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Attijariwafa comes to Chad; Saudi shares rally

MIDDLE EAST AND NORTH AFRICA

Attijariwafa comes toChad: Attijariwafa BankSA received regulatory permission to open a subsidiary in Chad,bringing to 14 the number of African countries where it is present, Jeune Afrique says.Chad's government rejected Attijariwafa's attempt in 2012 to privatizeCommercial Bank Tchad.

* BanqueMarocaine du Commerce Exterieur yesterday reported an 18% year-over-year rise in first-half net profit to1.25 billion Moroccan dirhams, mainly attributable to higher margins in thelocal market, Reuters reports. The bank is working on establishing an Islamic unit with following the Moroccan parliament's approval of a bill regulating Islamic lendersand sukuk issuances.

* Central Bank of Egypt Governor Tarek Amer will discussGermany's support for the $12 billion three-year extended fund facilityagreement between Egypt and the IMF, which is awaiting approval from the fund'sexecutive board, Ahram reports.Amer will also meet with senior German officials, including Deutsche BundesbankPresident Jens Weidmann, to fortify financial and monetary relations betweenthe two nations.

* AfricanExport-Import Bank namedAmr Kamel executive vice president in charge of business development andcorporate banking. Kamel was formerly director of banking operations at thelender.

* Gulf BankKSCP said CEO Sizer Gonzeles tendered his resignationdue to personal reasons, adding that his last day in office will be Nov. 30.

* The capital adequacy ratio of Kuwaiti banks rose to 17.9%in the second quarter from 17.5% in the first quarter, Al-Qabas writes.

* Fitch Ratings said large SaudiArabian lenders continue to report liquidity coverage ratios above 100% despitea 30% outflow of government-related deposits from the sector since oil pricesfell sharply in November 2014, indicating that the banks' liquidity positions,at least in the short term, are resilient.

* Saudi Arabian banking shares rallied yesterday followingthe Saudi Arabian Monetary Agency's announcement that it will pump 20 billionriyals into the local banking system and launch two new money marketinstruments to counter the surge in market interest rates due to the slump inoil prices, Reuters reports.The main index climbed 0.7% as three-quarters of the banking shares rose.

* Saudi Arabian inflation figures for 2016 declined to thelowest level in August, to 3.3%, compared to 3.8% in July, Argaam notes.

* The board of the Securities Depository Center of SaudiArabia approved the appointment of Mamdooh Saud AlSedairy as CEO.Most recently, he was chief information officer of the Saudi Stock Exchange.

* Takaful Emarat, a premier Sharia-compliant life and healthinsurance provider in the UAE, saidCFO Mohammad Iqbal Basha resigned as of Sept. 22. Adnan Sabaalaish wasappointed financial controller.

*Jordan's proposal to implement social health insurance willhave a negative impact on the private sector, mainly private insurancecompanies and hospitals, Addustour citesJordan Chamber of Commerce President Nael Kabariti as saying.

* Iran on Sunday introduced credit cards for the first time,Al Arabiya says,citing the Iranian Students' News Agency. Central Bank of Iran GovernorValiollah Seif noted that it could be a while before credit cards are usedwithin the banking network.

* The Bank of Israel kept its interest rate for October unchangedat 0.1% as short-term inflation expectations remained below the lower bound ofthe inflation target range, the Israeli shekel strengthened against the U.S.dollar, and home prices stabilized. The central bank's interest rate isexpected to remain at 0.1% in the coming year, and to increase to 0.25% towardthe end of 2017.

* IsraelDiscount Bank Ltd.'s board approved increasing the lender's equityvia a uniform public issuance of shares and/or share warrants, in an aim toincrease the bank's profitability and improve its efficiency ratio and ROE. Thelender will launch the sale at a minimum price of 6.75 shekels per share, aninsider tellsBloomberg News.

* Bank Leumile-Israel BM will cut the annual salaries of Chairman David Brodetand CEO Rakefet Russak-Aminoach to 2.5 million shekels each in 2017 as part ofa new compensation plan and in accordance with the new law capping executivesalaries at financial institutions, Globeswrites.

EAST AND WEST AFRICA

London-based Ghanaianbank plans East Africa expansion: Ghana International Bank Plc, a Ghanaian-ownedinternational bank based in the City of London, intends to soon launchoperations in several East African nations, including Rwanda, Tanzania andZambia, in an aim to boost Ghana's trade finance, Citi Business News reports,citing Mark Arthur, executive director of the lender.

* The Banque Centrale des Etats de l'Afrique de l'Ouestdemanded 50 billion CFA francs from Ivory Coast, saying this amount was stolenfrom its Ivorian operations in the past decade, Financial Afrik reports.

* Employees of Guinea's banks, insurers and micro-financefirms will participate in an industrial action on Wednesday, Guinée News reports.

* The African Development Bank will grant Nigeria a $4.1billion loan over 2016 and 2017, and $10 billion by 2019, to boost thecountry's economy as it looks to get out of recession, Reuters reports,citing Akinwumi Adesina, the bank's president.

* Diamond BankPlc forecasted that it would exceed the expectations of itsshareholders at the end of the current financial year, and beyond, The Nation reports,citing CEO Uzoma Dozie.

* France-based Proparco and Germany's DEG will increasetheir stakes in I&M HoldingsLtd. from the current 10.68% in the bank's upcoming rights issue, Daily Nation reports.

CENTRAL AND SOUTHERN AFRICA

Futuregrowth lifts suspension on Land Bank debt: Fixed-income asset manager Futuregrowthlifted the suspension on buying debt of state-run Land Bank following an"extensive review of the governance and investor protectionmechanisms," Reuters notes. However, the Old MutualPlc unit maintained its ban on buying bonds from five otherstate-owned companies, but said it is in discussions with them regarding theissue. Futuregrowth imposed the suspensions citing political uncertainty amidprobes into South African Finance Minister Pravin Gordhan.

* Angolanlender Banco BIC SAhas not yet decided whether to sell its 2% stake in following 's takeover bid forthe Portuguese bank last week, Jornalde Negocios and DinheiroVivo report.

IN OTHER PARTS OF THE WORLD

Asia-Pacific:BofA to cut Asia i-bank jobs;Bank of India sells stake in JV with Dai-ichi Life

Europe:Kerviel's penalty cut; HSBCsuccession planning; no state help for Deutsche

LatinAmerica: Banco Sofisa launchestender offer for delisting; Inbursa buys small stake in Spanish bank

NorthAmerica: Scam at Wells aggravatedby arbitration clauses, say senators; Stumpf may walk away with $74Mregardless

NorthAmerica Insurance: Nebraskainsurer quits ACA exchange; insurance M&A struggles to keep up with 2015pace

Xana Kakoty, HenniAbdelghani, Pádraig Belton and Helen Popper contributed to this report.

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