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Banking and Finance

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2 December 01:34 PM Banque du Caire sees 7% higher net profits in Q3-21
Cairo – Mubasher: The net profits of Banque du Caire rose by 7% to EGP 2.7 billion by the end of the third quarter (Q3) of 2021, compared to EGP 2.5 billion in the year-ago period, the Middle East News Agency (MENA) reported. The bank's net income …
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30 November 05:49 PM IsDB’s ICIEC signs agreement with Japan's NEXI to boost trade relations
Mubasher: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has partnered with Japan-based Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, through a memorandum of …
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30 November 02:00 PM HD Bank’s consolidated net profits down 4.5% in 9M
Cairo – Mubasher: The initial financial results of the Housing and Development Bank (HD Bank) showed a 4.5% decrease in net profits after tax at EGP 1.58 billion during the first nine months (9M) of 2021 from EGP 1.65 billion in 9M-20. Earnings …
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29 November 01:52 PM Saudi banks' investments in gov’t bonds exceed SAR 474bn in October
Riyadh – Mubasher: The banks operating in Saudi Arabia have invested SAR 474.39 billion in government-issued bonds in October 2021, up 9.9% year-on-year (YoY) from SAR 431.58 billion. On a monthly basis, the banks' investment in the government's …
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29 November 10:44 AM CBE offers EGP 9.5bn T-bonds on Monday
Cairo - Mubasher: The Central Bank of Egypt (CBE) will issue on Monday EGP 9.5 billion treasury bonds (T-bonds), in coordination with the Ministry of Finance (MoF), to finance the budget deficit. With a two-year maturity period, the first tranche …
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28 November 02:17 PM Kuwait’s C.bank, CMA initiate campaign on crypto assets
Mubasher: The Central Bank of Kuwait (CBK) has collaborated with the Capital Markets Authority (CMA) to launch a joint financial literacy campaign on investing or dealing in crypto assets in the state, according to a press release on Sunday. …
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25 November 03:52 PM ADCB completes sale of 20% stake in Egypt's Orient Takaful
Abu Dhabi - Mubasher: Abu Dhabi Commercial Bank (ADCB) has completed the sale of its 20% stake in Egypt-based Orient Takaful to Orient Insurance Company. To have a negligible impact on profitability, the transaction is in line with the bank’s …
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25 November 11:28 AM CBE offers EGP 18bn T-bills on Thursday
Cairo - Mubasher: The Central Bank of Egypt (CBE) will issue on Thursday EGP 18 billion treasury bills (T-bills), in coordination with the Ministry of Finance (MoF), to finance the budget deficit. The first tranche of the T-bills will be offered …
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24 November 06:20 PM Lucky Egypt collaborates with FAB, Visa for new service
Cairo – Mubasher: Offers platform Lucky Egypt has signed a tripartite cooperation protocol with First Abu Dhabi Bank and Visa to launch FAB - Lucky Visa Platinum Credit Card, marking the first-of-kind tripartite partnership in the Egyptian digital …
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24 November 05:23 PM NBK launches Kuwait’s 1st digital bank Weyay
Mubasher: The National Bank of Kuwait (NBK) has launched Weyay to be the first fully digital bank in Kuwait to serve the youth in the state. Weyay aims to enhance NBK’s position in digitising banking services, according to a press release on …
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23 November 02:16 PM UAE banks' investments exceed AED 554m in September
UAE – Mubasher: The UAE banks' investments reached AED 554.8 billion in September 2021, up 25.9% year-on-year (YoY) from AED 440.8 billion, according to the latest data by the Central Bank of the UAE (CBUAE). The UAE banks have invested AED 315.1 …
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23 November 01:03 PM El-Mashat says development partners provide Egypt with $720m funding
Cairo – Mubasher: The Asian Infrastructure Investment Bank (AIIB) and the World Bank have earmarked a total of $720 million for Egypt’s development policies, Minister of International Cooperation, Rania El-Mashat, announced. The executive …
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22 November 12:38 PM UAE banks' loans hit AED 1.776trn in September
UAE - Mubasher: The total value of loans granted by the UAE banks declined by 1.6% to AED 1.776 trillion in September 2021, compared to AED 1.8 trillion in the same month of 2020. The UAE banks have provided the public sector with AED 222.8 …
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22 November 10:56 AM CBE issues EGP 11.5bn T-bonds on Monday
Cairo - Mubasher: The Central Bank of Egypt (CBE) offers on Monday EGP 11.5 billion treasury bonds (T-bonds), in coordination with the Ministry of Finance (MoF), to finance the budget deficit. The first tranche will be issued through three-year …
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21 November 06:37 PM ADIB Egypt sees sale, purchase of EGP 40.5m equity
Cairo – Mubasher: Emirates International Investments – Egypt has exited its 1.5% equity ownership in Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) on 21 November. The company sold 3 million shares in the bank for an average sale price of EGP 13.5 …
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21 November 02:17 PM Bank Aljazira says SAR 2bn Sukuk offering to last until end-December
Riyadh – Mubasher: Bank Aljazira announced the commencement of the Tier 2 Sukuk offering on 21 November, noting that it will end on 31 December. The SAR-denominated Sukuk offering value stands at up to SAR 2 billion, while the number of notes and …
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21 November 10:34 AM CBE offers EGP 18.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue on Sunday EGP 18.5 billion treasury bills (T-bills), in coordination with the Ministry of Finance (MoF), to finance the budget deficit. The first tranche of the T-bills will be offered …
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18 November 05:48 PM EFG Hermes becomes Egyptian universal bank following aiBank acquisition
Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) has officially transferred into an Egyptian universal bank, after it concluded the acquisition of 51% equity in the Arab Investment Bank (aiBank). In a bourse filing to the …
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18 November 01:42 PM Fitch affirms DIB, Mashreq ratings at 'A'; outlook stable
Dubai - Mubasher: Fitch Ratings has affirmed the long-term issuer default rating (IDR) of Mashreq Bank and Dubai Islamic Bank (DIB) at 'A', with a stable outlook. The global rating agency has maintained DIB's Viability Rating (VR) at 'bb+', …
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17 November 01:31 PM Al Rajhi Takaful signs bancassurance deal with Al Rajhi Bank
Riyadh – Mubasher: Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has penned a bancassurance contract Al Rajhi Bank. Al Rajhi Takaful has been awarded the agreement on 16 November, which will be effective for 12 months, according to …
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17 November 10:52 AM Arriyadh Development's unit repays SAR 800m credit facilities
Riyadh – Mubasher: Tanal Investment and Real Estate Development Company, a subsidiary of Arriyadh Development Company, has paid off a SAR 800 million loan granted from a bank in Saudi Arabia in an early repayment. Arriyadh Development Company has …
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16 November 04:01 PM Mubadala's Sanad secures $100m financing from FAB
Abu Dhabi - Mubasher: Sanad, an aerospace engineering and leasing solutions provider, has obtained a new $100 million evergreen revolving credit facility from First Abu Dhabi Bank (FAB). The new financing deal complements the 10-year relationship …
Al Awadhi has more than 33 years of experience in banking
16 November 09:32 AM ADIB appoints new Group CEO
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has appointed Nasser Abdulla Al Awadhi as the new Group CEO following the approval of the Central Bank of the UAE (CBUAE). Al Awadhi will assume his role as ADIB's CEO effective from 9 January …
FAB receives EM Eurobonds collateral from Deutsche Bank
15 November 04:29 PM FAB executes region's first green repurchasing transaction
Abu Dhabi - Mubasher: First Abu Dhabi Bank (FAB) has conducted the Middle East's first green repurchasing (repo) transaction, structured with Deutsche Bank. Under this agreement, FAB receives EM Eurobonds collateral from Deutsche Bank and provides …
The new finance deal is in line with stc Bahrain’s efforts toward digitalisation
15 November 04:05 PM stc Bahrai inks $186m bullet payment loan with ADIB, MUFG Bank
Mubasher: stc Bahrai, a subsidiary of Saudi Telecom Company (stc), has inked a $186 million five-year bullet payment loan with Abu Dhabi Islamic Bank (ADIB) and MUFG Bank.  The agreement will provide liquidity to stc Bahrain to develop and improve …