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25 January 07:18 PM

Banking

Moody's affirmed KFH's, AUB's BCA
24 January 03:27 PM Moody's affirms ratings of KFH, AUB Kuwait
Mubasher: Moody's Investors Service has affirmed credit ratings of two Kuwaiti banks, according to a statement released on Friday. The global rating agency affirmed the A1 / Prime-1 long and short-term domestic and foreign currency deposit ratings …
Banking and Finance
The debt covered an investment in Kuwait
23 January 01:00 PM Ream Real Estate to reschedule KWD 6m debt with Warba Bank
Mubasher: Ream Real Estate Company announced that it will reschedule its existing debt with Warba Bank at a value of KWD 5.95 million. The debt covers one of the company’s investments in Kuwait, according to a bourse statement on Thursday.    The …
Companies Investments
Mumtalakat’s CEO Khalid Al Rumaihi
22 January 09:44 PM Mumtalakat receives $4bn orders for $500m sukuk
Mubasher: Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, has received $4 billion worth of orders for $500 million sukuk, Mumtalakat’s CEO Khalid Al Rumaihi told CNBC Arabiya on Wednesday. The company did not expect such …
Banking and Finance
The Murabaha facility agreement was signed in June 2019
22 January 04:38 PM Alafco recieves last tranche of $600m Murabaha facility
Mubasher: Alafco Aviation Lease and Finance Company on Wednesday announced the successful closure of a $600 million five-year unsecured Murabaha facility as it received the last tranche of $80 million. The payment marked the last phase of the …
Companies Investments
Private sector local currency deposits slid by 0.8% in November 2019
22 January 12:56 PM Kuwait’s bank deposits up to KWD 43.6bn in November 2019 – KFH report
Mubasher: Kuwaiti banking sector's deposits grew by KWD 656 million or 1.5% year-on-year (YoY) to approach KWD 43.6 billion in November 2019, Kuwait Finance House (KFH) said in a recent report, citing data from the Central Bank of Kuwait (CBK).    …
Banking and Finance
Order books were oversubscribed 2.5 times, exceeding $750 million
22 January 09:39 AM GFH raises $300m in Sukuk issuance; oversubscribed 2.5 times
Dubai – Mubasher: GFH Financial Group on Wednesday announced the successful closure of five-year Sukuk valued at $300 million.   The issuance was oversubscribed 2.5 times with more than $750 million, according to a bourse statement. GFH believes …
Banking and Finance
The National Bank of Kuwait (NBK)
21 January 04:33 PM stc agrees KWD 40m agreement with NBK
Riyadh – Mubasher: Kuwait Telecommunications Company (stc), a subsidiary of Saudi Telecom Company (stc), has signed a long-term finance agreement with the National Bank of Kuwait (NBK). The KWD 40 million finance deal extends to ten years, with …
Banking and Finance
The issuance will be due on 21 April 2020
21 January 10:47 AM Kuwait C.bank issues KWD 240m bonds; oversubscribed 12 times
Mubasher: The Central Bank of Kuwait (CBK) on Tuesday issued bonds and related tawarruq at a value of KWD 240 million ($792.40 million), with a 2.750% rate of return.   The issuance was oversubscribed by 12.125 times and registered an overall …
Banking and Finance
The capital increase will be made through the issuance of 4.2 billion shares
20 January 04:41 PM Kuwait Finance House’s shareholders approve capital raise to KWD 1.12bn
Mubasher: The extraordinary general meeting of Kuwait Finance House (KFH) approved to increase the authorised capital to KWD 1.118 billion. The capital increase will be made through the issuance of 4.2 billion shares at the share’s nominal value, …
Banking and Finance
Chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk
20 January 03:59 PM KFH, AUB merger to generate higher profits; BHB listing approved
Mubasher: The chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk stressed that the bank focuses on merger and acquisition opportunities, CNBC Arabia reported on Monday. He noted that KFH’s merger with Bahrain’s Ahli United Bank …
Mergers and Acquisitions
Deposits grew by 1.5% YoY in November 2019
20 January 12:04 PM Kuwaiti banks grant KWD 38.2bn loans in November 2019 – KFH
Mubasher: The credit facilities provided by the Kuwaiti banking sector increased by 4.7% year-on-year (YoY) in November 2019, registering KWD 38.2 billion from KWD 36.5 billion. Meanwhile, deposits grew by 1.5% YoY in November 2019, according to a …
Sector Reports
Finastra's solutions cover 90% of banks’ needs
20 January 11:19 AM Interview: We look to repeat Finastra Egypt Digital Trade Forum – Serge Tohme
Mubasher: Finastra was founded in 2017 from the merger of two fintech giants, D+H, a leading financial technology provider and Misys, which provides software solutions focused on retail and corporate banking services. Serge Tohme, Managing …
Global Economy
The deal will result in a slight drop in the company’s financing costs
19 January 05:32 PM National Investments pens KWD 6.5m loan deal
Mubasher: National Investments Company (NIC) signed a loan agreement worth KWD 6.5 million ($21.5 million) with a local bank. The five-year loan will be used to refinance current loans, the company said in a statement to Boursa Kuwait on Sunday. …
Banking and Finance
BisB will continue to be listed on Bahrain Bourse
18 January 09:48 PM NBB acquires 78.8% stake in Bahrain Islamic Bank
Mubasher: The National Bank of Bahrain (NBB) on Saturday announced that its offer to acquire up to 100% of the paid-up ordinary shares of the Bahrain Islamic Bank (BisB) resulted in the control of a 78.8% stake in the Islamic bank, according to …
Mergers and Acquisitions
The Sukuk issuance will have a tenor of five years
16 January 09:29 AM GFH confirms Reuters news on $500m Sukuk issue
Dubai – Mubasher: GFH Financial Group on Thursday confirmed to its shareholders the news published by Reuters on 13 January 2020. GFH clarified that it plans to issue five-year-tenor Sukuk. The issuance builds on the shareholders’ resolution, …
Sukuk and Islamic Finance
The EGP exchange rate climbed to EGP 15.86 for buying
14 January 11:39 AM Egyptian banks receive $1.7bn foreign cash inflows in 4 days
Cairo – Mubasher: foreign cash inflows into banks operating in Egypt reached $1.7 billion in just four days ending on Monday, 13 January, according to a statement by the Central Bank of Egypt (CBE). Such inflows have helped push the Egyptian pound …
Currencies
The loan will be used to finance the establishment of the tunnel road in Sharm El-Sheikh
13 January 05:39 PM Egypt’s parliament approves KFAED’s loan, AfDB’s grant
Cairo – Mubasher: The Egyptian parliament approved a presidential decree for a second loan agreement worth KWD 26 million from Kuwait Fund for Arab Economic Development (KFAED), the Middle East News Agency (MENA) reported on Monday. The loan will …
Banking and Finance
Money supply declined to KWD 38.22bn
8 January 05:33 PM Kuwaiti money supply sheds 0.31% YoY in November
Mubasher: The Central Bank of Kuwait (CBK) has announced that the money supply (M2) in Kuwait went down by 0.31% year-on-year in November 2019, according to the latest official data. Kuwait’s money supply declined to KWD 38.219 billion ($126.352 …
Central Banks
The foreign reserves amounted to KWD 12.255 billion
8 January 05:06 PM Kuwait’s foreign reserves rise 3.89% in November
Mubasher: Kuwait’s foreign reserves increased by 3.89% year-on-year (YoY) or KWD 460 million ($1.521 billion) in November 2019, according to the bulletin by the Central Bank of Kuwait (CBK) on Wednesday. The foreign reserves amounted to KWD 12.255 …
Sector Reports
Boubyan Bank offered to acquire BLME for $158m
8 January 12:37 PM Boubyan Bank receives regulatory approval to acquire BLME Holdings
Mubasher: Boubyan Bank has obtained the approval of the UK's Prudential Regulation Authority (PRA) to acquire Bank of London and The Middle East Holdings (BLME Holdings). The offer remains subject to the terms and conditions set in the takeover …
Mumtalakat is set to hold meetings with investors
7 January 10:06 PM Bahrain’s SWF hires banks for USD-dominated sukuk issuance
Mubasher: Mumtalakat Holding Company, the sovereign wealth fund (SWF) of Bahrain, has hired banks to arrange fixed income investor meetings ahead of the issuance of USD-dominated sukuk, Reuters reported on Tuesday. The hired banks include …
Banking and Finance
Unicap aims to repay loans to local banks and increase investments in real estate
6 January 12:21 PM Unicap pens $20m credit facility agreement
Mubasher: Unicap Investment and Finance has signed a credit facility agreement with a local Kuwaiti bank at a maximum value of $20 million, in order to repay all loans obtained by the company and its subsidiaries. Moreover, Unicap will direct part …
Companies Investments
Boubyan Bank's profits increased by 12.3%
5 January 01:07 PM Moody's affirms Boubyan Bank’s ratings, outlook
Mubasher: Moody's Investors Service has maintained Boubyan Bank’s baseline credit assessment at ‘ba1’ and its outlook as ‘Stable’. Meanwhile, the bank’s long-term and short-term deposits ratings were affirmed at ‘A3’ and ‘P-2’, respectively, …
Ratings
The transaction may have a one-time negative impact on the net income
5 January 10:15 AM Burgan Bank exits entire stake in Bank of Baghdad
Mubasher: Burgan Bank has sold its full stake in Bank of Baghdad, representing 51.8%, to its sister company, United Gulf Holding company. The deal reinforces Burgan Bank’s strategy to improve returns on risks for the bank’s shareholders, according …
Burgan Bank's profits declined by 4.9% in 9M-19
30 December 2019 11:25 AM Burgan Bank likely to gain KWD 11m from selling HQ
Mubasher: Burgan Bank disclosed that it expects a net profit ranging from KWD 10 million to KWD 11 million from the sale of its headquarters building, located in Burgan Tower Al Sharq. The bank referred that the net profit will be realised when …
Companies Investments