trending Market Intelligence /marketintelligence/en/news-insights/trending/gm391rokpnrzqkpjgbhvbq2 content esgSubNav
In This List

IDB to sell Banque Zitouna stake; Standard Bank gets new CEO in Malawi

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


IDB to sell Banque Zitouna stake; Standard Bank gets new CEO in Malawi

MIDDLE EAST AND NORTH AFRICA

* Commercial banks in the Gulf Cooperation Council will benefit from the improving operating environment in 2018, mainly driven by economic recovery across the region, according to a report by BMI Research, The National reported.

* Moody's said Saudi Arabian banks' lending activity is set to grow by 4% this year, on the back of the government's 72 billion riyal package aimed at supporting private sector growth over the next four years, Argaam wrote.

* Meanwhile, Saudi Arabia plans to wrap up discussions with strategic investors such as China, Japan and South Korea before making a final decision on where to list shares in state oil giant Saudi Arabian Oil Co., insiders told Reuters. The government must decide on the location of the listing by March if it is to take place in October or November, otherwise it could be postponed until a year later, sources told the newswire.

* 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.

* Wataniya Cooperative Insurance Co. signed an agreement with National Commercial Bank that allows it to offer insurance for vehicles sold under the lender's lease finance program for a year, Argaam noted.

* S&P Global Ratings said the newly implemented value-added tax in the UAE will negatively impact the operating profits of almost all insurers in the country this year. UAE life insurers will likely see a sharp increase in acquisition costs as commissions of brokers are subject to VAT but are not claimable as life insurance is exempted from the VAT, according to the rating agency.

* First Abu Dhabi Bank PJSC mandated banks to lead its U.S. dollar-denominated Islamic bond issue, insiders told Reuters. The sukuk is expected to be in upward of $500 million.

* Qatar National Bank (QPSC) issued a $1 billion international bond. The floating-rate notes are due Feb. 7, 2020, and carry a coupon of 1.35% plus the three-month London Interbank Offered Rate.

* International Islamic Trade Finance Corp., a subsidiary of the Islamic Development Bank, has signed a $3 billion financing deal with the Egyptian government, Agence Ecofin wrote. The terms of the deal have not been disclosed but the funds will be used to purchase essential commodities.

* Commercial International Bank (Egypt) SAE reported full-year 2017 consolidated net income of 7.52 billion Egyptian pounds, up 25% from 2016. Revenues reached 14.88 billion pounds, an increase of 32% from a year earlier.

* Warba Bank KSCP CEO Shaheen Hamad Al Ghanem told CNBC Arabia that banks in Kuwait will be vying to finance the country's $508 billion energy spending plan as well as future investment projects by oil companies, Bloomberg News wrote.

* Kuwait Insurance Co. SAKP said Adel Khaled Boursel has resigned from his position as assistant CEO of production and motor claims.

* Lebanon & Gulf Bank SAL inked the first syndicated $67.5 million funding agreement in Lebanon with international development finance institutions, according to a press release carried by Thomson Reuters' Zawya. The funding will have a tenor of five years.

EAST AND WEST AFRICA

* Nigerian President Muhammadu Buhari nominated Edward Adamu deputy governor of the Central Bank of Nigeria, replacing Sulaiman Barau, who retired in December 2017, Reuters reported.

* Fitch Ratings upgraded Access Bank Plc's national long-term rating to A+(nga) from A(nga) and affirmed its long-term issuer default rating at B, with a stable outlook.

* Ecobank Transnational Inc. CEO Ade Ayeyemi told Reuters that the lender plans to focus on expanding its customer base in countries where it already operates through its new digital banking platform rather than pushing into new markets.

* I&M Bank Ltd. has secured funding from the European Investment Bank worth 4.1 billion Kenyan shillings, to be used for lending to businesses and government agencies, Business Daily Africa wrote.

* Ghanaian Finance Minister Ken Ofori-Atta will ask a court to annul a finding by the graft ombudsman that he failed to properly declare his interests in Data Bank Group, a firm he co-founded, and other business ventures when he assumed his post last year, Bloomberg News wrote.

* Former Bank of Ghana Deputy Governor Emmanuel Asiedu-Mante said there is no need to introduce a deposit protection scheme in the country, calling it an "unnecessary burden" to both banks and depositors, Graphic Online reported. The scheme will require lenders to earmark a chunk of customer deposits with the yet-to-be created Ghana Deposit Protection Corp.

CENTRAL AND SOUTHERN AFRICA

* South Africa's National Treasury urged the Financial Services Board to consider opening an investigation into Viceroy Research over potential market abuse following its report into Capitec Bank Holdings Ltd. that triggered a drop in the lender's share price, Reuters reported.

* Capitec Bank Holdings CEO Gerrie Fourie acquired shares in the lender worth 1.5 million South African rand, in a bid to shore up confidence in the company, Reuters reported.

* Meanwhile, S&P Global Ratings said its ratings on Capitec Bank Holdings remain unaffected by Viceroy Research's report on the lender or by the market's reaction to the report. The bank dismissed the report, as well as a letter by fund manager Benguela Global Fund Managers (Pty.) Ltd. questioning its policy on rescheduling problem loans, Reuters reported.

* Standard Bank Group Ltd. Malawian unit Standard Bank Ltd. named William Le Roux CEO, succeeding Andrew Mashanda, who was appointed group head of corporate and investment banking in Nigeria. Le Roux previously served as regional CIB credit head at Standard Bank West Africa.

* The Banque de Développement des Etats de l'Afrique Centrale is seeking to be rated by an international credit ratings agency as part of plans to make a debut on the international bond markets, Agence Ecofin reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: India to merge, list 3 insurers; Alibaba to buy 33% stake in Ant Financial

Europe: Telefónica hit dents BBVA's Q4'17 profit; EU-wide bank stress test launched

Latin America: Scotiabank in deal with Citi Colombia; Bradesco's Q4 profit jumps 10.9%

North America: Blackstone eyeing NZ-based finance firm; fintech firm Moven to buy bank in US

North America Insurance: Insurers bump up insurtech investments; Cigna and Radian report earnings

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

Sheryl Obejera, Henni Abdelghani, Sophie Davies and Mariana Aldano contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 4 a.m. London time. Some external links may require a subscription.