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Equity Group chairman retires; Kuwaiti creditor rejects Abraaj debt settlement

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Equity Group chairman retires; Kuwaiti creditor rejects Abraaj debt settlement

MIDDLE EAST AND NORTH AFRICA

* Kuwait's Public Institution for Social Security has refused to join other creditors of Abraaj Group Ltd. in a debt settlement agreement with the Dubai-based firm, insiders told Reuters. PIFSS' decision could hamper Abraaj's efforts to sell its investment management unit and push the group to seek provisional liquidation.

* New regulations set out by the United Arab Emirates' Securities and Commodities Authority aimed at improving disclosures of Islamic bond issuances, combined with other regulatory initiatives, could help support the country's sukuk market, according to Fitch Ratings.

* Banque Lombard Odier & Cie SA is in talks to team up with a Saudi bank as part of efforts to boost its presence in the Gulf region, Reuters wrote, citing Arnaud Leclercq, a partner and group managing director at the Swiss private bank. Separately, Leclercq said Lombard Odier has launched its first Shariah-compliant investment products, CPI Financial noted.

* Wafa Insurance Inc. shareholders approved a plan to reduce the company's capital by 18.03% to 100 million Saudi Arabian riyals through the cancellation of 2.2 million shares.

* Allianz Saudi Fransi Cooperative Insurance Co. said the Saudi Arabian Monetary Authority has lifted a directive banning the firm from issuing or renewing mandatory motor insurance policies, Argaam noted.

* Gulf Union Co-operative Insurance Co. sought approval from the Saudi General Authority for Competition for its planned acquisition of Al Ahlia Insurance Co. for Cooperative Insurance, Argaam wrote.

* Islamic Development Bank President Bandar Hajjar told Reuters that the lender will shift hundreds of staff outside Saudi Arabia and will take a more aggressive role in designing investment projects as part of its new strategy.

* Qatar Insurance Co. SAQ's board of directors approved share buybacks up to a value of 500 million Qatari riyals. The company plans to buy back 15,179,000 shares, or 4.76% of its total shares.

* Arab Insurance Group BSC said it terminated the contract of CEO Yassir Albaharna and appointed Samuel Verghese, its deputy general manager for finance and administration, as acting CEO.

* Iraq's parliament passed a law to hold a nationwide manual recount of votes in last month's parliamentary election, after Prime Minister Haider al-Abadi said there were evidence of "unprecedented" violations, news outlets including Reuters and BBC News reported. The May 12 election was won by a bloc led by nationalist cleric Moqtada al-Sadr, while al-Abadi's party came in third place.

EAST AND WEST AFRICA

* Equity Group Holdings PLC Chairman Peter Munga has retired after 35 years with the bank, to be replaced by Vice Chairman David Ansell, Business Daily Africa wrote.

CENTRAL AND SOUTHERN AFRICA

* Peter Moyo was appointed nonexecutive director of Nedbank Group Ltd. and Nedbank Ltd., replacing Bruce Hemphill, effective June 11.

* Zambia Industrial Commercial Bank, formerly Intermarket Banking Corp. (Zambia) Ltd., will open to the general public by the end of the third quarter, the Lusaka Times wrote, citing Industrial Development Cooperation Group CEO Mateyo Kaluba. The bank is one of the IDC's new projects.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: UK fines Canara Bank; Malaysia may replace bourse CEO; Aussie lender defers IPO

Europe: BoE wants banks to draw resolution plans; US funds bid for Banco BPM loans

Latin America: Mexican peso down as country unveils tariffs on U.S. food, steel

North America: OCC finds improper sales practices at more banks; Invesco buys UK's IntelliFlo

North America Insurance: $320B man-made disaster risk; more ACA rate hikes; Zurich prefers small M&A

Leo Magno, Henni Abdelghani, Sophie Davies and Mariana Aldano contributed to this report.

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