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

Turkey hikes main interest rate to 19% to counter inflation and weak lira

The bank’s main rate was raised by a greater-than-expected 200 basis points.

S&P reaffirms QIB ratings at ‘A-/A-2’ with stable outlook

QIB displayed good resilience to the economic shock in Qatar in 2020.

Rise in Mergers and Acquisition activity in GCC banking sector

This has resulted in banks experiencing surge in non-performing loans or credit losses, further impacting net income margins.

UAE gross bank assets at Dhs3.172 trillion at the end of January

Gross credit in the banking system grew from Dhs1.779 trillion by the end of December 2020 to Dhs1.779.2 trillion in January 2021

NCB, Samba to relocate some branches as lenders combine

The new Saudi National Bank will have 503 branches in the Kingdom, around a quarter of all bank branches in the country

Why large UAE banks’ 2020 profit decline is manageable

The big four reported 35 per cent year on year decline in profit

Doha Bank shareholders approve extension period for bond issuance under EMTN programme

Also, the meeting endorsed the board of directors’ 2020 corporate governance report, balance sheet, and profit and loss account for the financial year ended on December 31, 2020.

Government projects to boost Qatari banks’ lending growth

The total domestic credit grew to QR1.05 trillion at the end of December 31, 2020, as per the QCB figures.

Banque Misr tender offer for CI Capital receives strong shareholder interest

This comes in at equivalent to 72% of CI Capital shares, and more than the 65% stake targeted by Banque Misr.

UAE banks provided $1.06bln in industrial sector credit facilities for non-residents in 2020

UAE’s loan growth and liquidity picking up pace is reflective of the country's robust financial profile

Alawwal & SABB fully integrate in historic bank merger

Since legally merging in June 2019, the integration saw every aspect of business reviewed to retain the best of each bank, while also investing to make a more competitive proposition overall.

UAE lender CBI seeks shareholder vote to boost capital

QNB, Qatar's biggest lender, owns 40% of CBI.

NBB provides free fire insurance to homebuyers

The initiative was made with our customers in mind, and we aim to continuously assess the various requirements that arise when planning for a house and to better anticipate the responsibilities that our customers come across in the process.

Israel's Bank Hapoalim moves to fourth quarter profit, sees economic uncertainty

Net interest income dipped to 2.24 billion shekels from 2.29 billion a year earlier, while it had income for credit losses of 187 million shekels after 876 million of provisions for loan losses in the final three months of 2019.

UAE banks provide $1.74bln in retail loans in Q4 202

Retail loans grew by 6.5% from September the same year

Why UAE banks are in no rush towards consolidation

Currently there are 21 local banks in the UAE and 27 full commercial foreign banks, serving a population of roughly 9.4 million people.

HSBC to phase out coal funding on shareholder pressure

‘HSBC today announces it will propose a special resolution on climate change’

Hapoalim net profit up 14% in 2020

As of the end of 2020, deferred loans and mortgages amounted to NIS 42.5 billion but by the end of January 2021

Alawwal Bank, SABB merger targeted to complete on March 14

Alawwal Bank’s accounts and services will be transferred to the two banks’ enhanced, single banking proposition

Abu Dhabi Commercial Bank -- Moody's - Large UAE banks see sharp but manageable drop in profits for 2020, driven by low rates and rising provisions

Aggregate provisions surged by 72%, mainly driven by higher problem loans and anticipation of higher loan losses ahead.

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