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Ghana's ADB, uniBank deny takeover; Saudi prince seeks end to bank tax dispute

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Ghana's ADB, uniBank deny takeover; Saudi prince seeks end to bank tax dispute

MIDDLE EAST AND NORTH AFRICA

* Saudi Crown Prince Mohammed bin Salman ordered the government to address a dispute with banks contesting additional payments that they must make for Islamic tax, or zakat, insiders told Reuters. The General Authority of Zakat and Tax is asking lenders to pay additional zakat for years as far back as 2002, potentially costing 11 of the country's 12 listed banks approximately 9.8 billion Saudi Arabian riyals.

* Malath Cooperative Insurance and Reinsurance Co. and Allied Cooperative Insurance Group extended their initial agreement to study the feasibility of a potential merger for six months starting from March 7.

* The board of Trade Union Cooperative Insurance Co. recommended withholding cash dividend payments for 2017 in a bid to support the insurer's financial position, Argaam noted.

* Takaful Emarat Insurance PSC's board recommended distributing 8.25% of the company's paid-up capital in cash dividends.

* Ahli Bank QSC reached a bancassurance agreement with Qatar General Insurance & Reinsurance Co. QPSC, allowing the Qatari insurer's products to be offered through Ahli Bank's branches, The Peninsula wrote.

* Bahrain-based Investcorp Bank BSC appointed Yasser Bajsair CEO of unit Investcorp Saudi Arabia Financial Investments.

* Ahmed Khalil al-Mutawa resigned as chairman of Khaleeji Commercial Bank BSC.

* Israel Discount Bank Ltd. reported fourth-quarter 2017 net profit attributable to shareholders of 371 million Israeli shekels, up 155.9% from 145 million shekels in the year-ago period. CEO Lilach Asher-Topilsky said the lender will continue cutting jobs and closing branches this year to lower costs, Reuters reported.

* Fitch Ratings affirmed the long- and short-term foreign- and local-currency issuer default ratings of Banque Marocaine du Commerce Extérieur SA, Attijariwafa Bank SA and Crédit Immobilier et Hôtelier SA at BB+/B, with stable outlooks on the long-term ratings. The agency also affirmed Banque Marocaine pour le Commerce et l'Industrie's national long- and short-term ratings at AAA(mar)/F1+(mar).

* Egypt received the last $1 billion tranche of its $3 billion loan from the World Bank, Reuters wrote, citing Egyptian Investment Minister Sahar Nasr.

EAST AND WEST AFRICA

* Ghana's Agricultural Development Bank Ltd. and uniBank (Ghana) Ltd. dismissed reports that uniBank has taken over ADB, Citi Business News wrote. Earlier reports stated that four of ADB's shareholders had pledged their shares, proceeds, entitlement and voting rights to uniBank, effectively giving it control of ADB.

* Ghanaian President Nana Akufo-Addo urged banks to lower lending rates, saying they "need to come down as a matter of urgency," Bloomberg News reported.

* Nigerian lawmakers passed a law that will make the Nigerian Financial Intelligence Unit an independent body in a bid to help authorities in investigating money-laundering and terrorism-funding cases, Reuters reported.

* Nigeria-based Resort Savings & Loans Plc said it secured a $250 million funding commitment from U.S.-based investor Milost Global Inc. The financing will comprise $100 million of equity and $150 million of debt.

* Kenyan authorities have asked the IMF to extend a $1.5 billion standby credit facility, which is set to expire March 13, by a further six months. Kenya's access to the standby facility has been suspended since June 2017, Reuters noted.

* KCB Group Plc sought to reassure customers that their funds are safe following complaints about unauthorized cash deductions and reports of suspicious debit transactions, according to Business Daily Africa.

* Britam Holdings Plc plans to cut some 100 jobs by offering early retirement plans to staff, the Daily Nation reported.

* Ugandan Labor Minister Janat Mukwaya said the government has abandoned plans to liberalize private-sector pensions after concluding that such a move would give foreign companies an advantage over local firms, Reuters reported. All statutory retirement contributions will continue to be managed by the state-run National Social Security Fund.

* Standard Bank Group Ltd. unit Stanbic Bank Uganda Ltd. applied to the Bank of Uganda to become a bank holding company that will house the bank as well as nonbank subsidiaries, according to CEO Patrick Mweheire.

CENTRAL AND SOUTHERN AFRICA

* Rand Merchant Investment Holdings Ltd. Chairman Gerrit Thomas Ferreira will step down from the role, effective March 31. He will be replaced by Deputy Chairman Jannie Durand.

* MMI Holdings Ltd. plans to buy back 2 billion South African rand worth of shares over the next 12 months, in lieu of paying a dividend.

* The African Development Bank greenlighted a $100 million trade finance facility to Banco Angolano de Investimentos SA aimed at supporting international trade transactions of small and medium-sized enterprises and local corporates in Angola.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Japan to punish cryptocurrency exchanges; State Bank of India penalized

Europe: RBS settles US misselling claim for $500M; Deutsche Bank's DWS drawing interests

Latin America: Brazil court denies Lula plea to stay out of jail; Sul América names new VP

North America: Wells Fargo unit suing LJM Partners; RCB Holding buying Kansas' Central B&T

North America Insurance: UnitedHealth eyeing Envision unit; Trump wants concessions to back ACA fix plan

Leo Magno, Henni Abdelghani, Pádraig Belton, and Helen Popper contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 4 a.m. London time. Some external links may require a subscription.