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27 July 06:33 PM

Banking & Insurance

The Bahraini bank offered to acquire Blom Bank Egypt for EGP 22.33 per share
26 July 11:43 AM EGX reveals details of Bank ABC's MTO for Blom Bank Egypt
Cairo - Mubasher: The Egyptian Exchange (EGX) revealed the details of the mandatory tender offer (MTO) submitted by Bahrain's Arab Banking Corporation (Bank ABC) to purchase up to 300 million shares or 100% of Blom Bank Egypt. The Bahraini bank …
Banking and Finance
The offer includes the purchase of up to 300 million shares for EGP 22.33 apiece
18 July 03:47 PM FRA approves Bank ABC's MTO for Blom Bank Egypt
Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a mandatory tender offer (MTO) submitted by Bahrain's Arab Banking Corporation (Bank ABC) to acquire Blom Bank Egypt.  The offer includes the purchase …
Mergers and Acquisitions
The MTO includes the acquisition of 300 million shares for EGP 22.33 apiece
13 July 04:10 PM FRA considers Bank ABC's MTO for Blom Bank Egypt
Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) said that Bahrain's Arab Banking Corporation (Bank ABC) submitted a draft mandatory tender offering (MTO) to acquire 300 million shares or 100% of the issued capital of Blom Bank …
Mergers and Acquisitions
The offer is subject to the approval of all necessary regulatory
8 July 02:04 PM GFH in talks with Khaleeji Commercial Bank for voluntary takeover offer
Dubai – Mubasher: GFH Financial Group is still in talks with Khaleeji Commercial Bank (KHCB) regarding a potential voluntary takeover offer for the bank's issued shares. The offer is subject to the approval of all necessary regulatory, board, and …
Companies Investments
Majority of GCC consumers likely to opt for digital banking services
6 July 05:22 PM Majority of GCC consumers likely to opt for digital banking services
Mubasher: The majority of GCC consumers, about 85% of respondents to a survey, would currently opt for digital banking services rather than visiting a bank branch, according to a paper by Backbase with YouGov. With the appetite accelerating more …
Sector Reports
Ithmaar Holding and BBK have not agreed on terms and conditions
6 July 11:38 AM Ithmaar Holding's asset sale to BBK cancelled
Mubasher: The sale of certain assets in Bahrain-based Ithmaar Holding to Bank of Bahrain and Kuwait (BBK) has been cancelled, as both parties have not reached amicable terms and conditions. Following preliminary due diligence and discussions, …
Banking and Finance
MENA’s ESG market currently represents 1.3% of 2021's global issuance
4 July 02:35 PM Green finance in MENA reaches $6.4bn in H1, exceeds global growth rate
Mubasher: Green and sustainability-linked debt issuances in the MENA region amounted to $6.4 billion in value during the first half (H1) of 2021, exceeding the global growth rate, according to a report by Bloomberg on Sunday. The region’s green …
Macroeconomics
The bank's current ownership records 3.5%
28 June 09:57 AM Al Salam Bank obtains CBB’s approval to buy treasury shares
Mubasher: Al Salam Bank – Bahrain has received the approval of the Central Bank of Bahrain (CBB) to purchase treasury shares of up to 5% of the bank’s issued shares.  The bank's current ownership records 3.5%, according to the bank's disclosure to …
Central Banks
Ahmed El-Alfi, Chairman of Sawari Ventures
22 June 04:46 PM Startup Lounge: Tech offers great opportunities for success – Interview with Ahmed El-Alfi
By: Moslem Ali Cairo - Mubasher: In the second instalment of our interview with the Founder and Chairman of Sawari Ventures, Ahmed El-Alfi, we discuss the future of technology and the opportunities of startups to succeed as technological …
Global Economy
The GCC listed bank’s NPL ratio increased to 3.4%
22 June 03:57 PM GCC listed banks’ CAR increases to 19% in 2020 – KPMG
Mubasher: The capital adequacy ratio (CAR) of the listed banks across the Gulf area rose to 18.7% in 2020 from 18.4% in 2019, according to a KPMG report. Net profit meanwhile shrank to $25.4 billion last year, compared to $36.6 billion in 2019. …
Banking and Finance
Ahmed El-Alfi, Chairman of Sawari Ventures
21 June 01:01 PM Startup Lounge: High growth requires taking risks – Interview with Ahmed El-Alfi
By: Moslem Ali Cairo - Mubasher: Today’s guest in the Startup Lounge has played an integral role in developing the entrepreneurial scene in Egypt and the MENA region. He is one of the startup ecosystem leaders and investors who brought real …
Macroeconomics
The Tier 1 Capital Certificates has attracted over $ 1.7 billion in orders
17 June 12:37 PM Kuwait's Ahli United Bank lists $600m Sukuk on Nasdaq Dubai
UAE - Mubasher: Nasdaq Dubai has welcomed the listing of a $600 million Sukuk by Ahli United Bank (AUB), a Kuwaiti financial institution. The Tier 1 Capital Certificates has attracted over $ 1.7 billion in orders, according to a press release on …
Banking and Finance
SAMA has claimed the Global Impact Award 2021 for Aber
16 June 03:21 PM SAMA says Aber project achieves main objectives
Riyadh – Mubasher: The Saudi Central Bank (SAMA) said the digital currency project Aber has succeeded to achieve its main objectives that mainly include understanding, experiencing, and analysing the maturity of the distributed ledger technology …
Macroeconomics
The bank's total assets rose by 3.6%
16 May 04:31 PM Al Salam Bank – Bahrain sees 144% higher profits in Q1-21
Mubasher: The net profits attributable to the shareholders of Al Salam Bank – Bahrain jumped by 144% to BHD 6.087 million ($16.15 million) during the first quarter (Q1) of 2021 from BHD 2.512 million ($6.7 million) in the year-ago period, …
Financial Results
Central Bank of Egypt - (Photo Archive)
11 April 01:47 PM CBE to introduce instant payment module, soft POS in 2021 - Deputy Governor
By: Marina Gamil Cairo – Mubasher: The Central Bank of Egypt (CBE) will this year launch a full-fledged instant payment module, after finalising regulations, and introduce a soft point of sale (POS) system that allows the use of mobile phones as …
Banking and Finance
The aggregate net profit of the GCC listed banks plunged by 32.2% YoY
1 April 01:48 PM GCC banking sector's profits record seven-year low in 2020
Mubasher: The net profits of the GCC banking sector hit their lowest levels in seven years, affected by the decline of profits in the fourth quarter (Q4) by almost a third on a quarterly basis to $5.3 billion due to higher provisions, according …
Macroeconomics
Individuals can start with a monthly investment of EGP 500 through Du Invest
9 March 03:57 PM Mubasher's Du seeks to turn novice investors into professional traders
Cairo – Mubasher: Mubasher Financial Services, one of the five largest non-banking financial institutions in Egypt, has invested about EGP 360 million in launching its new Du brand for financial services, the first of its kind in Egypt that caters …
Companies Investments
The repayment period of the outstanding loans will be extended by an additional six years.
28 February 11:25 AM Chemanol restructures SAR 475m loans with local banks
Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) penned an agreement to restructure outstanding loans worth SAR 475 million with a consortium of local banks. The banks are the Gulf International Bank (GIB), the Saudi British Bank (SABB), …
Companies Investments
Lower net income was attributed to the group's higher precautionary provisions
25 February 04:40 PM Al Baraka Banking Group achieves 8% lower net income in 2020
Mubasher: The total net income of the Bahrain-based Al Baraka Banking Group (ABG) declined by 8% to $166 million in 2020, compared to $180 million in 2019. Lower net income was attributed to the group's higher precautionary provisions allocated to …
Banking and Finance
Photo Archive
15 February 02:53 PM Remittances from Filipinos in GCC down to $5.1bn in 2020
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 11.21% on an annual basis in 2020. Filipinos’ remittances from the Gulf region registered $5.11 billion last year, compared to $5.76 billion in 2019, according to …
Sector Reports
The bank's total assets rose by 11% in 2020
11 February 10:42 AM Al Salam Bank – Bahrain registers 57% lower profits in 2020; dividends proposed
Mubasher: The consolidated financial results of Al Salam Bank – Bahrain reported a 57% drop in net profits attributable to the shareholders to BHD 9.1 million ($ 24.2 million) in 2020 from BHD 21.1 million ($ 56 million) in 2019. The bank's net …
Cash Dividends
Regional debt issuances are expected to remain robust in 2021.
28 January 12:09 PM GCC debt issuance exceeds $100bn in 2020
Mubasher: GCC debt issuance was strong in 2020, crossing $100 billion on a continued need for budget financing, the National Bank of Kuwait (NBK) said in its latest economic update. The fourth quarter (Q4) of 2020 saw the issuance of about $15 …
Banking and Finance
KSA will showcase 1,000 projects worth $160 billion at the third Future Projects Forum (FPF).
26 January 03:09 PM Saudi Arabia could be Mideast’s busiest construction market next decade
Riyadh – Mubasher: Saudi Arabia will be the Middle East’s busiest construction market over the course of the next decade as its new wave of major projects makes progress, according to GlobalData’s MEED. The Gulf state will showcase about 1,000 …
Macroeconomics
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 …
Mergers and Acquisitions
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 …
Mergers and Acquisitions