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Kenya rate cut for 1st time since 2016; Saudi eyes Tadawul-only Aramco IPO

MIDDLE EAST AND NORTH AFRICA

* Saudi Arabia is planning to list shares in Saudi Arabian Oil Co. exclusively on the Saudi Stock Exchange in 2019 amid legal concerns overseas and higher oil prices, insiders told The Wall Street Journal. Meanwhile, CNBC reported that Saudi Aramco's local listing is expected to take place in the second half of 2018, followed by a possible international listing later.

* The Saudi Arabian Monetary Authority has instructed banks to change how their loan-to-deposit ratios are calculated in a bid to allow more lending, Reuters reported, citing financial news website Maaal. The new rules are set to be implemented in early April.

* Al Alamiya for Cooperative Insurance Co. does not plan to distribute a dividend for 2017.

* First Abu Dhabi Bank PJSC denied allegations that it had moved to manipulate the Qatari riyal following reports that Qatar had asked U.S. authorities to investigate NBAD Americas, a unit of the Abu Dhabi-based lender, on suspicion of manipulating the Qatari currency.

* The Central Bank of the United Arab Emirates is expected to launch April 15 a new system of setting the Emirates Interbank Offered Rate, insiders told Reuters. Under the new system, the panel of banks whose quotes are used to calculate EIBOR will be reduced to eight from 10.

* The UAE central bank also issued new regulations governing money transfer and exchange bureaus, Argaam reported. The new regulations will be effective from January 2019.

* Takaful Emarat - Insurance (PSC) named Fadi Hindi CEO, with immediate effect.

* The Dubai Islamic Economy Development Centre and the State Bank for Foreign Economic Affairs of Turkmenistan signed a memorandum of understanding to exchange knowledge, experience and best practices in Islamic economy.

* Bitfury Group, a Netherlands-based firm specializing in blockchain technology, has launched operations in the UAE, The National reported.

* Doha Insurance Group QPSC Chairman Sheikh Nawaf bin Nasser bin Khaled al-Thani said the group is working toward opening representative offices in London and Beirut that will underwrite reinsurance business, Gulf Times wrote.

* Moody's downgraded the long-term deposit ratings of Bank Muscat SAOG and HSBC Bank Oman SAOG to Baa3 from Baa2; Oman Arab Bank SAOC and Bank Sohar SAOG to Ba1 from Baa3; and Bank Nizwa SAOG to Ba2 from Ba1, following a similar action on the sovereign. The agency also affirmed the long-term deposit ratings of Bank Dhofar SAOG and National Bank of Oman SAOG at Baa3, as well as the B1 long-term issuer rating of Al Omaniya Financial Services.

* National Finance Co. SAOG said CEO Robert Pancras resigned, citing his wish to " take up an opportunity with a large investment company in Oman." The company named Shahin Mohammed al-Balushi as Pancras' successor.

* S&P Global Ratings downgraded Wethaq Takaful Insurance Co. KSCP's long-term issuer credit and financial strength ratings to B+ from BB and placed them CreditWatch with negative implications.

* The Gulf insurance sector is expected to see more M&A activity this year as stricter underwriting rules pose more and more operational challenges on smaller insurance firms, Thomson Reuters' Zawya reported, citing Mohammed Ali Londe, assistant vice president at Moody's.

* Blom Bank SAL's board proposed to pay a dividend for 2017 of 1,700 Lebanese pounds less tax per ordinary share.

* Fitch Ratings said insurers in Morocco are likely to gradually reduce their exposure to equity and hold more government bonds when the country's new risk-based solvency regime comes into force.

EAST AND WEST AFRICA

* The Central Bank of Kenya cut its central bank rate by 50 basis points to 9.50%, the first movement in the interest rate since September 2016. The cut fuels speculation that the Kenyan government could soon remove or modify a law capping commercial banks' lending rates, according to Reuters.

* A spokesman for the Central Bank of Nigeria told Reuters that the regulator plans to hold its monetary policy committee meeting on April 3 and 4, pending the Senate's confirmation of the committee's new members. A disagreement between the Senate and President Muhammadu Buhari over nominees for the committee prompted the central bank to cancel an interest rate-setting meeting in January due to a lack of quorum.

* U.S.-based private equity firm Milost Global Inc. plans to invest as much as $1 billion to recapitalize Unity Bank Plc, insiders told Bloomberg News. Milost Global will reportedly make a first equity investment of $250 million for an initial 30% stake in the Nigerian lender.

* At least three Ghanaian lenders are expected to begin issuing electronic money, enabling customers to transfer money on a virtual platform, according to Citi Business News.

CENTRAL AND SOUTHERN AFRICA

* Mozambique will today present proposals to its commercial creditors on how it intends to restructure its debts, Reuters reported.

* FirstRand Ltd. obtained a license for short-term insurance services from South Africa's Financial Services Board, Fin24 reported.

* The South African Reserve Bank signed a memorandum of understanding with the European Central Bank on cooperation in the field of central banking.

* Banco de Poupança e Crédito SA will resume lending from April, initially to companies and to consumers with wage guarantees on their loans, Jornal de Angola reported, citing the state-run bank's chairman, Alcides Safeca. The Angolan lender had halted lending as part of an ongoing restructuring.

* The U.K. National Crime Agency said $500 million in frozen cash as part of an ongoing fraud investigation into the Banco Nacional de Angola can be returned to the southern African country, Reuters wrote.

* N'Gunu Tiny has resigned as chairman and CEO of Banco Postal, which became Angola's newest bank when it started operations last year, Expansão reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Bandhan Bank IPO 14.6x oversubscribed on final day; ANZ weighs NZ unit's float

Europe: Deutsche Bank posts bigger FY'17 loss; UK banks to face tougher stress tests

Latin America: DBRS lowers Brazil; Chile appoints new BancoEstado president

North America: CFPB COO to leave; Point72 president resigns amid discrimination lawsuit

North America Insurance: Insurer ordered into liquidation; Blue plans post 25% rise in premiums in 2017

Leo Magno, Henni Abdelghani, Sophie Davies and Helen Popper 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.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news article can be found here.