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

First Abu Dhabi Bank ends acquisition talks with Lebanon’s Bank Audi-Egypt

First Abu Dhabi Bank was formed in 2017 from the merger of National Bank of Abu Dhabi and First Gulf Bank.

Bahrain Islamic Bank advocates the utilisation of its digital platforms

In the first quarter of 2020, the bank launched a number of digital products and services as part of its strategy to simplify money matters for customers, thereby enabling them to perform a wide range of banking transactions.

SABB reports 7.6% drop in Q1 profit at $272m

The earnings per share are SR0.50 compared to SR0.74 for the corresponding period of the previous year.

First Abu Dhabi Bank puts talks to acquire Bank Audi's Egyptian business on hold -sources

One of the sources said the deal was worth $700mln but the timing was now not right due to the need to support the UAE economy

Saudi’s NCB posts 2% rise in first-quarter profit even as impairments surge 173%

Net impairment charge for expected credit losses reached to 396 million riyals for the current period against 145 million riyals in the similar period of the previous year with an increase of 173%.

Digital innovation crucial for banks

This can be seen in the global banking industry, which has been slower to evolve than most, so entrenched and established are its business practices.

First Abu Dhabi Bank puts talks to acquire Bank Audi's Egyptian business on hold: sources

The UAE central bank has launched $70 billion worth of capital and liquidity measures to support the economy during the crisis.

Saudi NCB, Samba post profits, diverge on provisions

NCB's net profit was $745.5mln for the period that ended March 31

Emirates Post records 45% increase in last-mile delivery volumes in UAE

It has implemented a series of innovative service solutions to support key players in the sector, such as Amazon, Landmark and Mumzworld.

Fitch Revises Arab Banking Corporation's Outlook to Negative; Affirms IDRs

The Negative Outlook on ABC's IDR reflects also Fitch's expectation of the bank's weaker asset quality, earnings and profitability over the next 12 to 18 months compared with when the ratings were last reviewed on 7 October 2019.

Arab Bank group Q1 net profit drops 36% to $147.6mln - statement

Loans grew 2% to $26.2bln

UAE’s ADCB posts 82% drop in Q1 net profit

Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020

Bank ABC fuels global growth in trade finance with Fusion Trade Innovation from Finastra

Leading the Fintech agenda in the region, the bank hosts the Middle East and Africa Fintech Forum annually with its subsidiary Arab Financial Services.

QFB reports 7% increase in income to QR34.2m in Q1

Total income also increased by 7 percent to QR34.2m compared to the same period last year. Income from structured products also increased by 27 percent compared to the first quarter of last year.

National Bank of Bahrain launches enhanced virtual training programme

Programme comes as part of NBB’s continuous efforts to support employee career progression and development

Qatar National Bank expected to sell $750 mln-$1 bln in bonds -sources

The bank set its final price guidance at 225 basis points (bps) over mid-swaps, tightening by 35 bps from where it began marketing the notes earlier on Tuesday.

Ahlibank named ‘Best Bank for Treasury Services Qatar 2020’

This is an excellent way to start the year and this award reflects a job well done and is a great recognition from Global Banking & Finance Review of the great efforts the Bank has been making over the last few years.

Qatar National Bank sells $1bln in five-year bonds - sources

The bank has hired Barclays, Credit Agricole, ING, Mizuho, QNB Capital and Standard Chartered to arrange the deal

Results Review : Commercial International Bank 1Q20

Provision formation gobbles 1Q20 earnings; negative impact on core banking income yet to materialize

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