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Tadawul IPO won't take place in 2018; Nova Merchant Bank names acting CEO

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Tadawul IPO won't take place in 2018; Nova Merchant Bank names acting CEO

* South Africa and Egypt are among the emerging market economies most at risk of an exchange rate crisis amid building concerns of contagion from the ongoing currency turmoils gripping Turkey and Argentina, according to a research report from Nomura, the Financial Times wrote.

GULF COOPERATION COUNCIL

* The Saudi Stock Exchange (Tadawul)'s planned IPO will not take place this year and may instead be launched in 2019 or 2020, CEO Khalid al-Hussan told CNBC Arabia, Argaam reported. "The prospectus has been finished and we have an initial idea about the expected date of the listing, taking into account the variables that would expedite Tadawul's IPO or keep it at the set date," al-Hussan said.

* The Public Investment Fund, Saudi Arabia's sovereign wealth fund, has selected Goldman Sachs Group Inc. and Bank of America Corp. as advisers on its planned sale of a stake in petrochemicals giant Saudi Basic Industries Corp. to Saudi Arabian Oil Co., insiders told Bloomberg News. Citigroup Inc., meanwhile, is said to be advising SABIC on the deal.

* Moody's downgraded certain ratings of Invest Bank PSC, including the Emirati lender's long-term deposit ratings to Ba3 from Ba1, among other actions. The outlook was changed to negative from Rating under Review.

* State Street Corp. set up a new office in Abu Dhabi to expand its presence in the Middle East. The U.S.-based financial services provider's Middle East presence will be led by Oliver Berger and Emmanuel Laurina, who are senior executive officers at State Street Bank and Trust and State Street Global Advisors, respectively.

* Foreign exchange and payment service firm UAE Exchange announced the rebranding to Unimoni of its operations in Australia, as part of firm's global rebranding exercise across markets in Asia-Pacific, the Americas and Europe, the Middle East and Africa.

* National Bank of Oman SAOG hired banks, including Crédit Agricole CIB and First Abu Dhabi Bank, to organize a string of fixed-income investor meetings as it seeks to issue a five-year U.S. dollar-denominated bond, Reuters reported.

REST OF MIDDLE EAST AND NORTH AFRICA

* Sudanese President Omar al-Bashir said a new government will be established within two days as part of efforts to deal with the country's mounting economic concerns, including high inflation and a severe hard-currency shortage in the formal banking system, Reuters reported. Al-Bashir dissolved the government Sept. 9 and appointed Motazz Moussa as prime minister.

* Morocco's Banque Marocaine pour le Commerce et l'Industrie, a subsidiary of French banking group BNP Paribas SA, has been authorized by the country's capital markets authority to issue a bond aimed at mobilizing 1 billion dirhams, Agence Ecofin reported. The 10-year securities issued will not be listed on the Casablanca Stock Exchange and will instead be exchanged by mutual agreement by those who hold them.

* Attijariwafa Bank SA and Bank of China have signed a memorandum of understanding pledging to reinforce their cooperation in a number of areas including joint financing of projects in Africa and sharing of risk management expertise in countries and regions that require a high level of vigilance, Financial Afrik wrote.

* Capital Intelligence Ratings affirmed Morocco-based Banque Centrale Populaire's ratings, with a stable outlook.

EAST AND WEST AFRICA

* Diamond Bank PLC said the Central Bank of Nigeria has debited from its accounts with the regulator the 250 million naira fine it was told to pay in connection with an investigation into foreign exchange remittances made on behalf of MTN Communications Nigeria Ltd. Diamond Bank noted that it carried out the said forex transactions in full compliance with all regulatory rules.

* Nigeria-based Nova Merchant Bank Ltd. named Anya Duroha acting managing director and CEO, effective Aug. 30, according to New Telegraph. Duroha took over from Chinedu Ikwudinma.

* A survey of top bank executives conducted by PricewaterhouseCoopers showed that most commercial banks in Ghana do not see merging or being acquired as a "prudent" strategy in meeting the new 400 million cedi minimum capital requirement set by the Bank of Ghana, Joy Business reported.

* Bright Wireko-Brobbey, deputy employment minister of Ghana, said approximately 2,000 employees of defunct lenders UniBank (Ghana) Ltd., Royal Bank Ltd., Beige Bank Ltd., Sovereign Bank Ltd. and Construction Bank Ltd., whose licenses were revoked by the Bank of Ghana last month, are "likely not to be absorbed" by Consolidated Bank Ghana, according to Pulse Ghana.

CENTRAL AND SOUTHERN AFRICA

* Mthuli Ncube, Zimbabwe's new finance minister, said he intends to accelerate plans to settle the country's approximately $1.8 billion of arrears to multilateral lenders, including the World Bank and the African Development Bank, Bloomberg News reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: 3 foreign firms eye Reliance Home Finance stake; Fitch upgrades Thai banks

Europe: Lloyd's confirms Neal to be CEO; probe looking into $150B of Danske transactions

Latin America: Bancomext-Nafin merger plan criticized; Banco de Occidente names president

North America: SEC halts trading of 2 securities; LendingClub to not settle FTC suit

Global Insurance: Catalina-Zurich talk deal; Lloyd's confirms CEO hire; Japan typhoon losses

Sheryl Obejera, 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.