM closed its sale of a 15% stake in Bank Leumi Le-Israel Corp., the U.S. bank holding company of Bank Leumi USA, to Endicott Management Co. and MSD Capital LP for a deal value of about $141 million.

* Israel Discount Bank Ltd. will pay a first-quarter dividend of 2.75 Israeli agorot per ordinary share of 10 agorot par value, marking its return to paying out dividends since 1996.

* The Israel Antitrust Authority is set to block the merger between Mizrahi Tefahot Bank Ltd. and Union Bank of Israel Ltd. in the week of May 28, insiders told Globes.

* Despite its opposition to deposit insurance, Israel's Finance Ministry has reportedly reached a compromise with the Bank of Israel that it would provide deposit insurance solution as a starting benefit for new digital banks established in the country, according to Globes.

* Tel Aviv Stock Exchange Ltd. CEO Ittai Ben-Zeev said the sale of 19.9% of the exchange to Manikay Partners LLC is facing opposition in Israel, CTech wrote.

* The Central Bank of Iraq ordered all financial institutions within the country to stop all dealings with Al-Bilad Islamic Bank for Investment & Finance PSC, Emirati newspaper The National reported.

NORTH AFRICA

* Egypt's central bank maintained the rate of its main operation at 17.25% and the overnight deposit rate and overnight lending rate at 16.75% and 17.75%, respectively.

* Egypt-based investment bank Beltone Financial Holding SAE is considering acquiring a significant stake in Togo-based African banking group Oragroup SA.

* Misr Insurance Holding Co. plans to list units Misr Insurance Co. and Egypt Life Insurance Co. on the local stock exchange, Al-Masry Al-Youm reported.

* The Central Bank of Libya has ordered its unit responsible for tracking money-laundering crimes to look into several local firms accused by the country's audit bureau of smuggling hard currency via documentary letters of credit, Libya Herald reported.

* Attijari Bank said it would allocate new shares to existing shareholders to increase its share capital to 203.7 million Tunisian dinars from 198.7 million dinars, Il Boursa reported.

Henni Abdelghani and Pádraig Belton contributed to this report.