* Citigroup Inc. named Claude-Stéphanie Ngningha had of its investment bank for Africa, excluding South Africa and Egypt, according to Financial Afrik.
GULF COOPERATION COUNCIL
* Fitch Ratings downgraded Saudi Arabia's long-term foreign-currency issuer default rating to A from A+ with a stable outlook, citing rising geopolitical tensions in the Gulf region following recent drone attacks on the country's oil infrastructure that had been blamed on neighboring Iran. In response, Saudi Arabia's finance ministry said it asked Fitch to reconsider the rating action, saying the downgrade did not reflect its efforts to maintain global oil supplies, Reuters wrote.
* S&P Global Ratings affirmed the B long-term insurer financial strength and issuer credit ratings of Medgulf Cooperative Insurance & Reinsurance Co., with a positive outlook. The agency also affirmed the BBB+ long-term financial strength ratings of Saudi peer Walaa Cooperative Insurance Co. The outlook on the ratings is positive.
* The Dubai Islamic Economy Development Centre inked a memorandum of understanding with the Dubai International Financial Centre, the Dubai Financial Market and Climate Bonds Initiative to cooperate on the growth of the green sukuk sector, Arabian Business wrote.
* Ali Mohammed al-Obaidli resigned as CEO of Qatar First Bank LLC (Public).
* S&P Global Ratings affirmed the B long-term insurer financial strength and issuer credit ratings of Kuwait-based Wethaq Takaful Insurance Co. KSCP, with a stable outlook.
* Fitch affirmed the A+ long-term issuer default ratings, with stable outlooks, of Ahli United Bank KSCP, Kuwait International Bank KSCP, Industrial Bank of Kuwait KSC (Closed), Warba Bank KSCP, Kuwait Finance House KSCP
* The general assembly of Osoul Investment Co. KSCP
* Moody's said the outlook for Oman's banking system remains negative, citing banks' weakening asset quality and tight access to funding, as well as the government's declining capacity to support lenders.
* Bahrain Islamic Bank BSC
* Bahrain's central bank canceled the license granted to Investcorp in June 1982 to operate as a traditional bank, as the firm currently focuses on alternative investments and has not exercised banking activities in ages, Al Ayam wrote.
REST OF MIDDLE EAST AND NORTH AFRICA
* Lebanese central bank Governor Riad Salamé said the regulator will continue to secure the public and private sectors' hard-currency needs at unchanged fixed rates and that a new measure set to be issued today will reduce pressure on demand for dollars at currency exchange shops, Reuters reported.
* Egyptian central bank Governor Tarek Amer said the regulator has authorized 28 local banks to provide mobile payment services, Daily News Egypt reported.
*
Parsian Bank
EAST AND WEST AFRICA
* Ahmad Abdullahi, director of banking supervision at Nigeria's central bank, said the regulator will issue another notice to lenders after some failed to meet a deadline to increase lending, Bloomberg News reported. Central Bank Governor Godwin Emefiele previously said banks that fail to comply will be sanctioned by Oct. 1.
* Nigeria's central bank ordered financial institutions to boost monitoring on and report transactions involving individuals and entities sanctioned by the United Nations in connection with North Korea, This Day reported.
* Representatives of West African states met at the region's central bank in Dakar to discuss the final stage of a project to make digital financial services interoperable throughout the region by June 2020, according to AllAfrica.
CENTRAL AND SOUTHERN AFRICA
* Top leaders of the African National Congress have opposed several proposals made by South African Finance Minister Tito Mboweni aimed at reviving the economy, insiders told Bloomberg News. Mboweni is in favor of maintaining a flexible exchange rate, inflation targeting as well as sustainable fiscal policy.
* South African bank Absa Group Ltd.
* South African conglomerate Hosken Consolidated Investment has set out an offer to acquire through HCI Niveus Holdco 1 Pty. Ltd. all ordinary shares of no par value in investment unit Niveus Investments Ltd.
* Meanwhile, Niveus Investments appointed Mohamed Haroun Ahmed an independent nonexecutive director of its board.
* Angola's central bank said it would offer $500 million in foreign currency to the country's commercial banks in weekly auctions during October, down from $750 million last month, state news agency Angop reported. Banco Nacional de Angola Governor José de Lima Massano said Angola is fighting to maintain its foreign exchange reserves, which were eroded by efforts to prop up the kwanza, Jornal de Angola wrote.
* Mozambique's central bank and the country's AMB banking industry association agreed to cut the so-called prime interest rate for a fourth consecutive month, reducing it by 30 basis points from September to 18.0%, O País reported. The prime rate, which banks use as a basis to set their commercial lending rates, is used to fix the central bank's MIMO monetary policy rate. It stood at 19.9% in January.
* The Mozambican government told creditors that the first repayment of its restructured bonds will be postponed for a month, according to news agency Lusa. In a letter, the finance ministry said the final signing of the $726.5 million debt restructuring deal announced earlier in September would now take place in late October, giving any "holdout" creditors more time to join the agreement.
* Banco Comercial e de Investimentos SA
IN OTHER PARTS OF THE WORLD
Asia-Pacific: Paypal enters China payments market; Westpac mulls life insurance exit
Europe: Commerzbank sees more costs; Barclays fined; EC extends Dexia guarantees
Latin America: S&P upgrades Jamaica; more authority for Brazil's central bank
North America: In-state deals in Ohio, Iowa, Nebraska; Senate OKs funding for SBA 7(a) program
Global Insurance: Blue Cross/Cambia deal dropped; reinsurers' loss budgets eroded; UK's Pru fined
Deza Mones, 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. Descriptions in this news article were not prepared by S&P Global Ratings.
