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France considers $15B credit line for Iran; South Africa averts recession in Q2

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France considers $15B credit line for Iran; South Africa averts recession in Q2

* Jean-Yves Le Drian, France's foreign minister, said the country is leading an initiative to offer Iran an international credit line of $15 billion in a bid to reduce tensions between the Middle East nation and the West and save the 2015 nuclear accord, the Financial Times reported.

GULF COOPERATION COUNCIL

* Banking software provider CR2 and Dubai-based payments firm Network International Holdings PLC have teamed up to deliver mobile banking as a managed hosted service in the Middle East and Africa, allowing banks to quickly deploy and effectively manage their mobile banking services.

* Union Insurance Co. PJSC named Ramanathan Vaidyanathan CFO, replacing Hari Prasad, who has resigned. The Dubai, United Arab Emirates-based company also noted that Chief Information Officer Anshul Srivastav has submitted his resignation for personal reasons.

* Kuwait's Capital Markets Authority renewed the securities activities license of Boursa Kuwait Securities Co. KPSC.

* Doha Bank QPSC has partnered with Nepal's Global IME Bank Ltd. to allow Nepalese expatriates residing in Qatar to instantly transfer funds to their Global IME Bank accounts and other Nepalese bank accounts, The Peninsula reported.

* S&P Global Ratings affirmed Doha Insurance Group QPSC's insurer financial strength and issuer credit ratings at A-, with a stable outlook.

* Riyad Bank's shareholders will elect a new board of directors Sept. 30, Argaam wrote.

REST OF MIDDLE EAST AND NORTH AFRICA

* Lebanese central bank Governor Riad Salamé said he is following developments related to Jammal Trust Bank SAL and reiterated that deposits with the U.S. sanctions-hit lender are safe, The Daily Star wrote. The U.S. Treasury recently imposed sanctions on the firm for allegedly facilitating banking activities for militant group Hezbollah.

* Barclays Bank (Suisse) SA hired Amit Ben Sira, Ehud Goren, Shahar Orbach and Mor Chasson from Swiss banking group Credit Suisse Group AG for its new Israel desk in Zurich, finews.com reported. Jonas Lindholm and Daniel Webb will also join the new desk from HSBC Holdings PLC.

* Shareholders of Egypt-based CI Capital Holding Co. SAE approved a plan to increase the company's issued and paid-up capital by 255.8 million Egyptian pounds, Arab Finance reported, citing a bourse filing.

* Egypt's Financial Regulatory Authority approved Delta Insurance Co.'s plan to increase its authorized capital by 130 million Egyptian pounds, Arab Finance reported.

* Shareholders of Egyptian automaker and nonbank financial services provider GB Auto SAE agreed to allow the company's management to merge the firm with unit RG Investment SAE, Arab Finance wrote.

EAST AND WEST AFRICA

* The Association of Kenya Insurers developed a digital motor insurance certificate, saying the move will reduce fraud in the industry by ensuring that only one certificate is issued per vehicle, Daily Nation wrote.

* Fitch Ratings affirmed Rwanda's long- and short-term foreign- and local-currency issuer default ratings at B+/B and its country ceiling at B+, with a stable outlook on the long-term ratings.

* Moody's affirmed Uganda-based East African Development Bank's long-term issuer rating at Baa3 and maintained the stable outlook.

* Cyber fraudsters attempted to steal at least 325.9 million Ghanaian cedis from Ghana-based financial firms last year, with the amount representing a 190% increase from the value in 2017, Citi Business News reported, citing the Bank of Ghana's 2018 report on fraud in the banking sector. Banks also lost 19.1 million cedis for the period from employee fraud, the news agency reported.

* A Ghanaian court has adjourned to Sept. 19 the hearing of a case relating to the Bank of Ghana's revocation of the defunct Unicredit Savings and Loans Ltd.'s license after the central bank was unable to serve the company's lawyers with a motion they filed concerning the case, Citi Business News reported.

* African Development Bank President Akinwumi Adesina approved the appointment of Takashi Hanajiri to head of the Asia external representation office in the bank's Tokyo office, effective Aug. 16.

CENTRAL AND SOUTHERN AFRICA

* South Africa avoided a second consecutive recession in the second quarter, following a recovery in mining and finance, data from Statistics South Africa showed.

* Shareholders in Vox Telecom Ltd., namely FirstRand Ltd. unit Rand Merchant Bank, Metier Private Equity Ltd. and the South African fiber network operator's management agreed to buy out Investec Ltd.'s stake in Vox as part of a 2 billion rand recapitalization for the company, Vox CEO Jacques du Toit told Bloomberg News. Investec owns roughly one-third of Vox.

* The Land & Agricultural Development Bank of South Africa will split its operations into several business units to provide better services to emerging farmers, Business Day reported.

* South Africa-based private equity firm African Equity Empowerment Investments Ltd. named Moleboheng Gabriella Mosia and Gaamiem Colbie nonexecutive directors of its board, effective Aug. 30.

* Mozambique's government is appealing to the U.K. High Court of Justice to order Swiss bank Credit Suisse Group, shipbuilder Privinvest and others to share responsibility for the repayment of a $727 million eurobond that it is restructuring, according to a document sent to bondholders and seen by Bloomberg News. Meanwhile, Mozambican prosecutors asked a local court to order the seizure of cash and assets illegally acquired by 20 suspects involved in the country's $2 billion hidden debt scandal, AllAfrica reported, citing Noticias.

* Mozambique's central bank lowered the reserve requirements for local currency deposits by 1 percentage point to 13% in a move aimed at boosting bank lending, O País reported. The change would take effect Sept. 7. Foreign currency reserve requirements were kept unchanged at 36%.

* African Export-Import Bank granted a $10 million loan to Democratic Republic of Congo-based Sofibanque SA Inc. to assist it in meeting international compliance requirements and developing correspondent relationships, according to Financial Afrik.

* The IMF urged the Congo's central bank to increase its foreign reserves to allow it to stabilize the market, noting that recapitalizing the regulator will help strengthen its independence and boost its ability to promote financial stability and conduct monetary policy.

* São Tomé and Príncipe Prime Minister Jorge Bom Jesus said his government would seek to negotiate the pardon of more than $300 million in foreign debt, Macauhub reported, citing an interview with Deutsche Welle Africa.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Deutsche Bank, BNP Paribas get Chinese underwriting license; Suncorp eyes sale

Europe: UK PM warns of snap elections; Lloyds, Tesco in £3.8B deal; Rabobank sells CoCos

Latin America: Caixa Q2 profit jumps 21.6%; S&P warns of economic risks for Argentine banks

North America: Goldman eyes German fintechs; Mass. bank plans conversion; Maine CUs to merge

Global Insurance: Dorian weakens; UK losing insurance business; Rolls-Royce engine liability

Deza Mones, Henni Abdelghani, Pádraig Belton and Helen Popper contributed to this report.

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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.