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Boursa Kuwait may launch IPO this year; Tunisia raises key rate

MIDDLE EAST AND NORTH AFRICA

* Mishaal al-Usaimi, vice chairman of Kuwait's Capital Markets Authority, told Bloomberg Television that the country's stock exchange could launch an IPO in 2018. Al-Usaimi said the regulator is carrying out studies for the potential listing of Boursa Kuwait until the end of April, and plans to complete it by the end of the year.

* JPMorgan Chase & Co. will set up a custodian business in Saudi Arabia that will begin operations next quarter as part of the U.S. bank's efforts to bolster its business in the Middle Eastern country, The National reported.

* United Arab Bank PJSC named Mohammed bin Abdullah al-Nuaimi acting CEO.

* The Qatar Stock Exchange yesterday listed its first exchange-traded fund, The Peninsula wrote. The ETF was created by Doha Bank QPSC and is managed by Amwal QSC.

* The board of Jordan-based Arabia Insurance Co. Ltd. proposed a cash dividend for 2017 of 4% of the firm's capital, Reuters wrote.

* The U.S. Supreme Court refused to take up Bank Melli Iran Inc.'s appeal of a lower court ruling that allowed the victims of various militant attacks allegedly backed by Iran to seek millions of dollars in compensation from the government-owned lender, Reuters reported.

* Central Bank of Iran Deputy Governor Akbar Komijani said the regulator has drafted a package of policies that will serve as a blueprint for regulating the monetary and foreign exchange markets, the Financial Tribune wrote.

* EFG-Hermes Holding SAE CEO Karim Awad said the bank plans to expand into a sub-Saharan African country this year, The National reported. The move will follow the bank's entry into Kenya, Pakistan and Bangladesh in the last two years.

* Delta Insurance Co. accepted private equity firm Egypt Kuwait Holding Co.'s mandatory purchase offer for 5,843,792 shares in the company for approximately 116.9 million Egyptian pounds. Egypt Kuwait Holding, which owns 32.026% of Delta, initiated the offer in January to buy an additional 66.973% stake in the company for 20 Egyptian pounds per share.

* The Banque Centrale de Tunisie raised its key interest rate to 5.75% from 5%, in a bid to "face up to the real risks of an ongoing inflation in 2018."

EAST AND WEST AFRICA

* Ethiopia's ruling coalition is expected to hold a meeting this week to select a new prime minister to succeed Hailemariam Desalegn, who resigned last month, Reuters wrote.

* National Bank of Kenya Ltd. CEO Wilfred Musau said the bank plans to close some of its 85 branches to lower costs, Bloomberg News reported. Musau said the lender will decide early in the second quarter on the number of branches that it will shutter.

* Stella Kilonzo, former CEO of Kenya's Capital Markets Authority, was named head of the African Development Bank's Africa Investment Forum, according to Business Daily Africa.

* Jubilee Insurance Co. of Kenya Ltd. appointed Nicholas Mruttu general manager of its retail business, Capital FM wrote.

CENTRAL AND SOUTHERN AFRICA

* Standard Bank Group Ltd. agreed to open accounts for eight Gupta-linked firms that entered into business rescue last month, City Press reported. Standard Bank will take over the companies' deposits from India-based Bank of Baroda, which is seeking to exit South Africa amid a probe into its dealings with the politically connected Gupta family.

* Angolan businesswoman Isabel dos Santos, who previously headed Sonangol, rejected graft allegations made by the state oil company's current Chairman Carlos Saturnino over the transfer of some $38 million in funds from the oil firm to a Dubai-based company after she has already been dismissed last year, Reuters and Bloomberg News reported. Dos Santos also dismissed Saturnino's claims that she favored doing business with banks in which she owns shares while she was at Sonangol.

* Mozambique's parliament approved reforms aimed at bolstering money-laundering controls by giving more power to the country's Financial Information Office, Macauhub reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Indian central bank fines 2 lenders; Mega Financial posts FY'17 net income

Europe: Axa agrees to buy XL Group for $15.3B; Germany's Merkel secures 4th term

Latin America: Santander Brasil-HDI JV approved; Mexico gives nod to Swiss Re local ops

North America: Senate to vote this week on bipartisan bill to ease Dodd-Frank rules on banks

North America Insurance: XL Group to be acquired by Axa; AIG to sell travel insurance on Expedia site

Leo Magno, Henni Abdelghani, Pádraig Belton, 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.