* Saudi Arabian Oil Co. CEO Amin Nasser said the oil giant will name the banks involved in its planned IPO soon, Bloomberg News noted. Speaking at a conference in Abu Dhabi, Nasser said Saudi Aramco is also ready to list its shares on foreign exchanges on top of its local listing, with officials from London, Hong Kong and New York pitching to host the international float. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are said to be among banks that have landed top roles in Saudi Aramco's IPO, sources told Bloomberg.
GULF COOPERATION COUNCIL
* Abu Dhabi Commercial Bank PJSC agreed to off-load the majority of its banking portfolio in India to Mumbai-based DCB Bank Ltd., paving the way for it to exit the country as part of its strategy to focus on the United Arab Emirates. The portfolio, which comprises assets of 355 million dirhams and liabilities of 601 million dirhams, will be sold at par. ADCB noted that the deal would have no impact on its profitability.
* Dubai authorities have met with lenders over a potential sale of U.S. dollar-denominated bond with a tenor of at least 10 years, which could mark emirate's comeback to the international debt markets, insiders told Reuters. If a deal pushes through, the proceeds would reportedly be used for budgetary purposes.
* The Saudi Arabian Capital Market Authority has granted a license to Natixis Saudi Arabia Investment Co. to begin its underwriting, arranging and advising operations. The regulator also granted Esnad Financial Co. a license to carry out advising activities in the securities business.
* Kuwait-based Warba Bank KSCP
* Boursa Kuwait Securities Co. KPSC
REST OF MIDDLE EAST AND NORTH AFRICA
* Egypt could make the second-deepest interest rate cut across emerging markets after inflation in August reached its lowest since 2013, according to Bloomberg. Last month, the central bank lowered its benchmark rate by 150 basis points to 14.25%, its first cut since February.
* U.S.-based multicurrency remittance firm Western Union Co. has collaborated with BoB Finance to enter Lebanon by launching its mobile application and website in the Middle Eastern country, Banker Middle East reported.
EAST AND WEST AFRICA
* Uganda has raised the amount of cash deposits that will be covered by insurance to 10 million shillings from 3 million shillings, in an effort to boost confidence in banks, Bloomberg reported. The Deposit Insurance Fund will also fully cover up to 98% of cash under the revised scheme. The country sits on roughly 20 trillion shillings of deposit, according to the Uganda Bankers Association.
* KCB Bank Kenya Ltd.
* NIC Group PLC
* FMDQ Securities Exchange PLC plans to begin offering mortgages to bolster trading in Nigeria's capital market, CEO Bola Onadele told Bloomberg. The Nigerian stock exchange operator also plans to act as a central counterparty clearing house to attract more foreign inflows into the country. The move will see unit FMDQ Clear employing at least 20 staff within three months of operation and is pending legislation approval from President Muhammadu Buhari.
* Nigeria's Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission have signed a memorandum of agreement aimed at simplifying the merger process for listed companies, The Punch noted.
* MTN Mobile Money in Ghana refuted claims that it is shutting down operations, noting that it is in fact not allowed to do so under regulatory and contractual agreements, Joy Business wrote.
CENTRAL AND SOUTHERN AFRICA
* Zimbabwean Finance Minister Mthuli Ncube has formed a monetary policy committee in a bid to stabilize the country's ailing economy, Bloomberg reported. The move could signal that the country could set its own benchmark interest rate and inflation targets after it reintroduced the Zimbabwean dollar and barred the use of foreign currency in June.
* Lucie Villa, Moody's lead analyst for South Africa, said maintaining the country's investment grade rating would depend on how fast President Cyril Ramaphosa can implement economic reforms, Reuters wrote. The agency is expected to publish its next rating action on South Africa next month after the Treasury submits its medium-term budget statement.
* The creditors of Ematum, Mozambique's tuna company, approved the restructuring of a $726.5 million eurobond issue proposed by the government. The economy and finance ministry said the agreement would have to be signed by at least 75% of the bondholders, and ended up having the approval of 99.5%, Macauhub noted.
* The Republic of Congo has created a national fund for green finance, according to Agence Ecofin.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: China scraps cap for overseas investors; ASIC appeals Westpac ruling
Europe: Barclays sees up to £1.6B PPI hit; Dexia H1 loss widens; Portugal fines banks
Latin America: Banco Pan, Banrisul launch share offerings
North America: Wells Fargo, Citi feel the pinch of low rates; 2 New York credit unions to merge
Global Insurance: Commercial insurance prices; Root's valuation; Fidelity-Stewart deal off
Deza Mones, Henni Abdelghani, Pádraig Belton and Mariana Aldano contributed to this report.
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