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

EBRD €100 million financing to Turkey’s QNB Finansbank for trade finance and SMEs

The other half will be on-lent to local companies suffering from the negative economic consequences of the Covid-19 outbreak.

JPMorgan sees more Gulf companies linking up but no liquidity crunch

The region had entered 2020 with strong finances and, after an initial phase of assessing liquidity needs, companies and governments are now looking more strategically at potential opportunities

Abu Dhabi's Mubadala hires banks for bond issues - sources

The extra cash could give Mubadala more firepower to buy stakes in companies later this year when many are expected to seek liquidity due to the economic crisis.

Emirates Investment records losses in Q1-20

The bank's operating income decreased by 48%

HSBC to block donations to Palestinian aid charity Interpal

British bank will no longer process standing orders, in Ramadan blow for one of UK's leading pro-Palestinian aid organisations

Saudi Binladin group hires Houlihan Lokey for $15bn debt revamp

The restructuring is aimed at reorganising Binladin’s assets into sector-led businesses and streamlining operations

Mena's first quarter Investment banking fees climb 11% boosted by M&A deals

Investment banks have earned a total of $188.8m in fees during the first three months of 2020, Refinitiv says

GCC investment banks facing earnings risk

The impact on wholesale and investment banks’ earnings are even more at risk in GCC countries.

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.

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