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Saudi vets banks' Aramco exposure; Shuaa reshuffles ranks; KCB hunts defaulters

* The IMF will further lower its global economic growth forecasts for 2019 and 2020 next week amid a "synchronized slowdown" that is partly driven by trade tensions, new IMF Managing Director Kristalina Georgieva said.

* The advantages of using unconventional monetary policy tools adopted after the 2008 financial crisis have outweighed their negative effects, according to a report by a group of global central bank officials.

GULF COOPERATION COUNCIL

* The Saudi Arabian Monetary Authority is assessing local banks' lending exposure to Saudi Arabian Oil Co. ahead of the state-owned oil giant's IPO, insiders told Reuters. The central bank is reportedly checking whether lenders have the capacity to handle investor demand for loans linked to the listing.

* Riyad Bank appointed Mutaz Kusai al-Azzawi vice chairman of its board of directors, following receipt of approval from the Saudi Arabian Monetary Authority.

* Russia's sovereign wealth fund, the Russian Direct Investment Fund, has opened its first foreign office in Saudi Arabia.

* Kuwait's central bank has granted conditional approval on Kuwait Finance House KSCP's planned acquisition of Bahrain's Ahli United Bank BSC. The transaction is subject to several requirements to ensure compliance with Islamic Sharia, transparency and protection of free competition, Reuters noted.

* Amwal International Investment Co. KSCP's board approved the transfer of all portfolio accounts from Amwal to its subsidiary NCM Investments.

* The board of United Arab Emirates-based SHUAA Capital PSC has appointed Jassim al-Seddiqi CEO of the company following its merger with Abu Dhabi Financial Group, which was headed by Al-Seddiqi. Mustafa Kheriba was named deputy CEO and head of asset management and investment solutions, while Joachim Mueller and Bechara Raad were named CFO and chief operating officer, respectively, among other appointments.

* Wirecard AG CFO Alexander von Knoop said Card Systems, a key Dubai-based unit of the German payments firm, had been properly audited by Ernst & Young, Reuters reported. Von Knoop addressed allegations that the unit was used as a conduit for money flows of uncertain provenance.

* Abu Dhabi's sovereign wealth fund Mubadala Investment Co. is evaluating whether to invest in Japanese conglomerate SoftBank Group Corp.'s Vision Fund 2, Reuters reported, citing Ibrahim Ajami, Mubadala's head of ventures.

* Capital Intelligence Ratings affirmed the long- and short-term foreign-currency ratings of Emirates NBD Bank PJSC at A+/A1.

REST OF MIDDLE EAST AND NORTH AFRICA

* Lebanese Prime Minister Saad al-Hariri said the UAE has pledged investments and financial assistance to the country following two days of high stakes negotiations, Reuters wrote. Al-Hariri noted, however, that Lebanon still has to persuade the UAE to invest in the country.

* Sudan's Finance Minister Ibrahim Elbadawi said the country has received half of the $3 billion financial assistance pledged by Saudi Arabia and the UAE, adding that the remaining amount will likely be paid by the end of 2020, Reuters reported.

* The CEOs of several Iranian banks are opposing the implementation of banking sector reforms, citing shortcomings in the proposed changes and current economic conditions, Financial Tribune reported.

EAST AND WEST AFRICA

* KCB Group PLC CEO Joshua Oigara said the Kenyan bank, which is currently integrating National Bank of Kenya Ltd. into its operations, will step up efforts to pursue loan defaulters in a bid to reduce the combined group's nonperforming loan ratio to 8% from 12% by 2021, Bloomberg News reported.

* The Bank of Ghana ordered the closure of Aero Cash Forex Bureau Ltd. over the failure of the firm's operators to provide documents the central bank requires to verify the legality of its activities, Joy Online reported. Meanwhile, the central bank has licensed six companies to engage in foreign exchange business, Joy Online wrote.

* Nzema Manle Rural Bank Ltd. Chairman Emmanuel Yankson-Kwofie said the Ghanaian lender has exceeded the Bank of Ghana's 1 million cedi minimum capital requirement for rural and community banks by 160,000 cedis, Ghana News Agency reported.

* Eric Nana Nipah, the receiver for 23 defunct Ghanaian savings and loans firms, said he intends to extend the period for depositors in the companies to submit their proof of debt forms to retrieve their funds, Joy Online wrote.

* Kenneth Egbaran resigned as managing director of Nigeria-based Goldlink Insurance PLC. Roland Awoyinfa, group head for technical, will take over as acting managing director effective Oct. 4.

CENTRAL AND SOUTHERN AFRICA

* Renaissance Capital said it expects Moody's to downgrade South Africa's sovereign rating to junk next month, noting that the country's fundamentals have deteriorated significantly since May, when the rating agency affirmed its Baa3 rating, Bloomberg wrote.

* South African insurer Old Mutual Ltd. told the High Court in Johannesburg that its move to block former CEO Peter Moyo from returning to work was not in contempt of court, saying the second notice terminating Moyo's contract of employment was issued lawfully, Business Day reported, citing court filings. Old Mutual also argued that Moyo's demand to imprison the company's board members if they are found to be in contempt of court for blocking his return would be excessive and inappropriate, Moneyweb wrote.

* S&P Global Ratings assigned Old Mutual long- and short-term South Africa national scale issuer credit ratings of zaAA-/zaA-1+.

* South African payments firm Net 1 UEPS Technologies Inc. exercised its option to buy an additional 35% stake in Liechtenstein-based Bank Frick & Co. AG for about $46.4 million. Net 1 will own 70% of Bank Frick following the deal, while the Kuno Frick Family Foundation will own the remaining 30%.

* Mauritius-based Astoria Investments Ltd. said its wholly owned unit Astoria LP Holdings Ltd. agreed to sell its entire transferred interest of £3.5 million in private equity fund CS Capital Partners V LP and all of its rights and obligations as a limited partner of the company to John Van Deventer, Keith Maddin and James Clark for a purchase price of roughly £2.1 million.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Hyundai Card sets IPO in motion; India's IDBI Bank to resume lending

Europe: HKEX drops LSE bid; Wirecard ups targets; ECB warns on bank liquidity

Latin America: Brazil economy chief denies resignation talk; potential tax reform for Mexico

North America: Wisconsin banks to merge; Trump tweets impact perceptions for Fed policy

Global Insurance: D&O exclusions for drug companies; Arch Capital cat losses; BBVA nonlife offers

Deza Mones, Henni Abdelghani, Pádraig Belton and Mariana Aldano contributed to this report.

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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.