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Sanlam in $1B Morocco deal; KCB banks on mobile payments; Tunisian dinar warning

MIDDLE EAST AND NORTH AFRICA

* Saudi Arabian Energy Minister Khalid al-Falih signaled that the IPO of Saudi Arabian Oil Co. could be pushed back to next year, Bloomberg News wrote. Meanwhile, Saudi Aramco CEO Amin Nasser said work on the state-owned oil giant's planned listing will be completed in the second half, Reuters wrote.

* Saudi Crown Prince Mohammed bin Salman and British Prime Minister Theresa May have set a target of about £65 billion in mutual trade and investment between Saudi Arabia and the U.K. over the coming years. The investment opportunities will span sectors including education, financial services, healthcare, technology and renewable energy.

* Moody's said it expects Saudi banks' profitability to continue to outperform that of their peers in other Gulf Cooperation Council countries, helped by a gradual improvement in credit growth and the positive impact of higher interest rates in the country, Argaam wrote.

* Bahrain's Gulf International Bank BSC sold its claim against Saudi Arabia-based Ahmad Hamad Al-Gosaibi and Brothers, which defaulted on its loans in 2009, insiders told Reuters. Standard Chartered Plc, Emirates NBD Bank PJSC and Bahrain-based Arab Banking Corp. BSC are also looking to sell outstanding AHAB debt totaling approximately 2.24 billion Saudi Arabian riyals.

* Union National Bank PJSC sold a five-year, $500 million senior unsecured bond, its first debt issuance since 2016, The National wrote.

* A.M. Best affirmed Qatar Islamic Insurance Co. QPSC's financial strength rating of B++ (Good) and its long-term issuer credit rating of "bbb+." The outlook of the ratings is stable.

* The Central Bank of Bahrain launched a secure private network that connects all retail banks in the country as part of efforts to boost the country's banking sector. The network will serve as the primary communication hub for conducting real-time interbank payments settlements, while the existing SWIFT network will be retained as backup.

* Bank ABC CEO Khaled Kawan said the lender plans to launch a neobank early next year and is working on obtaining all necessary approvals from the Bahraini central bank, Trade Arabia wrote.

* Capital Intelligence Ratings affirmed Investcorp Bank BSC's financial strength rating at BBB.

* National Securities Co. SAOG said compliance officer Abdullatif Shehadeh is stepping down for personal reasons, effective April 30.

* Bank Muscat SAOG closed a five-year, $500 million bond issuance under its euro medium-term note program.

* The Bank of Israel signed a memorandum of understanding with the New York State Department of Financial Services to boost cooperation between the two authorities, including in information sharing and assistance in supervisory matters.

* CI Ratings assigned National Bank of Iraq a first-time financial strength rating of BB, with a stable outlook.

* Banque Centrale de Tunisie Governor Marouane El Abassi said the country cannot defend the dinar "even if it wanted to," with foreign reserves now covering less than 80 days of imports and amid "frightening" economic indicators, Reuters and Bloomberg reported.

EAST AND WEST AFRICA

* KCB Group Plc reported full-year 2017 group profit after tax, exceptional items and minority interest of 19.71 billion Kenyan shillings, compared to 19.72 billion shillings in 2016. CEO Joshua Oigara said KCB plans to spend $9 million to create its own mobile payment platform in 2018 to boost the number of mobile transactions it can handle, Reuters reported.

* Separately, KCB Group CFO Lawrence Kimathi said the banking group remains optimistic that Kenya's rate cap law will be reviewed by the end of the year, Bloomberg reported. Kimathi said the group wants the cap to be raised from the current limit of 400 basis points above official rates, an easier approach than pushing for a repeal of the law.

* The IMF called for an asset quality review of Nigerian banks to "identify any potential capital need," and welcomed the Central Bank of Nigeria's decision to prohibit weak banks from making dividend payments.

* Nigeria-based United Bank for Africa Plc appointed Abiola Bawuah regional CEO in charge of the bank's businesses in Ghana, Benin, Burkina Faso, Côte d'Ivoire, Liberia and Sierra Leone, Joy Business noted.

* Energy Commercial Bank Chairman Jimoh Ibrahim hinted on plans to list the lender on the Ghana Stock Exchange, Joy Business wrote.

* The Ghana Stock Exchange lifted the suspension of trading in shares of Agricultural Development Bank Ltd. that was imposed following reports that uniBank (Ghana) Ltd. has taken over the bank, Citi Business News wrote.

* Sékou Mamadou Barry was dismissed as head of Banque pour le Commerce et l'Industrie in Mali and replaced by Haïdara Zeynabou Kouréchy, according to Financial Afrik.

CENTRAL AND SOUTHERN AFRICA

* South Africa-based Sanlam Ltd. and Santam Ltd. said Sanlam Emerging Markets Ireland Ltd. will acquire the remaining 53.37% of Morocco-based Saham Finances SA that it does not own from Saham SA for $1.05 billion. The transaction is expected to take effect in the second half.

* Standard Bank Group Ltd. reported full-year 2017 profit attributable to ordinary shareholders of 26.24 billion South African rand, up from 22.21 billion rand in 2016. The group raised its medium-term return on equity target range to between 18% and 20% from between 15% and 18% previously.

* Everglen Capital Proprietary Ltd. lowered its stake in South-Africa based financial services group Transaction Capital Ltd. to 29.2% from 41% after selling 72 million shares in the company at a price of 16.80 South African rand per share through an accelerated bookbuild offering.

* Mozambican Foreign Minister Jose Pacheco said the government reached "understandings" with JSC VTB Bank on how to address the $535 million in debt granted by the Russian lender to Mozambican state-owned Mozambique Asset Management, Macauhub reported. The debt is part of the more than $2 billion of controversial loans extended to three state-owned firms in Mozambique in 2013 that were previously undisclosed.

* Democratic Republic of Congo Prime Minister Bruno Tshibala told Reuters that an election to replace President Joseph Kabila remains on course for Dec. 23.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: QBE sells stake in Australian broker; Bank Central Asia FY'17 profit rises 13%

Europe: Aviva FY'17 profit jumps YOY; EU rules out special treatment for UK

Latin America: Finansur asset freeze lifted; Grupo Sura sells Chile annuity biz

North America: More tweaks on Dodd-Frank rewrite bill; Goldman Sachs begins Brexit move

North America Insurance: Cigna to buy Express Scripts for $67B; court orders Berkshire unit to pay $68M

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.