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Saudi lenders Alawwal, SABB to merge; National Commercial Bank CEO steps down

* Allianz Group is developing plans to wind down its Iran-related business because of potential U.S. sanctions on the country. A spokesman for the German insurer said its Iranian business is "totally minimal" and that Allianz is also "waiting for and will consider any guidance that the EU and the German government may provide."

* Kuwait-based Noor Financial Investment Co. sought the approval of Pakistan's central bank to sell part of its 49.11% stake in Meezan Bank Ltd. Noor Financial, which owns 49.11% of Meezan Bank, said it is in preliminary nonbinding talks with an unnamed overseas firm for the sale of a 9.59% stake in the Pakistani lender.

MIDDLE EAST AND NORTH AFRICA

* Alawwal Bank and Saudi British Bank have reached an initial agreement on their planned merger that would create the third-biggest bank in Saudi Arabia with more than $70 billion in assets. The banks' boards reached a preliminary, nonbinding agreement on a share exchange ratio that would see Alawwal shareholders receive 0.485 SABB share for each share that they hold in Alawwal.

* National Commercial Bank CEO Saeed Mohammed al-Ghamdi stepped down from his post. Faisal Omar al-Sakkaf, the Saudi Arabian lender's head of strategy and business development group, was named acting CEO. Separately, the bank said its shareholders approved the board's proposal to increase its capital to 30 billion Saudi Arabian riyals from 20 billion riyals through the issuance of one bonus share for every two shares held.

* S&P Dow Jones Indices is consulting investors on whether Saudi Arabia should be upgraded to emerging market status from its current ranking as a stand-alone country, Reuters reported.

* Wafa Insurance Inc. submitted a request to the Saudi Arabian Monetary Authority to reduce its capital to 100 million riyals from 122 million riyals, in a bid to offset accumulative loses.

* The UAE Insurance Authority has suspended insurance brokers Al Salam Insurance Services, Dolphin and Equator over various financial and regulatory issues, Al Khaleej reported.

* The Central Bank of Tunisia maintained its key interest rate at 5.75%, according to Reuters.

EAST AND WEST AFRICA

* The Bank of Tanzania authorized the merger of Twiga Bancorp Ltd., which has been placed under the central bank's statutory management since October 2016, and TPB Bank Plc, effective May 17. Following the merger, the new bank will retain the latter's name, and all of Twiga Bancorp's customers, employees, assets and liabilities will be transferred to the new TPB Bank.

* KCB Group Plc reported first-quarter net profit of 5.1 billion Kenyan shillings, compared to 4.5 billion shillings in the same period in 2017, Business Daily Africa reported.

* Paul Muthaura, CEO of Kenya's Capital Markets Authority, said the regulator is reviewing eligibility requirements for companies aiming to list on the Nairobi Securities Exchange, as part of efforts to attract new listings, Standard Digital wrote.

* The Bank of Ghana is working on a plan to restructure uniBank (Ghana) Ltd., which is among local lenders that have asked for more time to bolster their stated capital to meet the new 400 million cedi minimum capital requirement set by the central bank, Modern Ghana reported.

* La Banque pour l'Habitat de Côte d'Ivoire has changed its name to Banque Habitat Afrique, Financial Afrik reported. The Ivorian State sold its 51.6% stake in the bank in August 2017 to Canada's WestBridge Mortgage, which specialises in the financing of real estate.

* Burundians are set to vote today in a referendum on constitutional amendments that would extend presidential terms to seven years from five, potentially allowing President Pierre Nkurunziza to extend his 13-year term until 2034, multiple media outlets reported including BBC News. The country's existing constitution limited a president to two terms.

CENTRAL AND SOUTHERN AFRICA

* Angola's $5 billion sovereign wealth fund has asked a British court to order banks to provide information about its investments, the latest twist in a dispute between the fund and its former head José Filomeno dos Santos, the son of ex-President José Eduardo dos Santos, an insider told Reuters. The fund has reportedly sought a "Norwich Pharmacal order" that would force banks to share information, including data about any accounts linked to the fund.

* The Banco Nacional de Angola resumed its weekly foreign-currency auction yesterday, selling €183.7 million to 19 commercial banks after a one-week hiatus, Novo Jornal reported. The kwanza, which has depreciated by about 30% since January, held its value at 275.3 kwanzas per euro.

* The Banking Association of South Africa said the country's banks signed a memorandum of understanding with the South African Social Security Agency to help find better ways distribute grant payments to beneficiaries, Bloomberg News wrote.

* South Africa raised $2 billion from its sale of eurobonds maturing in 2030 and 2048, which were 1.7x oversubscribed, Bloomberg News reported, citing an emailed statement from the National Treasury.

* Perry Crosthwaite was appointed an independent nonexecutive chairman of London-listed Investec PLC and Johannesburg-listed Investec Ltd. Meanwhile, Khumo Shuenyane has been appointed as independent nonexecutive chairman of Investec Bank Ltd. Crosthwaite and Shuenyane replace Fani Titi, who stepped down as an independent nonexecutive chairman of both Investec Plc and Investec Ltd. with effect from May 16 and as an independent nonexecutive chairman of Investec Bank Ltd. with effect from May 15.

* All economists polled by Reuters expect the South African Reserve Bank to keep interest rates unchanged at 6.50% at its May 24 monetary policy committee meeting.

* The Bank of Zambia maintained its policy rate at 9.75%.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: US SEC fines ICBC unit; Thailand holds rate; Malaysia raids former PM's house

Europe: Ageas, BayernLB post Q1 results; CYBG says loss won't affect Virgin Money plans

Latin America: Banxico director quits after cyberattack; Bancolombia's Q1 income slides

North America: JPMorgan's Dimon to stay for 5 more years; Circle to launch dollar-based token

North America Insurance: Oregon discloses proposed '19 ACA rates; PE-backed MGA Orchid exploring sale

Deza Mones, Henni Abdelghani, Sophie Davies and Helen Popper contributed to this report.

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