* 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
* 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
* The board of United Arab Emirates-based SHUAA Capital PSC
* Wirecard AG
* Abu Dhabi's sovereign wealth fund Mubadala Investment Co.
* 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
* 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.
* 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.
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.
