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Attijariwafa Bank FY'17 profit up 13.3%; Nene back as South Africa finance chief

MIDDLE EAST AND NORTH AFRICA

* Attijariwafa Bank SA reported full-year 2017 consolidated net income group share of 5.4 billion Moroccan dirhams, up 13.3% compared to 2016, primarily driven by the consolidation of Attijariwafa Bank Egypt. The Moroccan lender's board will propose a dividend of 12.5 dirhams per share for 2017.

* Egypt-based Arab Investment Bank plans to set up a new mortgage company with capital of up to 100 million Egyptian pounds, an insider told Amwal Al Ghad.

* The Bank of Israel maintained the interest rate at 0.1%, saying inflation is still trending below the target despite rising expectations.

* Capital Intelligence Ratings affirmed the BB- long-term foreign-currency rating and financial strength rating of Iran-based Bank of Industry & Mine, with a stable outlook.

* Jordan Ahli Bank's board proposed a cash dividend of 5% and a stock dividend of 5% for 2017, according to Reuters.

* Moody's said insurers in most Gulf Cooperation Council countries face moderate credit risk over the next 12 to 18 months, reflecting muted economic growth as a result of low range-bound oil prices and their relatively high exposure to volatile investment assets.

* Qatar Insurance Co. SAQ's shareholders approved increasing the company's capital to 3.2 billion Qatari riyals from 2.7 billion riyals.

* Jassim al-Seddiqi, GFH Financial Group BSC's new chairman, said the Bahrain-based investment company aims to develop business in Saudi Arabia, Reuters reported, citing Al Arabiya.

* The Saudi Arabian government extended foreign investment licenses to a renewable period of up to five years from the previous renewable period of one year, in a bid to strengthen the country's plan to remake its economy, Bloomberg News wrote.

EAST AND WEST AFRICA

* The Central Bank of Kenya is proposing higher capital requirements for microfinance lenders to ensure that they can "demonstrate resilience as evidenced in their capitalization," Business Daily Africa reported. The existing core capital requirement for microfinance banks is 60 million Kenyan shillings.

* Family Bank Ltd. Managing Director David Thuku said the Kenyan lender intends to shutter two branches in the next two weeks and another one in the next six months as part of efforts to cut costs, saving the bank roughly 36 million Kenyan shillings a year, Business Daily Africa reported.

* Guaranty Trust Bank (Gambia) Ltd. Managing Director Bolaji Ayodele is leaving the Gambian unit of Guaranty Trust Bank Plc and will be succeeded by Augustine Adesina Adebesin, The Point reported.

CENTRAL AND SOUTHERN AFRICA

* New South African President Cyril Ramaphosa appointed Nhlanhla Nene as the country's finance minister as part of a cabinet reshuffle, replacing Malusi Gigaba, who returned to his former post of home affairs minister, Reuters and Bloomberg reported. Pravin Gordhan was also reappointed to the cabinet as minister of public enterprises. Both Nene and Gordhan previously served as finance ministers during former President Jacob Zuma's tenure.

* The Banco de Moçambique cut its key MIMO rate by 150 basis points to 18.0%. The central bank also reduced the interest rates on the standing lending facility and standing deposit facility by 150 basis points to 19.0% and 12.5%, respectively.

* MauBank Ltd. CEO Sridhar Nagarajan said an unnamed investor intends to purchase a stake in the Mauritius-based lender and has already conducted due diligence, according to Reuters.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Allianz closes takeover of Sri Lanka insurer; CBA to dispute rate-rigging claims

Europe: Deutsche Bank to float DWS unit; NIBC confirms IPO plans; SEB CFO to leave

Latin America: Banco Inter files for IPO; QBE selling LatAm ops; Fitch downgrades Brazil

North America: JPMorgan agrees to close gender pay gap; Citi to refund $335M to card clients

North America Insurance: Berkshire prepared for $400B cat; D&O liability insurers to face challenges

Leo Magno, Henni Abdelghani, Sophie Davies and Mariana Aldano 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.