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ANC calls for SARB nationalization; Reserve Bank of Malawi cuts policy rate

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ANC calls for SARB nationalization; Reserve Bank of Malawi cuts policy rate

MIDDLE EAST AND NORTH AFRICA

* The Saudi Arabian Monetary Authority is ordering banks to freeze accounts held by more individuals as part of the government's sweeping crackdown on alleged corruption, insiders told Bloomberg News.

* Malath Cooperative Insurance and Reinsurance Co. accepted the resignation of CEO Nasser al-Bunni, effective from Jan. 1, 2018, and named Fawaz al-Hijji his successor.

* Capital Intelligence Ratings revised to negative from stable the outlook on the long-term foreign-currency ratings of Al Rajhi Banking & Investment Corp., Alawwal Bank, Arab National Bank, Banque Saudi Fransi, National Commercial Bank, Riyad Bank and Samba Financial Group, and on all ratings of Saudi British Bank.

* Ahli United Bank BSC shareholders approved the establishment of a Bahraini retail banking subsidiary as part of the group's plans to reorganize its legal and corporate structure in the country.

* CI Ratings affirmed Bahrain-based Gulf International Bank BSC's A+/A1 long- and short-term foreign-currency ratings and revised the outlook on the ratings to negative.

* Gaby Abi Aad, software sales leader for the Gulf and Saudi Arabia at NCR Corp., said the U.S.-based firm is in talks with "a couple of banks" in the Gulf Cooperation Council to launch an ATM for bitcoin, Gulf News reported. NCR has recently partnered with cryptocurrency exchange CoinHub to allow users to make cash withdrawals from their bitcoin accounts through ATMs, according to Finextra.

* The Iranian government approved the sale of its remaining shares in Asia Insurance Co., Alborz Insurance Co. and Dana Insurance Co., the Financial Tribune wrote. The government has a 20% stake in Asia Insurance Co. while it has stakes of around 17% and around 30% in Alborz Insurance and Dana Insurance, respectively.

* The Central Bank of Iran issued a directive setting a three-month deadline for all the bank accounts of state-owned companies to be moved to the regulator, the Financial Tribune reported.

* A.M. Best removed from under review with negative implications and affirmed the B++ (Good) financial strength rating and the "bbb" long-term issuer credit rating of Jordan-based Arab Orient Insurance Co. The outlook is negative.

* The IMF's Executive Board completed the second review of under the $12 billion, three-year extended fund facility arrangement for Egypt, allowing authorities to draw the equivalent of about $2.03 billion. This brings total disbursements to approximately $6.08 billion.

* Banque de l'Habitat increased its capital to 238 million Tunisian dinars from 170 million dinars following the issue of 6.8 million new shares, IlBoursa wrote.

* Banque Attijari de Tunisie SA named Kamel Habbachi deputy CEO, according to IlBoursa. He was previously CEO of Attijari Leasing.

EAST AND WEST AFRICA

* Ugandan lawmakers passed a bill amending the constitution to remove the age limit, set at 75 years old, for a presidential candidate, Reuters wrote. This could effectively extend the rule of 73-year-old incumbent President Yoweri Museveni, who would have been ineligible to run for re-election in 2021.

* Okapi Finance, a money transfer company based in Sweden, has formally launched its services in Kenya after teaming up with Guaranty Trust Bank (Kenya) Ltd., Business Daily Africa reported.

* A.M. Best affirmed East Africa Reinsurance Co. Ltd.'s financial strength rating of B (Fair) and the long-term issuer credit rating of "bb+".

* A.M. Best affirmed the financial strength rating of C++ (Marginal) and the long-term issuer credit rating of "b+" of Nigeria-based Wapic Insurance Plc, with a stable outlook.

CENTRAL AND SOUTHERN AFRICA

* South Africa's ruling African National Congress demanded that the government start the process of nationalizing the South African Reserve Bank, Times Live reported. The SARB had pushed back against the plan at an ANC policy conference in June.

* The Competition Tribunal of South Africa approved the merger of Sasfin Bank Ltd. and Absa Bank Ltd. unit ABSA Technology Finance Solutions Pty. Ltd., without conditions.

* The Reserve Bank of Malawi reduced its policy rate by 200 basis points to 16%. The central bank also maintained the liquidity reserve requirement at 7.5% and kept the Lombard rate at 200 basis points above the policy rate.

* Banco Société Générale Moçambique SA recently launched a capital injection of 954 million Mozambican meticals to meet demands from the central bank, O País reported. The Banco de Moçambique has determined that from 2020, the minimum capital requirement for financial institutions will jump from to 1.7 billion meticals from 70 million meticals.

* The IMF's Executive Board completed the first review of the arrangement under the three-year extended credit facility arrangement for Cameroon, enabling the disbursement of about $117.2 million. This brings total disbursements under the arrangement to roughly $292.9 million.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: New Zealand rejects HNA's UDC Finance bid; Thailand maintains policy rate

Europe: Lloyd's changes strategy; Brydon keeps LSE chair post; BPM selling bad loans

Latin America: BCI to buy Wal-Mart's Chilean financial biz; Bradesco compensates pension funds

North America: Regulators approve big banks' living wills; 2 Texas banks to merge

North America Insurance: ACA mandate repeal could hurt health market; $136B in global insured cat losses

Leo Magno, 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.