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Diamond Bank, Access Bank deny merger rumors; Skye Bank's management in hot seat

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Diamond Bank, Access Bank deny merger rumors; Skye Bank's management in hot seat

* Swiss financial technology firm X8 AG has received certification for its cryptocurrency and related tokens from Bahrain-based Islamic advisory firm Shariyah Review Bureau, Reuters wrote, citing X8 director and co-founder Francesca Greco. X8, which plans to launch a crypto-exchange that will include a Sharia-compliant component, is set to open a regional office in the Middle East later in November.

GULF COOPERATION COUNCIL

* Prosecutors in Kuwait have asked Dubai to hand over $500 million of funds that were frozen a year ago as part of a money-laundering probe, Reuters reported. The funds, which belong to a Kuwaiti private equity fund, are held at state-owned Noor Bank PJSC, the newswire noted.

* Emirates NBD Bank PJSC has hired ANZ, BofA Merrill Lynch, Citi, Emirates NBD Capital and ING to be joint lead managers and joint book runners for a potential issuance of five-year U.S. dollar-denominated bonds, Reuters wrote, noting that the bond will be of a benchmark size.

* The Central Bank of the United Arab Emirates is reviewing plans to issue new regulations for governing group financing platforms in the country, Argaam reported, citing Saif Hadef al-Shamsi, assistant governor for monetary and financial stability at the central bank.

* The United Arab Emirates government intends to announce early next year a list of sectors in which it will allow foreign ownership of up to 100%, Reuters reported, citing Economy Minister Sultan bin Saeed al-Mansouri.

* Trade Union Cooperative Insurance Co. CEO Hussam al-Kannas said the Saudi insurer expects its agency agreement with Kafalh Insurance Agency Co. to positively impact its financial results beginning next week, Argaam noted, citing CNBC Arabia.

* Islamic Development Bank Group made its first euro listing with a €650 million sukuk on Nasdaq Dubai, according to TradeArabia.

* Bahrain's central bank has issued for consultation draft rules on open banking, which is based on interconnecting licensed retail banks and other financial institutions to financial technology firms. The regulator said it is seeking feedback on the rules by Nov. 25, and that it aims to finalize regulatory rules before the end of 2018.

* Separately, the Central Bank of Bahrain signed a memorandum of understanding with the Abu Dhabi Global Market to promote innovation in financial services across the UAE and Bahrain.

REST OF MIDDLE EAST AND NORTH AFRICA

* Israel's central bank yesterday said that as of 2019, it will end its foreign currency purchasing program, which is aimed at offsetting the effects of natural gas production on the exchange rate of the shekel. The move comes as a new sovereign wealth fund, named The Fund for Israel's Citizens, is expected to begin operations next year and start investing money abroad in 2020, the central bank noted. Reuters covered.

* Capital Intelligence Ratings affirmed Tunisia-based Banque Nationale Agricole's financial strength rating at B-.

EAST AND WEST AFRICA

* Diamond Bank PLC has denied media reports that it was in merger talks with fellow Nigerian lender Access Bank PLC, which also said it had held no such talks with Diamond Bank or any other institution.

* Andrew Chimphondah, director-general of pan-African housing finance and development firm Company for Habitat and Housing in Africa, or Shelter Afrique, said he aims to bring down the company's nonperforming loans to less than 10% of its loan book within five years from the current 46%, Business Daily Africa wrote.

* Kenya signed a five-year, €4.5 billion loans and grants agreement with the European Union, according to Business Daily Africa.

* Nigeria Deposit Insurance Corp. said the management of Skye Bank PLC contributed to the collapse of the lender, Reuters reported. The deposit insurance agency said the bank's management engaged in insider abuse, banking malpractices and poor corporate governance, The Punch wrote.

* Nigeria-based United Capital PLC appointed Stephen Nwadiuko and Sonny Iroche to its board as nonexecutive directors, This Day reported.

CENTRAL AND SOUTHERN AFRICA

* Discovery Ltd. raised 1.85 billion rand from an accelerated bookbuild offering of its ordinary shares. The South African insurer will use the proceeds for the previously announced acquisition of the 25.01% stakes FirstRand Ltd. units hold in Discovery Bank Ltd. and the Discovery Card joint venture, as well as Discovery Card's book and related assets.

* Angolan central bank governor José de Lima Massano said measures announced earlier this year to raise the minimum capital and equity levels of the country's banks by year-end should led to consolidation in the financial sector, Macauhub reported.

* Angola's long-awaited state-owned reinsurance company AngoRe could start operating in the first half of 2019, Expansão wrote, citing Aguinaldo Jaime, head of the country's insurance industry regulator ARSEG. Plans for AngoRe's launch were first announced 15 years ago.

* Angola's central bank will early next year begin the operations of a deposit guarantee fund that will safeguard customer deposits from potential bank collapse, O País reported.

* The sale of Cameroon-based Banque Internationale du Cameroun Pour l'Epargne et le Crédit, a unit of France's Groupe BPCE, to Morocco's Banque Centrale Populaire is behind schedule, Financial Afrik reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Anbang transfers Chinese bank shares; South Korean banks halt NY wire services

Europe: ECB finds 'major weaknesses' at Commerzbank; Monte dei Paschi profit drops YOY

Latin America: HSBC said to eye Brazil comeback; World Bank CFO may accept BNDES role

North America: US banks to shift $283B in assets post-Brexit; Canada's asset manager mulls sale

Global Insurance: California fires could cost $25B; Maiden-Enstar loss transfer; SEC prods AIG

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

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