August 15, 2019

Bank of Sharjah plans to issue dollar-denominated bonds later this year to help the UAE lender repay existing debt, people with knowledge of the plan said.

The company wants to raise about $500 million in a sale likely to take place in September or October, according to the people, who asked not to be identified because the details are private. The bank, based in the emirate of Sharjah, and will use the proceeds to help settle notes maturing in June next year, they said.

“We’re exploring multiple options for an issue of senior unsecured securities, including"...

August 8, 2019

DUBAI, 7th August, 2019 (WAM) -- The Dubai Financial Services Authority has signed a Memorandum of Understanding with the Central Bank of Egypt to enhance the relationship and cooperation between both institutions and facilitate the performance of their respective supervisory tasks.

Under the new agreement, the two sides will also work to promote the safety and soundness of banks in their respective jurisdictions. This includes, but is not limited to, combatting financial crime, conducting consolidated supervision of common firms and discussing crisis management.

The"...

August 8, 2019

ABU DHABI, 7th August, 2019 (WAM) -- The combined net profits of 18 national banks listed on the country’s financial markets rose to AED24.5 billion in the first half of 2019, compared to AED21 billion in the same period of 2018, an increase of 16.6 percent.

These statistics reflect the solidity of the UAE’s banking sector, despite the slowdown faced by its counterparts in the region.

The total profits of the seven banks listed on the Dubai Financial Market, DFM, increased to AED12.9 billion in the first half of this year, compared to AED9.74 billion in"...

August 7, 2019

Mastercard said it agreed to buy a payments platform owned by Denmark's Nets for €2.85 billion (Dh11.71bn), using its biggest acquisition yet to help extend a push into faster payments.

With the deal, Mastercard is getting an electronic-billing platform and clearing and instant-payment services. The deal is expected to hurt profit for as long as two years after it’s completed, which is expected in the first half of 2020.

“The global opportunity for real-time payments is accelerating,” said Michael Miebach, Mastercard’s chief product"...

August 7, 2019

DUBAI, 6th August, 2019 (WAM) -- Commercial Bank International, CBI, today announced its financial results for the first half of 2019. The bank's net profit reached AED41 million compared to AED81 million in H1 2018.

Operating profit was up by five percent to AED204 million from AED194 million in H1 2018. Also, net fee and commission income up by seven percent to AED108 million compared to AED101 million in H1 2018.

Operating expenses were down by 14 percent to AED176 million compared to AED204 million during the same period last year.

Commenting"...

August 1, 2019

Emirates NBD Bank and Sberbank of Russia announced on Wednesday the completion of a deal that sees Dubai's biggest lender acquiring a 99.85 percent stake in Turkey's DenizBank.

The deal is both Turkey’s largest M&A deal since 2012 and the Dubai bank’s biggest acquisition.

Emirates NBD signed a new deal in April to buy Sberbank’s wholly-owned Turkish unit that could save it as much as $700 million.

The revised price tag of 15.48 billion lira ($2.7 billion) reflected"...

July 30, 2019

ABU DHABI, 29th July, 2019 (WAM) -- The balance of the UAE Central Bank’s deposit certificates rose to record levels during the first half of 2019, reaching around AED155.8 billion at the end of June, according to statistics issued by the bank highlighting its policy of withdrawing surplus liquidity.

The value of surplus liquidity withdrawn in June amounted to around AED8.8 billion.

The UAE Central Bank withdrew surplus liquidity in the market during the first three months of the current year, due to the high level of surplus liquidity in the country’s"...

July 30, 2019

ABU DHABI, 29th July, 2019 (WAM) --Total banking reserves at the Central Bank of the UAE rose to around AED305 billion at the end of the first half of 2019, compared to AED298 billion in May, an increase of 2.5 percent.

According to the 'Banking Indexes Report' issued by the bank on Monday, this increase was due to the rise in the value of certificates of deposit, from AED147.1 billion to AED155.8 billion at the end of June, while the total balance of current accounts in Emirati banks increased to AED24.7 billion.

Meanwhile, the balance of reserve requirements"...

July 29, 2019

ABU DHABI, 28th July, 2019 (WAM) -- Abu Dhabi Commercial Bank, ADCB, today reported its half-year financial results for 2019, with a net profit of AED 2.782 billion, marking a 15 percent decrease from the same period last year.

According to a statement the financial results are based on six-month pro-forma financial statements for the combined entity, following the merger between ADCB and Union National Bank, UNB, and the subsequent acquisition of Al Hilal Bank on 1st May 2019. The combination, which reinforced ADCB Group’s position as the third largest bank by assets in the UAE, has created a resilient platform for sustainable growth"...

July 24, 2019

The Dubai Financial Services Authority has said its investigation into the collapsed Abraaj Group is focusing on the buyout firm’s senior management and people who failed to report irregularities.

“We will use all of our powers to deal with those who are found to be culpable,” the regulator said in its 2018 annual report published on Tuesday. “This investigation is highly complex, on a wide scale and is being pursued vigorously.”

Dubai-based Abraaj, which once managed about $14 billion, was forced into liquidation last year after being"...