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The acquisition is expected to be complete in the second quarter of 2021
17 January 10:53 AM Bank ABC inks deal to acquire Blom Bank Egypt
Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) announced signing an agreement with Lebanon’s Blom Bank to acquire its 99.4% stake in Blom Bank Egypt. The acquisition deal, subject to several conditions and approvals from regulatory …
All physical and non-physical assets and customer accounts are included in the deal
14 January 05:54 PM Bahrain's Bank ABC completes acquisition of Blom Bank Egypt for $480m
Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) finalised the acquisition of Blom Bank’s unit in Egypt for $480 million, two banking sources told Reuters on Thursday. All physical and non-physical assets and customer accounts are included …
The settlement is expected to have a positive impact on the company's financial statements
10 January 11:41 AM Saudi Amiantit settles loans worth SAR 107m with Saudi, Bahraini banks
Riyadh – Mubasher: The Saudi Arabian Amiantit Company announced the full settlement of its loans with Samba Financial Group, Bank Aljazira, Gulf International Bank, Al Baraka Islamic Bank (Bahrain), and Arab Banking Corporation (Bahrain). The …
Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.
7 January 01:03 PM Standard Chartered expects Qatar’s economy to grow 3% this year
Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported. The British lender had revised its previous 2.1% …
The greenback slid to EGP 15.63 for purchasing
6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves
Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …
Ithmaar Holding has appointed KPMG Bahrain as a financial advisor
14 December 2020 03:52 PM Ithmaar Holding hires financial, legal advisors for BBK's acquisition plan
Mubasher: Ithmaar Holding, the parent of Ithmaar Bank, has appointed KPMG Bahrain as a financial advisor and Hassan Al Radhi and associates as legal advisors as part of the plans of Bahrain and Kuwait Bank (BBK) to acquire the bank's operations in …
The top five developed countries in Islamic Finance are Malaysia, Indonesia, Bahrain, the UAE, and KSA.
9 December 2020 00:23 PM Global Islamic Finance assets may hit $3.69trn in 2024 - Report
Riyadh – Mubasher: Global Islamic Finance assets are forecast to reach $3.69 trillion by 2024 according to the 2020 Islamic Finance Development Report released today by Refinitiv and the Islamic Corporation for the Development of the Private …
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9 December 2020 10:15 AM Fitch says GCC Islamic banks have stable 2021 outlook, except for Saudi lenders
Riyadh – Mubasher: Fitch Ratings said the 2021 sector outlook for GCC Islamic banks is stable, reflecting a modest expected economic recovery. However, it expected asset-quality and profitability pressures to continue and predicted capital buffers …
Filipino expats’ remittances from the GCC region fell by 13.91% YoY in 9M.
3 December 2020 01:13 PM Filipino labour in GCC records $3.7bn remittances in 9M
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 13.91% on a year-on-year (YoY) basis in the first nine months of 2020, pressured by the coronavirus pandemic. Filipino expats’ remittances amounted to $3.73 billion …
Blom Bank Egypt has a paid-up capital of EGP 2 billion
2 December 2020 02:07 PM Bank ABC in exclusive talks to acquire Blom Bank Egypt
Cairo – Mubasher: Bahrain's Bank ABC has entered into exclusive negotiations with Lebanon’s Blom Bank to acquire its unit in Egypt. “These discussions are to negotiate definitive transaction agreements and facilitate the required regulatory …
The assets of UAE banks rose by 3.2% QoQ in Q3-20
24 November 2020 10:04 AM UAE's listed banks record highest growth in assets in GCC in Q3-20
UAE - Mubasher: The listed banks in the UAE achieved the highest quarter-on-quarter (QoQ) growth in assets across the GCC countries during the third quarter (Q3) of 2020, according to a report published by Kamco Invest. The assets of UAE banks, …
The bank's net income rose to BHD 44.89m
10 November 2020 03:34 PM Al Salam Bank – Bahrain's profits down 54% in 9M
Mubasher: The net profits attributable to the shareholders of Al Salam Bank – Bahrain slid by 54% to BHD 8.07 million ($21.4 million) in the first nine months of 2020 from BHD 17.22 million ($45.7 million) during the corresponding period of 2019. …
The USD registered EGP 15.59 for buying
9 November 2020 04:38 PM EGP advances against USD to highest level since early March
Cairo – Mubasher: The Egyptian pound exchange rate advanced against the US dollar to its highest level since 8 March, according to data by the Central Bank of Egypt (CBE). The USD registered EGP 15.59 for buying and EGP 15.72 for selling, the CBE …
International reserves grew to $38.425 billion at the end of September
1 November 2020 03:43 PM EGP rises against USD in 10 months
Cairo – Mubasher: The Egyptian pound exchange rate climbed against the US dollar on the back of the successful monetary policy of the Central Bank of Egypt (CBE), the increase in remittances of Egyptians living abroad, and the receipt of funds …
AUB’s stake in AUB Egypt will be raised to 95.7%
25 October 2020 05:51 PM AUB provides update on AUB Egypt acquisition
Mubasher: Ahli United Bank – Bahrain (AUB Bahrain) said that the public tender offer to increase its stake in its unit in Egypt ended on 22 October. During the tender offer period, Ahli United Bank – Egypt’s shareholders tendered their shares, …
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25 October 2020 01:21 PM FAB is region's safest bank in 2020 - Global Finance
UAE – Mubasher: Global Finance has announced its 29th annual ranking of the World’s 50 Safest Banks for this year. The UAE's First Abu Dhabi Bank (FAB) secured the first spot regionally and the 32nd spot globally in Global Finance' ranking, …
Faisal Islamic Bank of Egypt
19 October 2020 10:59 AM Ithmaar Bank's holding in Faisal Islamic Bank stands at 14%
Cairo – Mubasher: Faisal Islamic Bank of Egypt said that the Central Bank of Egypt (CBE) approved the acquisition of the shares of Faysal Investment Bank of Bahrain by Ithmaar Bank. With this transaction, Ithmaar Bank’s holding in Faisal Islamic …
The webinar discussed the Road to Digital Transformation and Innovation
30 September 2020 00:33 PM Industry leaders discuss the future of digital transformation
By: Moslem Ali Cairo – Mubasher: The British Egyptian Business Association (BEBA) organized a webinar on Tuesday discussing “The Road to Digital Transformation and Innovation” to discuss the rising importance of digital transformation, especially …
The agreement’s financiers include Al Rajhi Bank and Arab National Bank (ANB).
29 September 2020 09:30 AM Zain KSA signs deal to reschedule SAR 3.85bn Murabaha facility
Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) signed an agreement to reschedule its existing five-year syndicated Murabaha facility valued at SAR 3.85 billion maturing on 30 September 2020 (originally SAR 5.9 billion, …
The bank signed a SWAP agreement worth BHD 46.4m with GFH
24 September 2020 02:16 PM Khaleeji Commercial Bank's OGM nods to agreements with GFH
Mubasher: The ordinary general meeting (OGM) of Khaleeji Commercial Bank has approved the agreements signed with GFH Financial Group, according to the bank's disclosure to Bahrain Bourse on Thursday. The bank signed a SWAP agreement worth BHD 46.4 …
The offer values AUB Egypt at EGP 29.78 per share
21 September 2020 06:12 PM Egypt's FRA approves AUB Egypt acquisition offer
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the purchase offer submitted by Ahli United Bank – Bahrain (AUB Bahrain) and Misr Strategia Investment (MSI) to acquire Ahli United Bank - Egypt (AUB Egypt). AUB Bahrain …
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16 September 2020 03:26 PM GIB predicted to sell $500m in five-year bonds
Riyadh – Mubasher: Gulf International Bank (GIB) is predicted to sell $500 million in five-year bonds and has received around $1.2 billion in orders for the debt sale, Reuters reported on Wednesday. The lender, which is 97.2% indirectly owned by …
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15 September 2020 02:04 PM Egypt's FRA studies offer to acquire AUB Egypt
Cairo – Mubasher: Egypt’s Financial Regulatory Authority (FRA) said an optional purchase offer draft was submitted by Ahli United Bank – Bahrain (AUB Bahrain) and an Egyptian investment firm to invest on the shares of Ahli United Bank - Egypt (AUB …
The BBK would also acquire specific assets of IB Capital,
14 September 2020 03:56 PM BBK, Ithmaar Holding pen acquisition plans agreement
Mubasher: Bahrain and Kuwait Bank (BBK) has inked a Memorandum of Understanding (MoU) with Ithmaar Holding, the parent of Ithmaar Bank, for a potential acquisition of Ithmaar Bank’s Bahrain operations. Under the MoU, the BBK would also …
The USD registered EGP 15.72 for buying at NBE and ALEXBANK
10 September 2020 03:10 PM EGP rises against USD to highest level since mid-May
Cairo – Mubasher: The Egyptian pound exchange rate rose against the US dollar at local banks on Thursday, hitting its highest level since mid-May. The US dollar registered EGP 15.72 for buying and EGP 15.92 for selling, according to data by the …