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QNB posts Q3 result; Kenyan bank gets CEO; Moza Banco future on table

MIDDLE EAST AND NORTHAFRICA

QNB Q3 resultrises YOY: Qatar NationalBank SAQ reported third-quarter net profit attributable to equity holders of the bank of3.41 billion rials, compared to 3.13 billion rials in the year-ago period. Netimpairment losses on loans and advances to customers increased to 475.0 millionrials from 91.1 million rials in the third quarter of 2015.

* AttijariwafaBank SA Managing Director Ismail Douiri said the lender plans tofund its acquisition of BarclaysBank Egypt (SAE) through local financing deals including capital increasesand a reorganization of shareholdings, Reuters reports.Douiri said the bank does not intend to tap international bond markets or lookinto bilateral foreign deals for the purchase.

* EmiratesIslamic Bank PJSC CEO Jamal Saeed bin Ghalaita said yesterday thatthe Emirates NBD BankPJSC unit intends to complete its rights issue of 1.5 billionUnited Arab Emirates dirhams by early December, Reuters writes.Ghalaita said 2017 will generally be a tough year for Emirates Islamic, but thebank does not plan further staff layoffs after cuts mainly in the departmentservicing small and medium-sized enterprises.

* Ahli UnitedBank B.S.C. unit AhliUnited Bank K.S.C.P. is planning to issue a capital-boostingIslamic bond and will hold investor road shows beginning tomorrow in the UAE,Switzerland, the U.K. and Singapore, accordingto Reuters.

* Masraf AlRayan (Q.S.C.) and Doha Bank Q.S.C. intend to launch Qatar's firstexchange-traded funds by year-end, a Qatar Exchange official tellsReuters. The move could boost capital flows into the stock market, which hasbeen pressured by limited liquidity and a slump in natural gas prices.

* Saudi Arabia will hold investor road shows startingtomorrow for its debut international sovereign bond, Reuters reports.The bond will have tranches with maturities of five, 10 and 30 years.

* Saudi Arabia's debt reached 273.8 billion riyals as ofAug. 31, a 92.5% increase compared to the end of 2015, Argaam reports. Ofthe total, 236.3 billion riyals are domestic debt and 37.5 billion riyals areforeign debt.

* Mirabaud Middle East Ltd. and Menacorp signed an agreementthat will provide Mirabaud's wealth management clients a trading platform thatgives them access to stock markets in the Middle East and North Africa, accordingto CPI Financial.

* The U.S. Treasury Department's Office of Foreign AssetsControl issued new guidance clarifying that non-American lenders can do dollartrades with Iran as long as the transactions do not pass through financialfirms in the U.S., Reuters reports.Lawyers and former sanctions officials said the new guidelines should reassureforeign banks trying to steer clear of transactions with Iran due to fears ofthe remaining U.S. sanctions on the Middle Eastern country.

* Norwegian Foreign Minister Børge Brende said his countryhas opened a $1 billion credit line for Norwegian firms' exports to Iran, according to IRNA. Brende addedthat Norwegian lender DNBASA is due to become active in the Iranian market.

* Tel Aviv Stock Exchange interim CEO Gal Landau-Yaari announcedhis resignation due to strained relations with Chairman Amnon Neubach, accordingto Globes. Landau-Yaari willcontinue as interim CEO until the end of the year.

* Switzerland-based Julius Bär Gruppe AG named Régis Burger of Julius Baer (Middle East)Ltd., effective Oct. 1. Burger will succeed Juerg Berger, who will become headof the Gulf Cooperation Council region in Abu Dhabi.

* Tunisia'strade balance deficit reached 9.326 billion dinars in the first nine months ofthe year, up 0.62% from 9.268 billion dinars in the same period in 2015, L'Economiste Maghrébin reports.

EAST AND WEST AFRICA

National Bankof Kenya appoints permanent CEO: National Bank of Kenya Ltd named Wilfred Mutuku MusauCEO, effective yesterday, Business DailyAfrica reports.Musau, the acting CEO since April, will serve a five-year term and beresponsible for turning the bank back to profitability.

* ImperialBank Ltd. will on Thursday mark one year since being placed underreceivership by the Kenya Deposit Insurance Corp., with questions remainingabout the troubled lender's past and future, Standard Digital writes.Separately, the amount of cash allegedly stolen from the bank by its managementand directors through fishing firm W.E. Tilley has risen to 31.5 billionshillings from the initially announced 10 billion shillings, Business Daily Africa reports,citing court papers filed by the KDIC.

* Moody's said yesterday that Nigeria's top five banks —Zenith Bank Plc,Guaranty Trust BankPlc, Access BankPlc, United Bank forAfrica Plc and FBNHoldings Plc unit First Bank of Nigeria Ltd. — share common creditchallenges related to the slowdown of the country's economy, although theirability to withstand weak economic growth and volatile monetary conditionsvaries. The agency expects nonperforming loans in the Nigerian banking sectorto rise to about 12% over the next 12 months, compared to 5% as of December2015.

* Meanwhile, analysts at Dubai-based investment bank ArqaamCapital believe that the Nigerian banking industry is in a "full-blownfinancial crisis," with Unity Bank Plc and Skye Bank Plc close to insolvency and FBN Holdings andSterling Bank Plc inneed of "dilutive" capital increases, Bloomberg News reports.An "acid test" performed by Arqaam revealed seven potentiallyundercapitalized banks, with FBN Holdings and other lenders potentially showingdeficits if they were to book full provisions for nonperforming loans.

* The Nigerian government reached an agreement with theWorld Bank and other partners for a $1.3 billion funding to launch theDevelopment Bank of Nigeria, Vanguardwrites.

* The market capitalization of shares on WestAfrica regional stock exchange BRVM fell below 7,000 billion CFA francs for thefirst time in over a year last week, Agence Ecofin reports.

* Aslowdown of the global economy has not stopped capital from being injected intoAfrica, especially into countries with stable and transparent governance,Gabriel Lopes, head of BGFIBank Sénégal, tellsFinancial Afrik.

CENTRAL AND SOUTHERNAFRICA

Shareholders meet over Moza Banco'sfuture: MoçambiqueCapitais, the largest shareholder in Moza Banco SA, called a general meeting to discuss thesituation at the bank and the prospects for its future, Jornal de Notícias reports.Mozambique's central bank placed Moza Banco under administration last week, saying the bank's financial and prudentialsituation has become unsustainable.

* Abebe Aemro Selassie, African department director at theIMF, said the fund has a "very good understanding" with theMozambican government on some "key prerequisites" for a planned auditinto the approximately $1.4 billion of previously undisclosed debt that wasdiscovered this year, Bloomberg reports.The IMF froze assistance to Mozambique following disclosure of the debt andsaid it will only resume lending if the independent audit, which will be madepublic, commences soon.

* Angola'scentral bank sold €328.1 million to the country's banks in its latest foreigncurrency auction, most of it destined to the oil industry and food imports, Novo Jornal reports.A small amount of money was allocated for overseas family aid transfers and toexchange houses.

* Angola'sBanco BIC SA hasaccumulated a loan portfolio worth nearly $730 million in Namibia since openingits first branch in the country in June, NovoJornal reports,citing an interview with CEO Jorge Veiga. The bank aims to open up to 20branches in Namibia as part of its regional expansion plans.

IN OTHER PARTS OF THEWORLD

Asia-Pacific:

Europe: UK drops Lloyds retail sale; Deutsche still in US talks; ABN AMRO Asiasale

Latin America:

North America:

North America Insurance:

SherylObejera, Sarah Raslan, Sophie Davies and Helen Popper contributed to thisreport.

TheDaily Dose Middle East and Africa has an editorial deadline of 5 a.m. Londontime. Some external links may require a subscription.