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Egypt cuts rates; QNB gets nod for Hong Kong branch; Capitec's expansion plans

* The Bank for International Settlements rolled out a U.S. dollar-denominated green bond fund aimed at helping central banks adopt "environmental sustainability objectives in the management of their reserves."

GULF COOPERATION COUNCIL

* Saudi Fransi Capital, Al Rajhi Capital Co., Riyad Bank and EFG-Hermes Holding SAE are among banks chosen by Saudi Arabian Oil Co. to serve as joint book runners on its planned IPO, insiders told Bloomberg News.

* Saudi Arabia-based Islamic Development Bank is looking to issue $1.5 billion in five-year sukuk, or Islamic bonds, Reuters reported, citing a document issued by one of the banks leading the deal.

* Swiss bank Credit Suisse Group AG named Khalid Saleh al-Ghamdi CEO of unit Credit Suisse Saudi Arabia, effective Sept. 8, Argaam reported.

* S&P Global Ratings affirmed the BBB+ long-term issuer credit and insurer financial strength ratings of Saudi Arabia-based Co. for Cooperative Insurance, with a negative outlook. Meanwhile, the agency affirmed the BBB long-term insurer financial strength and issuer credit ratings of Wataniya Insurance Co., with a positive outlook.

* Qatar National Bank (QPSC) has received regulatory approvals from the Hong Kong Monetary Authority to open a branch in Hong Kong.

* United Arab Emirates-based Takaful Emarat Insurance PSC's Takaful Emarat - Insurance (PSC) board approved the resignation of Mohammad al-Hawari as managing director of the company, effective Sept. 23. The board also approved the appointment of Wael al-Sharif as CEO.

* Capital Intelligence Ratings affirmed Abu Dhabi Commercial Bank PJSC's A+/A1 long- and short-term foreign-currency ratings and assigned the lender bank stand-alone and core financial strength ratings of "bbb+" and an extraordinary support level of Very High, with stable outlooks on the long-term foreign-currency rating and bank stand-alone rating.

* CI Ratings raised UAE-based Arab Bank for Investment & Foreign Trade PJSC's long- and short-term foreign-currency ratings to A/A1 from A-/A2 and assigned the lender a bank stand-alone rating of "bbb," a core financial strength rating of "bbb-" and an extraordinary support level of High, with stable outlooks on the long-term foreign-currency rating and bank stand-alone rating.

* Fitch Ratings affirmed Al Ahli Bank of Kuwait KSCP's A+/F1 long- and short-term issuer default ratings, "bb+" viability rating, 1 support rating and A+ support floor, with a stable outlook on the long-term issuer default rating.

* Fitch affirmed Kuwait-based Boubyan Bank KSCP's A+/F1 long- and short-term issuer default ratings, "bbb-" viability rating, 1 support rating and A+ support floor, with a stable outlook on the long-term issuer default rating.

* Capital Intelligence Ratings affirmed Bahrain-based GFH Financial Group (B.S.C.)'s BB/B long- and short-term foreign-currency ratings, with a stable outlook.

REST OF MIDDLE EAST AND NORTH AFRICA

* Shouky Oren and Gal Bar Dea will be chairman and CEO, respectively, of the new digital bank to be established by businessmen Marius Nacht and Amnon Shashua, Globes reported. The Bank of Israel recently said it is prepared to issue a banking license and control permit to the planned digital bank.

* The Central Bank of Egypt reduced its key interest rates for a second consecutive month, this time with a cut of 100 basis points as both headline and core inflation rates fell to their lowest levels in more than six years. The central bank lowered the overnight deposit rate to 13.25%, the overnight lending rate to 14.25%, the rate of the main operation to 13.75% and the discount rate to 13.75%.

* French bank BNP Paribas SA is facing a criminal complaint filed by human rights groups representing survivors of the Darfur genocide in Sudan who are alleging that the lender provided the country financial services that bolstered its regime, The Wall Street Journal reported.

EAST AND WEST AFRICA

* S&P Global Ratings affirmed the B+/B long- and short-term issuer credit ratings of KCB Bank Kenya Ltd., with a stable outlook.

* Nigerian prosecutors said they will push for the extradition of two Irish investors from Ireland to Nigeria in relation to a failed contract tied to a company they founded, Process & Industrial Developments, The Irish Times reported. The prosecutors are also seeking information about funds transferred to a Nigerian government lawyer from an account at Irish lender AIB Group PLC.

* The African Development Bank will double funding commitments to climate finance to $25 billion for 2020 to 2025, half of which will be aimed at helping countries adapt to effects of climate change.

* BANK OF AFRICA – MALI posted a loss of 9 billion CFA francs in the first semester, saying it was due to provisioning for those credit files of customers in difficulty, Agence Ecofin reported. The company now expects a loss for the 2019 fiscal year. The entity is planning to reduce operating expenses by 27% this year and also carry out a reorganization of management.

CENTRAL AND SOUTHERN AFRICA

* South Africa-based Capitec Bank Holdings Ltd.'s board declared an interim gross dividend of 755 cents per share for the six months ended Aug. 31, up from 630 cents in the same period a year ago. The bank's headline earnings per share rose 20% year over year to 2,545 cents from 2,128 cents. CEO Gerrie Fourie said the lender plans to add more than 600 new employees in the next six months and expand its branch footprint, with 21 new branches set to open in the second half of the financial year, BusinessTech reported.

* A South African judge blocked bank employees from taking part in a planned strike to protest against job cuts, saying unions failed to comply with rules allowing demonstrations, Bloomberg News reported. In light of the ruling, Solly Phetoe, deputy general secretary of the Congress of South African Trade Unions, said the strike will be suspended but not canceled. The Banking Association of South Africa urged unions to cancel the planned strike, Moneyweb wrote.

* South African state-owned asset manager Public Investment Corp. (SOC) Ltd. is set to acquire a stake in Liquid Telecommunications Operations SA (Pty) Ltd. if the local fiber company pushes through with a planned IPO, people familiar with the situation told Bloomberg News.

* Matteo Stefanel and Nicholas Luc Smalle were named nonexecutive directors of South African financial services firm Efficient Group Ltd.'s board, with immediate effect.

* The IMF has warned Zimbabwe that state payouts to fuel company Sakunda Holdings that were met by the central bank's printing money has severely undermined the country's currency, insiders told the Financial Times. Meanwhile, the IMF urged Zimbabwe to limit fiscal spending and tighten monetary policy to stabilize the exchange rate and restore confidence in the country's currency, adding that Zimbabwe also needs to strengthen foreign exchange market operations and boost transparency on monetary statistics.

* The president of Angola, João Lourenço, has officially announced that the country is open to foreign investments in all areas. During a speech at the United Nations in New York, he said that around 150 companies and public assets from various sectors are being privatized, Macauhub reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: China drafts rules on loan provisions; India to consider bailout framework

Europe: Deutsche raid; ex-Danske exec found dead; Credit Suisse spy drama deepens

Latin America: Chile's BCI to expand in US, Peru; IMF says Argentina 'may have to wait'

North America: Fintechs gaining personal loan market share; Goldman enters European ETF biz

Global Insurance: WellCare divestment; insurers optimistic; Metromile IPO; Lorenzo strengthens

Erin Tanchico, Henni Abdelghani, Sophie Davies and Mariana Aldano contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 5 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.