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Emirates NBD in talks to acquire Lebanese BLOM Bank Egypt

Dubai’s largest bank, Emirates NBD is in early talks with Lebanon’s BLOM Bank which is looking to sell its Egypt-based subsidiary BLOM Bank Egypt. The deal is not certain, the Dubai-based bank said though both sides are still continuing the discussion. The talks came into being after BLOM Bank, reportedly hired CI Capital to advise […]

August 13th, 2020 | Posted in Finance,Headlines | Read More »

Beirut blasts: Lebanon’s Central Bank freezes assets of heads of Beirut port, customs officials

Lebanon’s Central Bank has ordered the freeze of accounts of heads of Beirut port and several individuals including those of Lebanese customs along with five others, in the wake of the Beirut port warehouse blast, Reuters reports. The bank through its special investigation commission for money laundering and terrorism fighting Thursday issued the directive to […]

August 7th, 2020 | Posted in Finance,Headlines,World News | Read More »

Lebanese banking association toys with the idea of pulling out of talks with IMF

Lebanon’s banking association said Thursday it might withdraw from talks with IMF owing to rows over the scale of the country’s vast financial losses, Zawya reports. “The atmosphere that prevailed at a meeting today at the finance ministry brought matters back to square one and does not encourage moving forward towards an understanding. … Not […]

July 24th, 2020 | Posted in Finance,Headlines | Read More »

EBRD approves Algeria’s membership application

The European Bank for Reconstruction and Development (EBRD) has validated Algeria’s membership request, a first stage in the full acceptance of the North African country as member of the financial institution founded in 1991. The shareholders of the London-based institution have approved Algeria’s application submitted in March to become recipient of EBRD financing and advisory […]

July 14th, 2020 | Posted in Finance,Headlines,World News | Read More »

Bahraini bank officials sentenced to five years in prison over money laundering charges

Bahrain’s High Criminal Court requested five years in prison for five officials of a local bank suspected for involvement in a money laundering case in connection with three Iranian banks. The officials from Future Bank are also fined a million Bahraini dinars ($2.65 million) each. The court ordered the confiscation of the funds transferred by […]

July 10th, 2020 | Posted in Finance,Gulf News,Headlines | Read More »

Bahrain: bank officials convicted over money laundry charges

The High Criminal Court of the Gulf country requested five years in prison for five official a local bank suspected for involvement in a money laundry case in connection with three Iranian other banks, reports say. The official from Future Bank are also fined a million Bahraini dinars ($2.65 million) each. The court also ordered […]

July 10th, 2020 | Posted in Finance,Headlines | Read More »

Saudi Ground Services provides credit facility to Saudi British Bank

The Saudi Ground Services Company (SGS) will provide a credit facility $133.3mln to Saudi British Bank (SABB) earmarked to cover the working capital required for operational operations, Zawya reports. SABB will pay back the murabaha credit after 30 months per the signed agreement. The kingdom’s aviation ground handling services company also indicated that the loan […]

July 8th, 2020 | Posted in Finance,Headlines | Read More »

SMBC Nikko Securities to open branch in Abu Dhabi in line with expansion plan

SMBC Nikko Securities Inc., the security agency of Japan’s second largest bank, will open new branches around the world including Abu Dhabi, as part of expansion plans. The move according to company’s President Yuichiro Kondo is subject to regulatory approval. “Overall, we are on the offensive,” he said in an interview with Bloomberg. “Tough times […]

July 2nd, 2020 | Posted in Finance,Headlines | Read More »

UNRWA receives pledges for $130 million funding

Some 75 countries and non-governmental organizations have pledged $130 million in financial commitments to the UN agency that assists Palestinian refugees across the Middle East, UNRWA, following a virtual conference on Tuesday, The meeting was held to bridge a $400 million funding gap so that UNRWA can continue providing health, education and social services to […]

June 25th, 2020 | Posted in Finance,Headlines,World News | Read More »

Oman rolls out interest-free emergency loan plan for entrepreneurs

Oman ruler, sultan Haitham Bin Tarik, has ordered the country’s financial institutions to provide interest-free loans to Small and Medium Size companies as well as individual entrepreneurs whose businesses have been affected by the covid-19 pandemic. The program according to the ruler’s orders targets more holders of Riyada Card (for small and medium enterprises) and […]

June 24th, 2020 | Posted in Finance,Gulf News,Headlines | Read More »