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

Bank manager in Dubai convicted of Dh1 million cheque scam

A financial manager who embezzled more than Dh1 million from the bank where he worked and then fled the country was on Sunday sentenced to five years in jail.

Saudi group offers new settlement

In 2009, AHAB’s Bahrain unit, the International Banking Corp. and Awal Bank collapsed

Libya Fund Accuses French bank of Fraud

French bank paid a middleman $58 million in alleged bribes to secure almost $2 billion in business from Libya's main sovereign-wealth fund during the final years of dictator Moammar Gadhafi's rule

Saudi Arabia's Algosaibi calls May creditor meeting

Saudi Arabian conglomerate Ahmad Hamad Algosaibi & Brothers has called a meeting of creditor banks in Dubai on May 7 to discuss a proposed settlement of billions of dollars of unpaid debt

Burgan Bank to raise capital this year

Kuwait’s Burgan Bank wants to raise more capital this year to comply with the Basel III banking industry regulations while any acquisitions were unlikely to come soon, the lender’s chief executive said yesterday.

Lebanon lifts banking secrecy 17 times in 2013

The Lebanese financial authorities lifted banking secrecy rules on 17 bank accounts suspected of involvement in money laundering, embezzlement and terrorist funding in 2013, the Central Bank’s Special Investigation Commission reported Thursday.

Clifford Chance names banking partner as new Middle East head

Clifford chance has named banking and finance partner as new Middle East managing partner to replace current head Graham Lovett.

RBS reprimanded by Qatar regulatory authority

The Royal Bank of Scotland has been reprimanded by one of the main financial regulators in Qatar for failing to comply with training and competency requirements.

Region needs pre-emptive action against Bitcoin

It was not so long ago that we were warned of the risk of dealing in the digital currency of Bitcoin.

Norton Rose Fulbright appoints new debt capital markets partner

I am looking forward to returning to the Middle East to continue to develop Norton Rose Fulbright’s conventional

Kuwait lets foreign banks open more branches to fuel growth

Kuwait will let foreign banks open multiple branches in the country to spur growth.

Qatar Regulator Reprimands RBS For Insufficient Staff Training

Qatar’s financial regulator has reprimanded Royal Bank of Scotland for insufficient training of its branch staff, it said on Tuesday.

QFB awaits regulatory nod for listing

The Qatar First Bank yesterday announced that it will go for listing on the Qatari bourse once it gets the regulatory approval.

The Bahrain Association of Banks to focus on research

We looked at BAB's major activities over the past five years, and discussed where the association could add value to the industry

IBRC seeks documents from Dubai firms linked to Quinn family

Companies deny role in the alleged conspiracy to move assets beyond the bank’s reach

SAMA chief reasserts KSA’s commitment to global AML

The Kingdom has invested significant resources to tackle AML challenges including the most recent amendments concerning the local AML regulations.

QCB asks all banks to transfer account data

The Qatar Central Bank has asked all banks to provide it with basic information about their customers’ accounts, including individuals and companies.

Dubai considers rule change to lure more domiciled funds

Dubai is considering regulatory reforms to persuade more funds to base themselves in its financial centre

Norton Rose Fulbright advises the IDB on its largest ever drawdown under its $10 billion Sukuk

The Joint-Lead Managers were CIMB Bank Limited, Commerzbank Aktiengesellschaft, First Gulf Bank PJSC, HSBC Bank plc, National Bank of Abu Dhabi P.J.S.C, Natixis, RHB Investment Bank Berhad and Standard Chartered Bank.

Turkish government denies claims of financial bodies’ merger

The Turkish government has no plans to merge the banking and capital markets watchdogs under a single roof that would consolidate state control over the financial sector,

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