Managers of Wealth Middle East -Wealth, private banking and asset management news and opinion

EFG Hermes grows revenue by 20%

Growth at the NBFIs platform was primarily driven by the Group’s microfinance solutions provider, Tanmeyah, which saw its top line reach the £1.0 billion mark in FY19, up 66% Y-o-Y.

OIII3Bank debuts in Dubai, begins operation in April

As OIII3 Bank offers innovative financial products, it is conscious of the green environment and planet safety.

Barclays cuts 2020 crude forecasts by $12 on virus, OPEC+ deal collapse

Barclays also forecast global available onshore storage capacity at about 1.5 billion barrels with an estimated oversupply of over 5 million barrels per day (bpd) for this year and an oversupply of 10 million bpd on average for second quarter.

Fiorano Drives Digitalization at Crédit Agricole with Flexcube Core Banking System Integration

The bank’s strategy was to have a new integration platform that would ensure data migration of existing parameters and business logic seamlessly.

Saudi British Bank reports profit of SR2.812 billion for 2019

The loans and advances for the year ended Dec. 31, 2019 were estimated at SR154.7 billion, an increase of SR44.4 billion, or 40.3 percent, from SR110.3 billion for the year ended Dec. 31, 2018.

Bahrain's GFH buys 70% stake in Dubai Fintech major Marshal

Dubai-headquartered Marshal, established in 1981, is the largest and oldest enabler of payment technology in the Middle East

StanChart betting big on Shariah-based banking

Bangladesh is a key focus for its large Muslim population

Bahrain's GFH reports Q4 profit drop as impairment charges climb

The bank’s full-year 2019 profit also declined 29.8 per cent to $80.1m

HSBC launches Jade, a special bank account for millionaires

UAE’s millionaires among the youngest around the world

Egypt to sell stake of Bank of Cairo

Country has plans to offer stakes of several state-owned companies in the stock exchange.

Kuwait plans to lay off 25,000 expatriates, replace them with citizens

"There is a plan to set a timeline to prioritise appointing Kuwaiti women's children in various state bodies."

Standard Chartered strengthens UAE footprint with new office in Abu Dhabi Global Market

The newly opened office will serve as an important touchpoint for enterprises that are looking to access a wide variety of financial services offered by Standard Chartered.

NI Capital wins “Fastest Growing Investment Banking Advisory Firm

For the Second Consecutive Year NI Capital Emerges as "Fastest Growing"

Mohammed bin Rashid meets chairman of HSBC

Sheikh Mohammed said that the bank played key role in promoting business in the UAE and Dubai

BNP, Citigroup among most exposed in Mideast’s biggest default

They are among global banks with the most exposure to about $14b

Egypt's Beltone to sell stake in brokerage Auerbach in 2020

Beltone reported losses of 14.3 million Egyptian pounds ($900,000) in 2017, 82.4 million pounds in 2018 and 66.5 million pounds in the first nine months of 2019.

HSBC voted top trade finance bank in Middle East as digital investment yields results

"As the world's leading trade finance bank, HSBC is investing in digital to transform trade and enhance customer experience," said Sunil Veetil, Head of Global Trade and Receivables Finance for HSBC in the Middle East, North Africa and Turk

Steady expansion in banks' financial position: healthy growth in money supply, thanks to positive nominal GDP outlook: Beltone

Beltone analysts expect Commercial International Bank and Qatar National Bank Al Ahli to enlarge their retail low cost deposits faster than other banks under their coverage as management philosophy shifts to cost of funding optimization.

BNY Mellon ramps up drive to innovate in the Middle East with new office

The principal representative for BNY Mellon’s new ADGM office is Anthony Habis, who is also head of client management, Middle East and Africa and regional head for MEA at BNY Mellon.

Turkey's İş Bank, China's AliPay expand cooperation on payment systems

The new collaboration will further enable member businesses to quickly and safely provide admission services to Chinese consumers while achieving higher shopping volumes.