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More banks post Q3 results; African Bank CEO to step down

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More banks post Q3 results; African Bank CEO to step down

MIDDLE EAST AND NORTH AFRICA

* Qatar Islamic Bank (QPSC) reported third-quarter net profit attributable to equity holders of 610.1 million Qatari riyals, up from 550.1 million riyals a year earlier. For the nine months ended Sept. 30, attributable profit rose on a yearly basis to 1.78 billion riyals from 1.61 billion riyals.

* Riyad Bank reported third-quarter net profit of 1.08 billion Saudi Arabian riyals, up 47.74% from 729 million riyals a year earlier. Net profit for the nine months ended Sept. 30 amounted to 2.97 billion riyals, compared to 3.05 billion riyals in the year-ago period.

* Investcorp has agreed to acquire U.K.-based fall protection solutions provider Kee Safety Ltd. from Dunedin for an enterprise value of £280 million.

* Jordan's government has published a decision granting merging insurance companies tax exemption for three years, Al Ghad reported. The move is aimed at encouraging insurance companies to merge in order to create big insurance conglomerates that can compete in the local market.

* Hassan Ahmed Mohamed Al Nabhani, deputy chairman of Oman International Development & Investment Co. SAOG's board of directors, has resigned from the board with effect from Oct. 16.

* Oman-based AL Ahlia Insurance Co. SAOG's shareholders approved proposals to distribute a cash dividend of 11 baizas per share and replace the company's current board of directors with a new nine-member board, pending approval from the Capital Market Authority.

* Fitch Ratings assigned Co. for Cooperative Insurance (Tawuniya) an insurer financial strength rating of A, with a stable outlook.

* AMP Capital Investors Ltd., a unit of Australia-based AMP Ltd., opened a new representative office in the Dubai International Financial Centre and appointed Sudhanshu Garg as an institutional director.

* Abu Dhabi National Insurance Co. PSC has entered the U.K. market through the opening of a representative office in London under the name ADNIC International Ltd.

EAST AND WEST AFRICA

* Guaranty Trust Bank Plc reported third-quarter unaudited group profit attributable to equity holders of the parent entity of 124.75 billion Nigerian naira, compared to the restated 116.32 billion naira a year earlier.

* The Nigerian Central Bank injected $306.3 million into the country's interbank foreign exchange market, Bamako said.

* The IMF reached a staff-level agreement with Guinea on a program of economic policies and reforms that could be supported by a three-year extended credit facility arrangement. The agreement is expected to be submitted to the fund's executive board for its consideration next month.

* Africa Finance Corp. became the 30th member of the Master Cooperation Agreement established by the International Finance Corp., the investment arm of the World Bank Group. The agreement seeks to enhance cooperation among member development finance institutions.

CENTRAL AND SOUTHERN AFRICA

* African Bank Ltd. CEO Brian Riley intends to step down from his post, effective March 31, 2018, but will remain on the group's board as a director from April 1, 2018. Basani Maluleke, who was appointed to the group's executive team in July, has been identified as a potential successor to Riley.

* A court has found Mauritius Commercial Bank Ltd. guilty of failures of internal regulation under the Financial Intelligence and Anti-Money Laundering Act, with the deputy director of public prosecutions pressing for a fine of 2 million rupees, L'Express said.

* Mauritius-based Bayport Management Ltd. has entered into a series of conditional agreements, pursuant to which the company agreed to dispose of its 51% stake in subsidiary Bayport Financial Services 2010 Proprietary Ltd. to Firefly Investments 326 (Proprietary) Ltd., among others. Bayport Management also entered into agreements to acquire a 51% stake in underwriting manager the Traffic Group, and to be granted an option to acquire of 51% of the issued share capital of Picasso Moon Investments.

* The State Bank of Mauritius, SBM Group and financial technology firm SALT have entered into an exploratory relationship to use blockchain assets as collateral for lending services, Banking Technology and Finextra reported.

* Angola's new president, João Lourenço, may replace Valter Filipe as governor of the country's central bank, Novo Jornal reported. Lourenço questioned the central bank's management of the country's scarce foreign currency supplies and said the government would not rest until the monetary authority was "governed by professionals in the field."

* Angola's Banco BIC SA intends to open a representative office in Macau, Macauhub reported, citing Belarmino Barbosa, the African nation's representative to the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries. Barbosa said Banco BIC Chairman Fernando Teles had asked Macau's government for permission to establish an office in the territory, but a decision on the request has yet to be reached.

* Angolan government-owned oil firm Sonangol owes some $3 billion to mainland Chinese banks, Reuters reported, citing an interview with Chairman Isabel dos Santos. Dos Santos, however, said that Angola is not the next Venezuela, which is struggling to repay debts to Russia and China.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: SBI to buy US virtual currency biz stake; HSBC Australia appoints execs

Europe: No MiFID II delay; Catalonia not backing down; Handelsbanken Q3 profit slips

Latin America: Case vs. Banco Original closed; BNDES loan disbursements fall 20%

North America: SEC may grant reprieve over MiFID; US Bancorp posts higher EPS YOY

North America Insurance: Anthem forms pharmacy benefits manager biz; Assurant to acquire Warranty Group

Sheryl Obejera, Henni Abdelghani, Pádraig Belton and Helen Popper 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.