* Qatar's Commercial Bank PSQC still plans to sell its 40% stake in United Arab Bank PJSC, according to Commercial Bank Group CEO Joseph Abraham. Commercial Bank has been looking to sell the stake since Qatar's dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain began in mid-2017, but ended sale talks with UAE-based private equity firm Tabarak Investment last year after failing to reach a deal, Reuters noted.
* PAO Sberbank of Russia, Russian state development bank Vnesheconombank, Russian Export Center JSC and U.K. investment firm Gemcorp Capital LLP signed a $5 billion agreement to create a framework to finance between Russia and African countries.
* The Inter-African Conference on Insurance Markets the body in charge of insurance regulation in 14 French-speaking countries in sub-Saharan Africa, has amended its insurance market rules, which now take into account the exercise of Takaful, according to Agence Ecofin. To start an insurance company that carries out Takaful activity specifically, it will be necessary to have a minimum capital of 3 billion CFA francs.
GULF COOPERATION COUNCIL
* Bahrain-based Ahli United Bank BSC
* Doha Bank QPSC
* Saudi Investment Bank
* Kuwait's central bank launched a comprehensive action plan for the national payable system in collaboration with local banks, which is set to start operation in 2020-2021, Al-Qabas reported. The system aims to offer technical solutions to settle payments between participating parties.
* National Investments Co. KSCP
* A.M. Best affirmed the B++ (Good) financial strength rating and "bbb+" long-term issuer credit rating of Dubai National Insurance & Reinsurance PSC, with a positive outlook.
REST OF MIDDLE EAST AND NORTH AFRICA
* Lebanon's state prosecutor accused former Prime Minister Najib Mikati and Bank Audi SAL
* Lebanon's banks will remain closed for the seventh day in a row today due to mass protests across the country, The Daily Star wrote, citing the Association of Banks in Lebanon.
* Moody's warned that the Lebanese government's plan to force banks to accept a lower interest rate on its debt could weaken confidence in the state's ability to service its debt, Reuters wrote. The rating agency also said further taxes on the financial sector will be credit negative for banks.
* Trust Bank Algeria
* Israel-based fund manager Meitav DASH Investments Ltd.
* Senior Iranian government officials urged top legislative authorities to ratify remaining anti-money laundering bills demanded by the Financial Action Task Force to comply with the global regulator's deadline of February 2020, Financial Tribune wrote, citing Islamic Republic News Agency.
* State-owned Bimeh Iran (Iran Insurance Co.)
* Moroccan Finance Minister Mohamed Benchaâboun said the government plans to issue an international bond of roughly $1 billion in November, its first in four years, to take advantage of low interest rates, Reuters reported. Benchaâboun noted that the exact amount, currency and date of issue have yet to be decided, but said the debt will not exceed $1.5 billion.
EAST AND WEST AFRICA
* Nigeria-based Zenith Bank PLC
* Shareholders of Nigeria-based Guinea Insurance PLC
* Djibouti's financial sector remains fragile despite progress in cleaning up banks' balance sheets, the IMF warned. The fund also called on the country's government to upgrade banks' regulatory environment and boost supervision, as well as increase the effectiveness of its anti-money laundering and terrorism financing framework to curb corruption and preserve correspondent banking relationships.
* Separately, the IMF urged Guinea to maintain a prudent monetary policy and continue to limit the central bank's lending to the government, saying the moves will be key to containing inflation.
CENTRAL AND SOUTHERN AFRICA
* South Africa-based Capitec Bank Holdings Ltd. said units of U.S. bank JPMorgan Chase & Co. have acquired a stake of 5.03% in the company.
* South African financial services firm Efficient Group Ltd.
* Fidelity Life Assurance of Zimbabwe Ltd.
* VTB Bank PJSC CEO Andrey Kostin said the Russian state-controlled lender is looking to sell a 10% stake in Angola-based Banco VTB Africa SA
* Meanwhile, Kostin and Mozambique President Filipe Nyusi discussed plans to restructure a $535 million state-backed loan to Mozambique Asset Management arranged by VTB Bank, a spokeswoman for the Russian lender told Reuters. The two sides are looking to close a deal by the end of the year.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: China to expand financing regulation; S&P: contagion risk in Indian finance up
Europe: Fast-track Brexit rejected; Swedbank Q3 profit down; Handelsbanken to exit Asia
Latin America: Brazil pension reform passes Senate; Panama set to finance entrepreneurs
North America: Tennessee banks in deal; Malaysia, Goldman privately discuss lower 1MDB penalty
Global Insurance: Execs bemoan litigious environment; tornado damage estimate; USAA cat bond
Deza Mones, Henni Abdelghani, Sophie Davies and Mariana Aldano contributed to this report.
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