trending Market Intelligence /marketintelligence/en/news-insights/trending/w9rtxlnu3uvpjwwbls7ngg2 content esgSubNav
In This List

Bahrain's Al Baraka eyes 2019 share offering; Zimbabwe names new finance chief


Technology & Automation Insights: Elevating KYC and onboarding efficiency


Banking Essentials Newsletter: May 15th Edition


Data Insights: Enhancing regulatory compliance and client lifecycle management.


Banking Essentials Newsletter: 17th April Edition

Bahrain's Al Baraka eyes 2019 share offering; Zimbabwe names new finance chief

* Qatar's Emir Tamim bin Hamad al-Thani said his country will invest €10 billion in Germany's energy and finance sectors over the next five years, Reuters wrote.

* Central Bank of Iran Governor Abdolnaser Hemmati said Iran, Turkey and Russia have agreed to use their local currencies for trade between the three nations instead of using U.S. dollars, Hürriyet Daily News wrote.

* Standard Chartered PLC named Rola Abu Manneh CEO of its business in the United Arab Emirates, effective immediately, according to Reuters. Manneh, a former executive at First Abu Dhabi Bank PJSC, replaces Julian Wynter, who is retiring.


* Al Baraka Banking Group BSC CEO Adnan Yousuf said the Bahrain-based lender expects to offer shares next year to help cover the costs of its international expansion plans, Reuters reported, citing Al Arabiya TV.

* Al Ahlia Insurance Co. for Cooperative Insurance said it received a final warning from the Saudi Arabian Monetary Authority regarding the weak performance of its claims department and the inefficiency of its technical system. The regulator gave the company 20 days to fix its irregularities or face being banned from issuing new policies, Argaam noted.

* Shareholders of Kuwait's Amwal International Investment Co. KSCP owning 70.91% of the company's shares have submitted applications to sell their holdings to SHUAA Capital PSC. As a result, Shuaa Capital's total stake in the company will amount to 87.22%, Gulf News noted.

* The UAE's Securities and Commodities Authority has approved the regulatory control of financial technology, which includes a plan to regulate initial coin offerings and recognize them as securities, state news agency WAM reported.

* A.M. Best affirmed Abu Dhabi National Takaful Co. PSC's A- (Excellent) financial strength rating and "a-" long-term issuer credit rating, with a stable outlook.


* Central Bank of Iran Governor Abdolnaser Hemati said money exchange offices in the country have been given permission to begin importing foreign currency bills into the country, Saudi Gazette reported, citing IRNA.

* National Bank of Egypt (SAE) signed a $600 million loan agreement with China Development Bank, which will be used to strengthen the working capital of the Egyptian lender's businesses and customers, Agence Ecofin reported.

* Capital Intelligence Ratings upgraded Egypt's long-term foreign- and local-currency ratings to B+ from B and affirmed its B short-term foreign-and local-currency ratings. The outlook is revised to stable from positive.

* Morocco's BMCE Bank of Africa could take over Banque Internationale pour le Commerce et l'Industrie du Gabon, or BICIG, Agence Ecofin wrote. The Gabonese government took over BICIG via the Gabonese Strategic Investment Fund last June, following the withdrawal of France's BNP Paribas SA, but BICIG's chairman has since indicated that the state's stake could be sold to another bank.


* Stanbic IBTC Holdings PLC unit Stanbic IBTC Ventures Ltd. has surrendered its license as a venture capital manager to Nigerian authorities, Premium Times wrote.


* Zimbabwean President Emmerson Mnangagwa named Mthuli Ncube, a former African Development Bank chief economist, as the country's finance minister. Separately, Ncube said he is considering Zimbabwe potentially joining the South African rand union, using only the U.S. dollar while removing the quasi-currency bond notes from circulation, or reintroducing the Zimbabwean dollar as part of planned reforms he aims implement by 2018-end, Reuters wrote, citing local paper the Sunday Mail.

* Nedbank Ltd. CEO Mike Brown warned South Africa's constitutional review committee that plans to amend the constitution to allow the expropriation of land without compensation could have a significant impact on property prices and spark a banking crisis, Reuters reported.

* South Africa Reserve Bank Governor Lesetja Kganyago said the government should avoid economic policies that have "short-term, populist benefits but long-term costs" and instead prioritize strategies that result in sustainable economic growth and job creation, Bloomberg News reported, citing an opinion piece by Kganyago published by Business Day.

* Analysts expect Angolan President João Lourenço to potentially reshuffle his cabinet as part of his campaign against corruption and economic reforms after being named the leader of ruling party People's Movement for the Liberation of Angola, or MPLA, Reuters reported.


Asia-Pacific: ICBC gets nod for Austrian unit; India fines 3 lenders; Axis Bank names CEO

Deza Mones, 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.