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MENA news through Feb. 7

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MENA news through Feb. 7

MIDDLE EAST

* 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. For full year 2017, the bank reported net profit of 9.80 billion riyals, up from 9.32 billion riyals in 2016.

* Abu Dhabi Islamic Bank PJSC reported fourth-quarter 2017 net profit of 607.2 million United Arab Emirates dirhams, up from 455.1 million dirhams in the same period in 2016. For full year 2017, the bank reported net profit of 2.30 billion dirhams, compared to 1.95 billion dirhams a year earlier.

* Saudi Arabia's Capital Market Authority authorized First Abu Dhabi Investment Saudi Co. to conduct arranging and advising activities in the securities business. The license applies to First Abu Dhabi Bank PJSC, which has no branch or representative office in Saudi Arabia, an insider told Reuters.

* Abu Dhabi Commercial Bank PJSC said it received in-principle approval from the Financial Services Regulatory Authority to establish a wholly owned subsidiary in the Abu Dhabi Global Markets.

* Saudi Arabia's Capital Market Authority said the Saudi Arabian Monetary Authority's decision to prohibit Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. from issuing and renewing insurance policies will have a negative impact on the company's financial statements, which in turn may result in the insurer delisting or being suspended from the Saudi stock exchange.

* The United Arab Emirates' Securities and Commodities Authority warned investors against all digital, token-based fundraising activities or investment schemes in the country, reiterating that it does not recognize, regulate or supervise any initial coin offerings presently and that ICO investments are not offered legal or regulatory protection.

* The Islamic Development Bank is to sell its 20% stake in Tunisia-based Banque Zitouna SA to Tunisian investor Groupe Triki for between 80 million dinars and 90 million dinars, insiders told IlBoursa. It comes as Al Karama Holding is currently preparing to launch an international tender for the sale of direct and indirect public stakes in Zitouna.

* Bank Saderat Iran is set to sell shares in five companies on Feb. 20, as part of efforts to reduce the Iranian lender's excess assets, according to the Financial Tribune.

* Central Bank of Iran Governor Valiollah Seif said the regulator plans to issue foreign-currency bonds for the first time to provide more mainstream instruments to those interested in investments in the foreign exchange market, according to the Financial Tribune. The plan is expected to be unveiled within two weeks.

* Tel Aviv Stock Exchange CEO Ittai Ben-Zeev said a deal to sell a controlling stake in the bourse to an undisclosed foreign exchange in April is "for sure," Reuters reported.

* Oman-based Dhofar Insurance Co. (SAOG) said that it has received a letter from the Capital Market Authority withdrawing its decision to suspend some activities of the company due to a deficit in its solvency margin. The company is allowed to continue its licensed activities by the CMA.

* 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.

* Emirates NBD Bank PJSC issued a A$450 million bond as part of a A$1.5 billion kangaroo bond program, Reuters reported, citing a document from one of the banks leading the deal.

* Qatar National Bank (QPSC) has added to a recent $1 billion private debt placement a further $1.38 billion placement and a $3.5 billion syndicated loan. The lender noted that it repaid in full an earlier $3 billion syndicated loan.

* 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.

* Solidarity Saudi Takaful Co. named Abdul-Ella Ibrahim Al-Qasimi chairman of its board of directors. The insurer named Ashraf Adnan Bseiso to succeed Al-Qasimi as vice chairman of the board.

* Dubai Holding LLC CFO Amit Kaushal has been named CEO of the investment company, Bloomberg News reported, citing an emailed statement.

* United Insurance Co. (PSC) appointed Bilal Adhami CEO, effective Feb. 1.

NORTH AFRICA

* The Central Bank of Tunisia maintained its key interest rate at 5%, Reuters reported.

* Tunisian Prime Minister Youssef Chahed wants to replace central bank Governor Chedli Ayari with World Bank official Marouane El Abassi, an unnamed government official told Reuters. It came after data from the central bank showed that the North African country's foreign-currency reserves had dropped to their lowest level in 15 years.

* Meanwhile, the European Parliament confirmed that Tunisia has been added to a blacklist of countries considered to be at "high risk" of money laundering and terrorism financing.

* 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. The central bank also 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.

* Beltone Financial Holding SAE is planning acquisitions in Egypt's leasing and consumer finance sectors, and might plan a microfinance startup, CEO Bassem Azab told Bloomberg News. The Egyptian investment bank is also looking for acquisition opportunities outside Egypt to diversify beyond equities.

* EFG-Hermes Holding SAE intends to increase the number of its investment bankers in Saudi Arabia as part of the company's expansion plans, The National wrote. The Egypt-based firm is also looking to increase its exposure to frontier markets.

* Abu Dhabi Islamic Bank - Egypt (SAE) CFO Soha Sayed Mohamed Ali el-Turky resigned, effective Feb. 21.

* 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.

Henni Abdelghani and Sophie Davies contributed to this report.