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Emirates NBD snaps up DenizBank; Nigeria holds rates; Misr to list 2 units


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Emirates NBD snaps up DenizBank; Nigeria holds rates; Misr to list 2 units

* Swiss Re AG is assessing the impact of U.S. President Donald Trump's recent decision to withdraw from the 2015 Iran nuclear deal on its business in the Middle Eastern country, Reinsurance News reported. The Zurich-based reinsurer has yet to decide on the matter, awaiting further guidance from U.S. authorities and the EU.

* Swiss-Iranian Chamber of Commerce Chairman Sharif Nezam-Mafi said a number of Swiss companies were planning to shutter their units in Iran following U.S. President Donald Trump's recent decision to withdraw from the 2015 Iran nuclear deal, according to the Financial Tribune.


* After months of negotiations, Dubai-based Emirates NBD Bank PJSC has finally entered into a definitive agreement to acquire PAO Sberbank of Russia's entire 99.85% stake in Turkey-based DenizBank AS for a consideration of 14.6 billion Turkish lira, or roughly $3.0 billion. The deal is expected to complete this year.

* The Israel Antitrust Authority is expected to reject next week the planned merger between Mizrahi Tefahot Bank Ltd. and Union Bank of Israel Ltd., according to Globes.

* Kuwait's Noor Financial Investment Co. is in discussions with six global investors to sell a 9.59% stake in Pakistan-based Meezan Bank Ltd., insiders told Reuters. New York-based Ruane Cunniff & Goldfarb Inc., London-based RWC Partners Ltd. and Swedish asset management firm Tundra Fonder AB are among the interested buyers.

* United Insurance Co. Chairman Yousef al-Harbi said the company plans to list on the Kuwait Stock Exchange by 2021, Al-Anba reported. He also said that the company plans to expand in Saudi Arabia, Turkey and Egypt.

* Kuwait Finance House KSCP has set up a $3 billion Islamic bonds program that allows for issuance in multiple currencies, according to Reuters.

* Saudi Arabia's Capital Market Authority approved Al Sagr Cooperative Insurance Co.'s request to increase its capital to 400 million riyals from 250 million riyals through the issuance of bonus shares.

* Arabian Shield Cooperative Insurance Co.'s general assembly has approved a proposal to raise the company's capital to 300 million Saudi Arabian riyals from 200 million riyals through issuance of bonus shares.

* Capital Intelligence Ratings affirmed Banque Saudi Fransi's A+ financial strength rating.

* Amana Insurance appointed Abdullah bin Othman al-Moussa vice chairman of the board of directors.

* Misr Insurance Holding Co. plans to list units Misr Insurance Co. and Egypt Life Insurance Co. on the local stock exchange, Al-Masry Al-Youm reported.

* The Central Bank of Libya has ordered its unit responsible for tracking money laundering crimes to look into several local firms accused by the country's audit bureau of smuggling hard currency via documentary letters of credit, Libya Herald reported.


* The Central Bank of Nigeria maintained its monetary policy rate at 14.0%, the cash reserve ratio at 22.5%, the liquidity ratio at 30.0% and the asymmetric corridor at positive 200 basis points and negative 500 basis points around the monetary policy rate.

* S&P Global Ratings affirmed Nigeria-based Stanbic IBTC Bank Plc's B/B long- and short-term issuer credit ratings, with a stable outlook, and its ngBBB/ngA-2 long- and short-term Nigeria national scale ratings.

* Nigeria's Securities and Exchange Commission said its investigation into the $1 billion investment in Unity Bank PLC by U.S.-based private equity firm Milost Global Inc. is still ongoing, Premium Times wrote. Milost Global ended talks with the lender in March, saying it had been threatened with being run out of Nigeria if it went ahead with the deal.

* Patience Akyianu, who recently resigned as managing director of Barclays Bank of Ghana Ltd., has been named group CEO of insurer Hollard Ghana Holdings Ltd., according to Joy Business.

* Niger is preparing an action plan against money laundering and terrorism finance with the World Bank's support, said Agence Ecofin.


* Zambia's state-owned mining vehicle ZCCM Investments Holdings PLC has increased its stake in Investrust Bank Plc to 71.4% from 45.4%. At the close of the mandatory offer to Investrust minority shareholders, a total of 2,125,890 shares, representing 26.0% of the total shareholding in the bank, were tendered for sale to ZCCM Investments Holdings.

* Capitec Bank Holdings Ltd. has introduced an insurance offering with the launch of Capitec Insure, a funeral cover plan underwritten by Sanlam Ltd. unit Centriq Life Insurance Co., African News Agency reported.

* Viceroy Research has published an open letter to Capitec Bank Holdings' audit committee, accusing the South African lender of misleading investors and concealing "deteriorating business conditions" in its latest year-end results, Business Insider South Africa reported.

* The United Nations downgraded Angola's growth forecast for this year to 2% from 2.7% due the country's dependence on oil exports, Jornal de Angola reported.

* Credit Suisse Bank has lent $700 million to the Angolan government to fund strategic projects in the country, Angola Press wrote.

* Zimbabwe became the 19th member of Africa Finance Corp., a pan-African multilateral development finance institution.

* Metbank Ltd. has signed a deal with global technology company Software Group to digitize the Zimbabwe-based lender's operations, Business Daily Africa wrote.


Asia-Pacific: China's Anbang to exit securities unit; Mitsui Sumitomo to buy BoCommLife stake

Europe: SFO charges vs. Barclays dismissed; Dubai bank to buy Sberbank's Turkish unit

Latin America: ICBC Peru gets capital hike; Supervielle's Q1 income more than doubles

North America: Wells Fargo to resume auto lending growth; First Midwest to close 19 branches

North America Insurance: US uninsured rate flat; The Hartford in play for Aspen; Icahn gets support

Sheryl Obejera, Henni Abdelghani, Pádraig Belton and Mariana Aldano contributed to this report.

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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.