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Cerberus bids for Abraaj's PE unit; Deutsche Bank to scale back in South Africa

MIDDLE EAST AND NORTH AFRICA

* U.S.-based Cerberus Capital Management LP made a $125 million offer to acquire Abraaj Group Ltd.'s private equity business, insiders told The Wall Street Journal. Separately, Abraaj said its secured creditors are set to "imminently conclude a standstill" on its debt obligations, the Financial Times wrote.

* The U.K. Financial Conduct Authority is set to announce this week its decision on plans to create a new category for government-owned companies within its premium listing regime, a move seen as a bid to attract the IPO of Saudi Arabian Oil Co., City A.M. wrote.

* Wafa Insurance Inc. appointed a consultancy firm to seek ways to improve the company's solvency and reach requirements set by the Saudi Arabian Monetary Authority, which had suspended the insurer from issuing or renewing insurance policies.

* The board of directors of Al-Buruj Co-Operative Insurance Co. proposed a 20% capital hike to 300 million Saudi Arabian riyals by issuing 1 bonus share for every 5 shares held.

* Al Ahlia Insurance Co. for Cooperative Insurance shareholders refused to approve its financial statements for the fiscal year 2016, Argaam said. The shareholders also refused to approve plans to amend the board remuneration policy, among other resolutions.

* Falcon Insurance Co. SAOC said insurance claims resulting from Cyclone Mekunu, which affected Yemen, Oman and Saudi Arabia in late May, are not expected to exceed 240,000 Omani rials, adding that it is "adequately protected" against said losses through reinsurance arrangements.

* Bank Sohar SAOG hired Bank ABC and Emirates NBD to lead a $250 million syndicated loan transaction, insiders told Reuters.

* Shariah-compliant banks in Kuwait told the central bank that the new IFRS 9 accounting standards are not compliant with the Islamic law, Al Rai Media reported.

* Jordan's King Abdullah appointed former World Bank economist Omar al-Razzaz to form a new government after accepting Prime Minister Hani Mulki's resignation. The change comes amid massive protests over tax proposals meant to further reforms pushed by the IMF.

* France-based Société Générale SA will pay a total of $1.335 billion in criminal and regulatory penalties for bribing Libyan officials and manipulating the London Interbank Offered Rate, the U.S. Department of Justice said.

* Misr Insurance Holding Co. is expected to launch an IPO of a 15% to 30% stake in life insurance unit Misr Life Insurance Co. next year, Amwal Al Ghad reported, citing Misr Life CEO Ahmed Abdel Aziz.

* Egypt's Financial Regulatory Authority is considering strengthening cooperation between insurers and e-payment firms in the country by allowing the latter to distribute insurance policies, the Middle East Insurance Review wrote, citing Al-Masry Al-Youm.

* Banque du Caire SAE Executive Vice Chairman Amr el-Shafei said the bank has received approval for Cairo Leasing Co., which started operations in March, Al Masry Al Youm reported.

* Capital Intelligence Ratings affirmed Blom Bank SAL's financial strength rating at BBB-, with a stable outlook.

EAST AND WEST AFRICA

* Guaranty Trust Bank PLC said executive directors Olutola Omotola and Wale Oyedeji are retiring, effective Aug. 11. Oyedeji was responsible for the corporate bank group of the bank, while Omotola was responsible for the corporate services division.

* Former Kenya Reinsurance Corp. Ltd. Managing Director Jadiah Mwarania filed a lawsuit against the company claiming wrongful termination and is seeking 82 million Kenyan shillings in compensation, Business Daily Africa wrote. Mwarania, who left the company in March, claimed his firing was linked to a directive by Head of Public Service Joseph Kinyua and was driven by perceived issues with some of Kenya Re's board members.

CENTRAL AND SOUTHERN AFRICA

* Deutsche Bank AG will shut down its advisory, corporate-broking and sponsor-services units in South Africa as part of a global restructuring, Bloomberg News reported. A spokesman for the German lender said its South African debt capital markets, fixed-income and treasury products will not be impacted by the move.

* Madagascar's president, Hery Rajaonarimampianina, appointed Christian Ntsay, the country's local representative of the International Labour Organization, as the new prime minister, after Olivier Mahafaly resigned following a court ruling that ordered the establishment of a new consensus government to overcome the nation's political crisis, news outlets including Reuters and Daily Nation reported.

* Barclays Bank of Zimbabwe Ltd. will start operating under a dual brand in October following its acquisition by Malawi-based FMB Capital Holdings last year, The Financial Gazette wrote.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Japan's Daido Life in Australian M&A; Fitch downgrades Punjab National Bank

Europe: UniCredit eyes merger with SocGen; CYBG ups Virgin Money offer; Spain has new PM

Latin America: BBVA Francés Q1 profit up 178%; Barbados seeks debt restructuring

North America: JPMorgan gets immunity on alleged cartel conduct; Wells mulls 2 post-Brexit hubs

North America Insurance: Icahn looks to establish fair AmTrust price; Manulife raising $2B for fund

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

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