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Banking and Finance

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 …
Central Bank of Egypt
14 January 03:43 PM Egyptian banks' balances abroad surge to $20bn at December-end
Cairo – Mubasher: Balances and reserves held by Egyptian banks abroad leapt to more than $20 billion at the end of December 2020 from about $10 billion at the end of April, a senior official at the Central Bank of Egypt (CBE) told the Middle East …
Egyptian President Abdel Fattah El-Sisi
14 January 12:21 PM El-Sisi issues three presidential decrees
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi issued a decree, approving a grant worth EUR 200,000 from the Spanish Agency for International Cooperation and Development (AECID). The grant will finance a programme for creating jobs …
Egypt's current portfolio with the ITFC has reached $11.2 billion.
14 January 11:19 AM Egypt inks deal to secure $1.1bn from ITFC
Cairo – Mubasher: Egypt signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to obtain a funding package of $1.1 billion to finance the purchase of basic commodities and petroleum products. The funding is aimed at …
The issuance will be used to finance the country’s budget deficit
14 January 10:39 AM CBE offers EGP 20bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP 7.5 …
IFA has settled and rescheduled 86% of its total debt
13 January 02:58 PM IFA witnesses precautionary seizure by local bank
Mubasher: International Financial Advisors (IFA) has announced a precautionary seizure by one of the local banks on the company due to an owed amount of KWD 8.8 million ($29 million). The debt amount is subject to a dispute between the company and …
Aramco plans to sell a stake in a pipeline unit for about $10 billion.
13 January 02:13 PM Saudi Aramco aims to secure $7.5bn loan for oil pipeline investors
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) is aiming to obtain a loan worth $7.5 billion for potential investors in its oil pipelines, Bloomberg reported on Tuesday, citing people familiar with the matter. The oil giant has …
Net interest income increased to EGP 14.63 billion last year
13 January 11:00 AM QNB Al Ahli reports 12% lower profit in 2020
Cairo – Mubasher: Qatar National Bank Al Ahli (QNB Al Ahli) logged EGP 7.49 billion in consolidated net profits during 2020, down by 12.09% year-on-year (YoY) from EGP 8.52 billion, including minority shareholders’ rights. On the other hand, the …
banks are allowed to distribute employee bonuses and board remuneration
12 January 01:47 PM CBE prohibits banks from paying dividends due to COVID-19 crisis
Cairo – Mubasher: The Central Bank of Egypt (CBE) has issued a decision to ban banks from paying dividends to shareholders. The decision is aimed at protecting the capital of banks against the potential risks of the coronavirus (COVID-19) crisis, …
The offering was upsized to CNY 1.5 billion
12 January 01:36 PM FAB issues CNY 1.5bn Formosa bonds
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued this year's first CNY 1.5 billion ($232 million) five-year Formosa bond at a 3.15% coupon, according to a press release on Tuesday. This transaction has the lowest coupon on a five-year …
Majid A. Al Gwaiz will act as CEO of the Credit Suisse branch in Riyadh
11 January 01:27 PM Credit Suisse opens branch in Riyadh
Riyadh – Mubasher: Credit Suisse has inaugurated its branch in Riyadh to promote wealth management services in Saudi Arabia, according to a press release on Monday. The new branch will enable its clients in Saudi Arabia to benefit from an extended …
The issuance will be used to finance the country’s budget deficit.
11 January 10:38 AM CBE offers EGP 21bn T-bills, bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 21 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes valued at EGP 4.5 …
The Sukuk was issued at MS+90bps
11 January 09:36 AM FAB issues five-year $500m Sukuk
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued a five-year Sukuk worth $500 million through FAB Sukuk Company Limited, according to a press release on Monday.  The Sukuk was issued at MS+90bps and with an all-in yield of 1.411%, …
The SAR 200 million long-term financing will be paid over seven years
10 January 12:22 PM SASCO inks SAR 630m facilities with Al-Rajhi Bank
Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) has signed a Shariah-compliant bank facilities worth SAR 630 million with Al-Rajhi Bank, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Sunday. The …
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 …
The issuance will be used to finance the country’s budget deficit
10 January 10:37 AM CBE offers EGP 19.25bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 19.25 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP 7 …
The MoC will expand the opportunities of financing government projects implemented by Japanese firms in KSA.
7 January 03:48 PM Saudi Debt Management Center pens MoC with Japan's Nippon
Riyadh – Mubasher: The National Debt Management Center (NDMC) signed last week a memorandum of cooperation (MoC) with Japan's Nippon Export and Investment Insurance (NEXI). The MoC aims to expand the opportunities of financing government projects …
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 bonds mature on 13 January 2026.
7 January 09:35 AM Emirates NBD issues senior bonds of $750m
Dubai – Mubasher: Emirates NBD said it issued on 6 January 2021 senior five-year bonds worth $750 million. The bonds will settle on 13 January 2021 and mature on 13 January 2026, the bank said in a statement to the Dubai Financial Market (DFM) on …
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 …
Mashreq and its subsidiaries employed almost 5,000 people as of September 2019.
6 January 04:41 PM Mashreq Bank plans moving half its jobs to cheaper locations
Dubai – Mubasher: Dubai’s third-biggest lender, Mashreq Bank, plans to move nearly half of its employees to cheaper locations and allow some others to work from home as part of a reorganisation that will spare its Emirati staff, Bloomberg said on …
Household deposits increased by 19.8% to EGP 3.253 trillion
6 January 03:26 PM Egypt's bank deposits grow 17.4% in FY19/20 – CAPMAS
Cairo – Mubasher: Egypt's bank deposits grew by 17.4% year-on-year (YoY) to EGP 4.686 trillion during fiscal year 2019/2020, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Wednesday. Household …
The loan will be used for strategic government projects in line with the Vision 2030 programme.
6 January 03:09 PM Saudi MoF signs $3bn financing deal with Korea Trade Insurance
Riyadh – Mubasher: The Saudi Ministry of Finance (MoF), represented by the National Debt Management Center (NDMC), penned a long-term financing agreement with South Korea’s Korea Trade Insurance Corporation (K-SURE). CEO of NDMC, Fahad A. Al-Saif, …
The kingdom’s cash liquidity totalled SAR 2.139 trillion in the January-November period.
6 January 01:31 PM Saudi M3 money supply hits all-time high in 11M
Riyadh – Mubasher: Saudi Arabia's cash liquidity -M3 money supply- rose by 7.75% or SAR 153.85 billion yearly in the first eleven months of 2020 to reach an all-time high. The kingdom’s cash liquidity amounted to SAR 2.139 trillion in the …
Fees on bank transfers  were suspended until the end of June 2021
6 January 12:17 PM CBE instructs banks to expedite transfers
Cairo – Mubasher: The Central Bank of Egypt (CBE) issued new instructions for banks to expedite the transfers denominated in the Egyptian pound as part of the country’s efforts towards digital transformation. Banks will receive digital transfer …