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Banking and Finance

The strategic alliance will offer their clients access to a wider and more flexible network
3 hours ago ADIB, Al Baraka Banking ink MoU for network expansion
Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB), a leading financial institution in the UAE, and the Bahrain-based Islamic multinational banking group Al Baraka Banking Group on Sunday announced the signing of a memorandum of understanding …
The lender’s authorised capital will be raised to $1 billion
4 hours ago Faisal Islamic Bank’s shareholders nod to $500m capital hike
Cairo – Mubasher: Faisal Islamic Bank of Egypt announced that its shareholders had approved increasing the company’s authorised capital during an extraordinary general meeting (EGM). The lender’s authorised capital will be raised to $1 billion …
NBF achieved an AED 567 million in operating profit for H1-19
4 hours ago UAE’s NBF logs AED 357m profit in H1
Abu Dhabi – Mubasher: National Bank of Fujairah (NBF), listed on the Abu Dhabi Securities Exchange (ADX), reported a 15.1% year-on-year growth in its net profit for the first half of 2019, recording AED 357.1 million. NBF has achieved an AED 567 …
The bank will pay cash dividends worth SAR 300 million for H1-19
11:16 AM Bank Albilad to distribute 4% dividends for H1
Riyadh – Mubasher: Bank Albilad’s board of directors has approved distributing 4% cash dividends to shareholders for the first half of 2019. The bank will pay a total of  SAR 300 million, or SAR 0.4 per share, for the six-month period ended in …
This move comes after the bank obtained SAMA's approval to open 20 branches in KSA
11:13 AM UAE’s Emirates NBD eyes expansion in Saudi Arabia
Dubai – Mubasher: Emirates NBD, a UAE-based leading banking group, announced it is looking to expand its footprint in Saudi Arabia. This major move comes after the bank obtained the Saudi Arabian Monetary Authority’s (SAMA) approval to open 20 …
Dividends will be distributed on 1 August
10:55 AM Al Rajhi Bank to pay 15% dividends for H1
Riyadh – Mubasher: The board of directors of Al Rajhi Bank decided to distribute 15% cash dividends to the shareholders for the first half of 2019, during the meeting held on Thursday, 18 June.   The Saudi lender will pay a total of SAR 3.7 …
The board of directors has not reached a final decision regarding this matter
10:55 AM FAB proposes removal of foreign ownership limit
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB), listed on the Abu Dhabi Securities Exchange (ADX), announced that it has discussed the removal of foreign ownership limit as a proposal during its board meeting. This proposal has been tackled for …
The issuance will be used to finance the country's budget deficit
10:26 AM CBE issues EGP 18.75bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Sunday on behalf of the Ministry of Finance (MoF).  The first tranche of the T-bills will be offered through 91-day notes at EGP 9 …
Profit is expected to record KWD 67 million by 2020
19 July 11:32 PM Boubyan Bank’s revenue may grow 20% by 2020
Mubasher: Boubyan Bank’s revenue is expected to grow 20% by 2020, a report by Arqaam Capital showed, according to Al-Anba newspaper. Arqaam Capital expected that the Kuwait-listed company’s revenue will reach KWD 183 million by 2020. Profit is …
The rating has no financial impact
18 July 10:56 PM CI affirms rating of Gulf Bank’s KWD 100m Tier 2 subordinated bond
Mubasher: Capital Intelligence Ratings (CI Ratings) affirmed the rating of KWD 100 million Basel III-compliant Tier 2 subordinated bond issued by Gulf Bank at 'BBB+', with a stable outlook. CI ascribed its decision to the bank’s well-established …
Total consideration for 99.85% of equity in Denizbank is at Turkish Lira 15.48 billion
18 July 06:02 PM Emirates NBD confirms news on Sberbank CEO’s statement
Dubai – Mubasher: Emirates NBD has confirmed the news clipping published on Wednesday, 17 July, regarding the comment made by the CEO of Sberbank, Herman Greif. The CEO hoped that the bank’s acquisition of Denizbank, the Turkish bank, would be …
Farm Superstores also renewed its SAR 200 million facility with Al Rajhi Bank
18 July 05:56 PM Farm Superstores renews SAR 130m loan with Alinma Bank
Riyadh – Mubasher: Saudi Marketing Co (Farm Superstores) announced renewing its sharia-compliant facility agreement with Alinma Bank. The SAR 130 million loan deal has been extended to 30 April 2020, the company said in a statement to the Saudi …
The issuance will be used to finance the country's budget deficit
18 July 12:19 PM CBE issues EGP 19bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 19 billion on Thursday on behalf of the Ministry of Finance (MoF).  The first tranche of the T-bills will be offered through 182-day notes at EGP 9.5 …
EBE is likely to achieve profits of more than EGP 1 billion in FY18/19
18 July 11:15 AM EBE mulls injecting EGP 1.7bn loans in 4 sectors
By: Islam Fadl Cairo – Mubasher: Export Development Bank of Egypt (EBE) considers pumping loans worth EGP 1.7 billion into several sectors. The Egyptian lender plans to directly finance four sectors; namely, fertilizers, contracting, diverse …
FAB’s board recommended removing the foreign ownership limit
18 July 11:00 AM FAB’s stock hits highest level in 3M on Thursday
By: Mahmoud Gamal Abu Dhabi – Mubasher: The stock of First Abu Dhabi Bank (FAB) reached its highest level in three months by Thursday’s mid-session in line with the bank’s goal of raising foreign investors’ ownership and removing its limit. By …
FAB's total assets stood at AED 775 billion by end H1-19
17 July 06:17 PM FAB makes significant progress in H1 profits – CEO
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has delivered a record financial performance during the period from January to June 2019, group CEO of FAB Abdulhamid Saeed said, commenting on the AED 6.3 billion recorded in the first half this …
More than 68,000 low-income customers have benefitted from this initiative
17 July 05:42 PM NBE raises mortgage funding to EGP 7bn end June
Cairo – Mubasher: National Bank of Egypt’s (NBE) total funding under the mortgage finance initiative surged by EGP 2.9 billion, or 71%, year-on-year during fiscal year 2018/2019, local newspaper Akhbar El-Yom reported. NBE’s contributions to the …
EPS stood at AED 1.12 in H1-19
17 July 05:25 PM FAB records AED 6bn net profit in H1-19
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) achieved an increase of 4% in net profits to AED 3.2 billion during the second quarter of 2019 compared to the same period a year ago. During the first half of 2019, FAB also recorded a year-on-year …
he US treasury securities value rose by 5.2% year-on-year in May 2019
17 July 04:56 PM Saudi Arabia’s holdings of US treasuries up 10% in May
By: El-Sayed Gamal Riyadh- Mubasher: Saudi Arabia registered a 10.36% year-on-year rise in the US treasury bonds during May 2019, raising its stake of the US treasuries for the fourth month in a row. Saudi Arabia’s holdings of the US treasury …
The bank should also complete remaining requirements
17 July 04:21 PM Kuwait C.bank approves Warba Bank’s $500m sukuk issue
Mubasher: Kuwait-based Warba Bank has obtained the Central Bank of Kuwait’s (CBK) preliminary approval to issue sukuk at a value not exceeding $500 million under $2 billion sukuk programme. The bank will obtain the CBK’s final approval after …
Jiyad posted a decline of 74% in Q1 profits
17 July 04:17 PM Jiyad seals $14m financing deal for unit
Mubasher: Jiyad Holding Co has finalised a funding deal valued at $14.18 million (KWD 4.36 million) from a Gulf bank. This seven-year financing was sealed by Jiyad for a fully-owned subsidiary to fund its operating activity. Jiyad noted that the …
KFH posted a 17.4% year-on-year increase in Q1-19 profits
17 July 03:47 PM KFH records KWD 108m profits in H1-19
Mubasher: Kuwait Finance House (KFH) achieved an increase of 9.4% in profits during the second quarter of 2019 compared to the same period a year ago. The bank recorded KWD 56.07 million ($184.7 million) in Q2-19 from KWD 51.25 million ($168.8 …
The bank’s total revenue amounted to AED 1.51 billion in H1-19
17 July 03:42 PM UAE’s CBD logs AED 701m profits in H1
Dubai – Mubasher: Commercial Bank of Dubai (CBD), listed on the Dubai Financial Market (DFM), reported a 25% year-on-year increase in its net profit for the first half of 2019. Net profit reached AED 701 million in H1-19, versus AED 561 million in …
The UAE came in the 22nd place among holders of the US sovereign debts
17 July 01:47 PM UAE cuts holdings of US Treasury bonds in May
By: Mahmoud Gamal UAE – Mubasher: The UAE has reduced its holdings of US Treasury bonds by 4.5% month-on-month, or $2.5 billion, in May to $53.2 billion from $55.7 billion, data by the US Department of the Treasury showed. The GCC state’s …
The facility will finance the development of October Plaza
17 July 01:00 PM SODIC inks deal with CIB to raise credit facility to EGP 500m
Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) announced signing an addendum to its medium-term facility agreement with Commercial International Bank (CIB) to raise the value of the loan by EGP 230 million. Under the new …