banking

April 21, 2018

The total foreign assets at the UAE Central Bank amounted to AED336.32 billion, a growth of 10.3 percent from AED324.98 billion during the corresponding period in 2017.

Statistics released by the UAECB today indicated that the rise in foreign assets is attributed to the increase in the UAECB current account balances and deposits with banks abroad from AED178.83 billion during the Q1 in 2017 to AED271.2 by the end of Q1 this year.

The figures released excludes CBUAE's Reserve Tranche Position (RTP) and SDR holdings with the IMF.

In"...

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April 19, 2018

Plug and Play, Silicon Valley’s tech accelerator that counts Google and Dropbox among its investments, is seeking to attract Gulf banks to work with its FinTech start-ups in Abu Dhabi and considering expansion into sectors from healthcare to smart cities.

The FinTech accelerator programme, in partnership with Abu Dhabi Global Market, will host a corporate event on May 3, when senior executives of at least 18 financial institutions, from credit card companies to investment banks, will hear Plug and Play’s pitch, Omeed Mehrinfar, managing partner of Plug and Play Middle East, told The National. Leaders from other sectors that it’s"...

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April 19, 2018

Emirates NBD announced on Wednesday that first-quarter profit rose 27 per cent rise year-on-year to Dh2.4 billion, underpinned by higher net interest income on the back of loan growth and improved margins.

The bank, the largest lender in Dubai, said total Income of Dh4.1 billion grew 13 per cent year on year due to loan growth and the positive impact of recent rate rises while total assets grew one per cent to Dh475.6 billion from end 2017.

Shayne Nelson, group chief executive officer, said the group's balance sheet remains strong with solid liquidity and capital"...

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April 18, 2018

Monetary deposits at the UAE Central Bank stood at AED55.8 billion in the first quarter of 2018 while withdrawals reached about AED55 billion, according to the figures released by the UAE Central Bank on Tuesday.

'Value of deposits in banknotes was AED55.78 billion against AED23 million for currency in coins,' the figures indicated.

'Monetary deposits were valued at AED19.1 billion in March up 25.6 percent over February while January remained the most active in the deposit trends with AED21.5 billion,' according to the figures.

Withdrawals"...

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April 18, 2018

Emirates NBD has announced that it has launched its own private cloud platform. It is the first bank in the region to implement a private cloud platform that leverages similar technologies to cloud-native companies, marking a major milestone in the Emirates NBD Group’s ongoing AED1 billion IT transformation.

Through its new private cloud technology, the bank’s IT platforms and applications will benefit through enhanced cost efficiencies as well as higher security, resilience, flexibility, insight and quality control. Emirates NBD’s future innovations will also be available with an accelerated time-to-market.

The"...

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April 17, 2018

The Central Bank of the UAE has put in place a new way of calculating the UAE Interbank Offered Rate, or Eibor, that will bring about more accurate and transparent pricing in the way interest rates are used by banks to price everything from mortgages to car loans. It also comes as regulators the world over tighten oversight of rates in the wake of the Libor scandal when some banks manipulated rates for their own benefit.

A central bank spokesperson confirmed the new calculation started on Sunday.

“We see it in the context of the move globally, in terms of setting"...

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April 16, 2018

Emirates NBD has become the first to successfully go-live at scale with ‘Cheque Chain’, integrating blockchain technology into issued cheques to strengthen their authenticity and minimise potential fraud.

Following a successful pilot last year, overseen by Emirates NBD Future Lab, the bank is now rolling out its security-enhancing technology for the benefit of customers across the UAE. The initiative will also significantly enhance security standards both within the Emirates NBD Group and across the UAE banking sector.

Cheque Chain enables a unique Quick"...

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April 16, 2018

(AETOS Wire) -- Bank of America reported its first-quarter 2018 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180416005642/en/ Bank of America newsroom at http://newsroom.bankofamerica.com. Bank of America Investor Relations website at http://investor.bankofamerica.com. Business Wire’s news webpage at http://www.businesswire.com/portal/site/home/news. Investor Conference Call information Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss the financial results in a conference call at 8:30 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can also listen to a live audio webcast of the conference call and view the presentation slides by visiting the Events & Presentations section of the company’s Investor Relations website. Replay information for Investor Conference......

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April 16, 2018

(AETOS Wire) -- IDEMIA’s metal cards are the newest addition to HSBC’s credit card offering in the UAE. The new HSBC Black Credit Card is designed for the affluent customer segment and it features exclusive benefits including 200,000 sign-up Air Miles, 100,000 anniversary Air Miles, accelerated rewards earning up to 2.5 Air Miles per 1 AED spent on the card, unlimited complimentary airport lounge access for cardholders and guests, complimentary HSBC Entertainer including ‘Fine Dining’ and ‘Cheers’, complimentary golf, International Concierge and much more.

The new card"...

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April 15, 2018

Bank Audi sae, one of the fastest growing banks in the Arab Republic of Egypt, has successfully transformed multiple banking processes powered by Newgen’s Business Process Management and Enterprise Content Management platforms. With an aim to become one of the leading private banks in Egypt, the Bank has streamlined its processes to achieve greater efficiency and provide enhanced customer experience.

Speaking of the achievement, Afaf Sinno, Project Business Manager, Bank Audi said, “Automating our retail loan origination processes has helped us decrease operational hassles and reduce operational risks. The digitised processes have"...

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