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MENA news through March 14

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MENA news through March 14

MIDDLE EAST

* Qatar National Bank (QPSC) is seeking approval from its shareholders to increase the maximum percentage of non-Qatari ownership in the company's capital to 49% from 25% as part of efforts to "encourage more foreign funds to invest in the bank and diversify investors," Bloomberg News reported.

* Emirates NBD Bank PJSC, which is said to be preparing a bid for PAO Sberbank of Russia's Turkish unit DenizBank AS, is seeking shareholder approval to offer new shares to boost its capital by up to 7.35 billion United Arab Emirates dirhams. The bank is also planning to increase its foreign ownership limit to 20% from 5%, Bloomberg reported.

* The Central Bank of the United Arab Emirates will launch a new system of setting the Emirates Interbank Offered Rate next month, Reuters reported, citing UAE Banks Federation Chairman Abdulaziz al-Ghurair.

* Abraaj Group Ltd CFO Ashish Dave told Reuters that he had left the UAE-based private equity firm six months ago. Insiders also told the newswire that two other senior executives at the company are also set to leave, adding that Dave's replacement would be announced soon and that the firm is considering a round of job cuts as part of its reorganization.

* United Arab Bank PJSC completed a rights issue that was oversubscribed by 124%, raising its capital to about 2.06 billion dirhams from 1.38 billion dirhams. The rights issue comprised 687,516,883 newly issued shares, priced at 1 dirham per share.

* Saudi Arabian Energy Minister Khalid al-Falih signaled that the IPO of Saudi Arabian Oil Co. could be pushed back to next year, Bloomberg News wrote. Meanwhile, Saudi Aramco CEO Amin Nasser said work on the state-owned oil giant's planned listing will be completed in the second half, Reuters reported.

* Moody's said the outlook for Saudi Arabia's banking system is stable, noting that it expects the nation's economy to return to growth this year, bolstered by higher public spending and other stimulus. The outlook for Kuwait's banking system is also stable, as it expects the credit standing of the country's banks to be supported by steady non-oil economic growth and solid financial fundamentals over the next 12 to 18 months.

* Banks in Kuwait have stopped allowing customers to transfer money for cryptocurrency trading, Al Anba reported.

* Turkey-based KT Asset Management, a unit of Kuveyt Türk Katilim Bankasi AS, will off-load a 50% stake to Kuwait-based KFH Capital, Reuters reported. The move is part of plans of Kuwait Finance House KSCP, the ultimate parent of Kuveyt Türk and KFH Capital, to divide the ownership structure of KT Asset Management between its Turkish and Kuwaiti units.

* National Bank of Kuwait SAKP's general assembly approved the bank's capital increase to 750 million Kuwaiti dinars from 600 million dinars through the issuance of bonus shares.

* Boubyan Bank KSCP CEO Adel Abdul Wahab al-Majed said the bank plans a capital increase or a sukuk issuance for a minimum of $250 million in 2019 to help fund the expansion of its activities, Reuters wrote.

* The board of Oman-based Bank Sohar SAOG will seek shareholder approval to increase the bank's authorized capital to 400 million Omani rials from 200 million rials.

* Oman-based The Financial Corp. Company SAOG appointed Mohamed Darwish Al Khoori and Said Ahmed Safrar chairman and deputy chairman of its board, respectively.

* The Council of the European Union removed Bahrain, the Marshall Islands and Saint Lucia from the list of jurisdictions that do not promote good governance in taxation worldwide, while adding the Bahamas, Saint Kitts and Nevis, and the U.S. Virgin Islands.

* Khaleeji Commercial Bank BSC appointed Sattam Sulaiman al-Gosaibi its new CEO, effective April 1. He will take over from Tawfeeq Mohammed Bastaki, who has been the Bahraini lender's acting CEO since June 2017.

* Bahrain's Gulf International Bank BSC sold its claim against Saudi Arabia-based Ahmad Hamad Al-Gosaibi and Brothers, which defaulted on its loans in 2009, insiders told Reuters. Standard Chartered PLC, Emirates NBD and Arab Banking Corp. (BSC) are also looking to sell outstanding AHAB debt totaling approximately 2.24 billion Saudi Arabian riyals.

* Central Bank of Kuwait Governor Mohammed al-Hashel said the Gulf Cooperation Council plans to establish a company based in Riyadh to facilitate direct money transfers among the organization's six members, including Qatar, Bloomberg News reported.

* The Warsaw Stock Exchange was not selected to participate in the next stage of negotiations regarding the purchase of a 71.7% stake in the Tel - Aviv Stock Exchange Ltd.

* Bank Pasargad Plc aims to open three branches in India after obtaining regulatory approvals, the Financial Tribune wrote, citing Mostafa Beheshti-Rouy, a board member at the Iranian bank.

NORTH AFRICA

* Moody's downgraded Tunisia's long-term issuer rating to B2 from B1 and revised the outlook to stable from negative, among other ratings actions.

* South Africa-based Sanlam Ltd. and Santam Ltd. said Sanlam Emerging Markets Ireland Ltd. will acquire the remaining 53.37% of Morocco-based Saham Finances SA that it does not own from Saham SA for $1.05 billion.

* The Egyptian government selected European lenders BNP Paribas, Deutsche Bank, Standard Chartered and Intesa Sanpaolo to manage the country's planned sale of its first euro-denominated bonds worth between €1 billion and €1.5 billion, Bloomberg News reported.

Henni Abdelghani contributed to this report.