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Abraaj founder faces arrest; Rwanda holds rate; Angola suspends bank board


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Abraaj founder faces arrest; Rwanda holds rate; Angola suspends bank board

* South Africa-based Old Mutual Ltd. has become the holding company of Anglo-South African financial group Old Mutual PLC after the first and second schemes related to the latter's planned managed separation took effect. The U.K. Listing Authority will cancel the listing of Old Mutual PLC shares, while the London Stock Exchange canceled trading of the shares June 26. The shares will also be delisted from the Johannesburg, Namibia, Zimbabwe and Malawi stock exchanges June 29. The shares of Old Mutual Ltd. will be admitted to the said exchanges as well as in London.

* Africa-focused investment firm Atlas Mara Ltd. said it agreed to raise its stake in Union Bank of Nigeria PLC to 49.0% from 48.0% by acquiring an additional 280,956,166 shares of the Nigerian lender.


* Emirati authorities issued arrest warrants for Abraaj Group Ltd. founder Arif Naqvi and executive Rafique Lakhani for issuing a check with insufficient funds, a criminal offense under United Arab Emirates law, Reuters reported. An insider said the warrants relate to a bounced check for 177.1 million UAE dirhams written to Hamid Jafar, a founding investor in Abraaj.

* Meanwhile, some Abraaj Group shareholders and creditors voiced concerns regarding the agreement the embattled group recently signed with Colony Capital Inc. — under which the latter will buy four of the group's funds — citing reasons including insufficient time to do a proper assessment of the deal and other better offers that might be available, insiders told The Wall Street Journal. Abraaj reportedly aims to have Colony Capital's proposed deal approved by July 1 to keep the company afloat.

* JPMorgan Chase & Co. has initiated a consultation regarding including Gulf countries in the U.S.-based firm's emerging market government bond indexes, according to Reuters. However, an insider said getting included in the indexes might not take place due to strict rules of eligibility.

* Musaed al-Mineefi, CEO of Saudi Investment Bank said that the company's buyback of the shareholding of JPMorgan will help the bank better focus on its core business in Saudi Arabia, and that the acquired stake will be converted into treasury bonds rather than being sold to external investors, Argaam reported.

* Fitch Ratings affirmed Oman's BBB-/F3 long- and short-term foreign- and local-currency issuer default ratings. The outlooks on the long-term ratings are negative.

* Capital Intelligence Ratings affirmed the BBB/A3 long- and short-term foreign-currency ratings of Bahraini lender United Gulf Bank BSC (c).

* CI Ratings also affirmed the long- and short-term ratings on the Oman national scale of Alizz Islamic Bank SAOG at omA+/omA1.


* Mashreqbank PSC named Amr el-Bahey as CEO and country head in Egypt, Mubasher reported, citing Almal News.

* Coris Bank emerged as one of the two short-listed applicants bidding for a majority stake in Tunisia's Banque Zitouna SA, Financial Afrik said.


* National Bank of Rwanda's monetary policy committee maintained the key repo rate at 5.5% in the third quarter.

* Chase Bank (Kenya) Ltd.'s takeover by SBM Holdings Ltd. has been postponed due to delays in the publishing of bid documents, Standard Digital reported. In April, SBM Holdings signed a deal, through unit SBM Bank (Kenya) Ltd., to acquire certain assets and deposits of Chase Bank.

* S&P Global Ratings affirmed Access Bank PLC's B/B long- and short-term issuer credit ratings, with a stable outlook. The agency also affirmed the bank's Nigeria national scale ratings at ngBBB/ngA-2.

* The Central Bank of Liberia approved Equity Assurance's change of name to Sunu-Liberia after Sunu Insurance Group acquired a 63% stake in the insurer earlier in the year, Financial Afrik said. Sunu is now present in 14 African countries and plans to further expand into Mauritania.

* Insurance broker Aon Tanzania was renamed JH Minet Tanzania, according to The Citizen. The firm will be part of Minet Holdings Africa, a new insurance brokerage firm established by Capitalworks to serve as parent company for its acquisitions across Africa.


* Angola's central bank suspended the board of directors at Banco Angolano de Negócios e Comércio SA and appointed new administrators to intervene "in the interests of depositors and the institution," Bloomberg, state news agency Angop and Novo Jornal all reported. The central bank's decision took place after the bank's shareholders said they could not inject fresh capital into the lender to bolster its liquidity levels.

* South Africa's Treasury department said the new Insurance Act of 2017 will take effect July 1, Fin24 reported.

* Hirander Misra, chairman of the Mauritius International Derivatives and Commodities Exchange, said the country's Financial Services Commission approved the commodity exchange's license application, Bloomberg News reported. The exchange, set to commence operations in the fourth quarter, will eventually include derivatives trading.


Asia-Pacific: Chinese bank lists in Hong Kong; Generali raises stake in Indian insurers

Europe: ING Belgium probed over Panama Papers; RBS finance chief switches to HSBC

Latin America: Chile eases investment rules for insurers; EU sanctions Venezuelan officials

North America: 4 global banks settle rate-rigging suit; Advantage Bank calls off acquisition

North America Insurance: MetLife state complaint; QBE, Allianz eye Aussie buy; Tokio Marine looks abroad

Sheryl Obejera, Henni Abdelghani, Pádraig Belton and Helen Popper contributed to this report.

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