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MENA news through Jan. 31

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MENA news through Jan. 31

MIDDLE EAST

* Saudi Arabian Attorney General Sheikh Saud Al Mojeb said the country has reached more than 400 billion riyals ($106.67 billion) in settlement deals with individuals detained in an anticorruption probe. Prince Alwaleed bin Talal, chairman and owner of Kingdom Holding Co., was one of the individuals who negotiated a financial settlement with the attorney general and released from detention.

* Saudi Arabian central bank Governor Ahmed al-Kholifey expects the outlook for the proposed merger of Saudi British Bank and Alawwal Bank to become clear by the end of the first quarter, Reuters reported, citing Al Arabiya television.

* The Saudi Arabian Monetary Authority banned Allianz Saudi Fransi Cooperative Insurance Co. from issuing or renewing motor insurance policies beginning Jan. 29, citing violations related to mandatory insurance policies and the insurer's failure to comply with requirements on pricing and market competitiveness, Argaam wrote.

* The United Arab Emirates' Federal National Council approved a draft bill that enables the central bank to regulate finance leasing contracts, Arabian Business wrote. The law requires all entities offering finance leases to obtain a license to operate from the Central Bank of the UAE.

* First Abu Dhabi Bank PJSC, the combined entity resulting from the merger of First Gulf Bank PJSC and National Bank of Abu Dhabi, booked full-year 2017 group net profit of 10.92 billion United Arab Emirates dirhams, down from 11.32 billion dirhams a year ago. The lender said its board of directors have recommended a cash dividend of 70 fils per share for 2017, up 11% from a year ago.

* Abu Dhabi Commercial Bank PJSC posted fourth-quarter 2017 net profit attributable to equity shareholders of 1.07 billion dirhams, up 7% from 1.00 billion dirhams a year earlier.

* Emirates NBD Bank PJSC entered in talks with PAO Sberbank of Russia to potentially acquire the Moscow-based lender's Turkish unit, DenizBank AS. Meanwhile, the lender's investment banking unit Emirates NBD Capital Ltd. named Mona Mohammed Al-Tawil CEO for Saudi Arabia, Bloomberg News wrote.

* The shareholders of Dubai Islamic Bank (PJSC) will hold their annual general meeting Feb. 21 to approve, among other things, a proposed increase in the bank's capital.

* Qatar's Doha Bank QSC has announced plans to open more branches in Asia, including in India, Nepal, Vietnam and Sri Lanka, The Peninsula Qatar reported. The bank also received approval to operate in Sri Lanka, according to CEO Raghavan Seetharaman.

* Commercial Bank (PSQC) posted full-year 2017 net profit of 604 million Qatari riyals, up by 20.4% from the year-ago 501 million riyals. Meanwhile, the Qatari bank extended until Feb. 28 the exclusivity period for private equity firm Tabarak Investment, the potential buyer of its 40% stake in United Arab Emirates-based United Arab Bank PJSC.

* Bahrain-based Islamic retail bank Ithmaar Bank BSC (closed) aims to increase its number of branches in Pakistan to more than 500 in 2018, by way of expansion through unit Faysal Bank Ltd., Deputy CEO Abdul Hakeem al-Mutawa told Reuters.

* The Central Bank of Bahrain granted a license to Bank of Jordan Plc to operate in the wholesale banking sector in Bahrain, Bahrain News Agency reported.

* Citigroup Inc. appointed Nour Ghazi Jarrar CEO for Citibank NA Jordan, The Jordan Times reported.

* Jordan-based Arab Bank Plc is selling its Australian unit Arab Bank Australia Ltd., with auctions for potential buyers now in the second stage, according to The Australian Financial Review's Street Talk blog. The subsidiary is expected to be worth up to A$100 million.

* Bank Leumi le-Israel BM? plans to target the U.S. and European markets with its mobile bank, Pepper, Bloomberg News reported, citing CEO Rakefet ?Russak-Aminoach?.

* Bank Audi SAL reported full-year 2017 consolidated unaudited net profit of $559 million. Excluding profits from discontinued operations, the profit stood at $464 million, representing an increase of 13% from a year earlier.

* The Iraqi parliament voted to remove financial restrictions on banks in the Kurdistan region, noting that measures imposed by the Central Bank of Iraq have now enforced federal controls on the sector, Reuters reported.

NORTH AFRICA

* The Egyptian government signed a $3 billion financing agreement with the International Islamic Trade Finance Corp., to be used to purchase essential commodities, Reuters wrote.

* Commercial International Bank (Egypt) SAE reported full-year 2017 consolidated net profit attributable to shareholders of 7.52 billion Egyptian pounds, up from 6.01 billion pounds a year ago.

* Egyptian investment bank EFG-Hermes Holding SAE launched a representative office in Dhaka, Bangladesh, to serve its network of global institutional clients.

* Aman Microfinance, part of Raya Holding for Financial Investments SAE, has secured a temporary license from the Egyptian Financial Regulatory Authority to operate in the local market and is now seeking to finalize the procedures for a final license, Daily News Egypt wrote.

* Banque Marocaine du Commerce Extérieur SA and Saham Assurance SA have signed a memorandum of understanding outlining the guiding principles of the planned strategic merger of Salafin SA and Taslif SA, their respective subsidiaries operating in the consumer credit sector, Financial Afrik wrote. The merger is still pending approval from Morocco's central bank, among other authorities.

* Samira Khamlichi, currently director general at Moroccan money transfer firm Wafacash, will become president of the Attijariwafa Bank SA subsidiary in February, Financial Afrik wrote.

Henni Abdelghani and Sophie Davies contributed to this report.