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

BBK records $34.48m profit for Q4

Net interest income dropped by 12% to BD20.5 million (BD23.3 million in the corresponding period of last year), mainly due to interest rate cuts during early 2020.

FAB acquires Egypt FRA custody license

The license will facilitate membership of the country's central securities depositary, Misr for Central Clearing, Depository and Registry, providing the integral function of settlement and clearing of trades executed on The Egyptian Exchange

Commercial Bank of Dubai goes live on UAE KYC Blockchain Platform

UAE KYC Blockchain Platform is part of Dubai Economy's vision to enhance business competitiveness and accelerate the digital transformation of the UAE economy

National Bank of Bahrain announces launch of ‘Joint Housing’ product with Eskan Bank

Upon signing the agreement with Eskan Bank, NBB will jointly mortgage the properties financed by both banks, offering attractive interest rates to applicants with loan tenors reaching up to 25 years.

Saudi Central Bank to launch new 24/7 instant payments system

Other benefits would include improved transparency of payments between companies and individuals, and options for customers to carry out immediate transfers between accounts

Qatar's 55% consumers willing to live more sustainably: Report

The report highlights, 76% of Qatar consumers are largely aware of climate change and how the issue negatively affects the environment.

Commercial Bank enables payment through wearables

Commercial Bank’s newly launched service fulfills the bank’s promise of bringing payment solutions to match the evolving lifestyle of its customers; thus, becoming one of the first local banks to offer athletes and sports enthusiasts in Qatar

Bank Muscat signs agreement with PDO to refinance its employee housing loan portfolio

The unique financing structure provides an efficient option for PDO to monetise the receivables of this portfolio to generate cash flow for operations and investments.

S&P revises Saudi's SFG, NCB outlooks to positive on planned merger

Credit agency says merger could strengthen overall creditworthiness of new entity

Al Salam Bank-Bahrain reports $2.8mln Q4 profit

Bank reported a 57% decrease in net profit attributable to shareholders amounting to $24.2mln

Mashreq reports Dh1.3 billion net loss in 2020

Losses reflect lower operating income and higher risk charges.

Dukhan Bank adds Fitbit Pay, Garmin Pay to D-Pay platform

These two services will surely enhance our customers’ experience by enabling them to perform contactless payments in a way that is seamless and safe, reflecting clearly the banks’ commitment to creating advanced payment methods that meet the c

National Commercial Bank net profit rises 0.3% to $3.04bn for 2020

Total shareholders’ equity, excluding minority interest, rose by 16 percent YoY to SR 79.41 billion in 2020.

FAB partners with Mastercard to enhance commercial payments for UAE businesses

Partnership aims to make commercial payments more seamless, secure and convenient

UAE's biggest bank returns to debt markets for fifth time in 2021

Sources say First Abu Dhabi Bank has hired advisers to market a euro-denominated deal

Saudi Arabia to introduce faster interbank instant money transfers this month

New system will allow payments to be processed 24 hours a day and within seconds

HSBC's business clients in UAE can now make 'virtual' card payments

UK bank says it's a regional first and comes with promise of enhanced security

Doha Bank Achieves Net Profit of QR. 703 Million for 2020

At the same meeting, the BOD has decided to present a recommendation to the General Assembly to distribute cash dividends to shareholders for QR (0.075) per share.

Oman Development Bank grants loans worth over OMR120mn

Oman Development Bank continually seeks provision of the necessary services and products required for the development of the projects in the industry sector.

Bank Albilad 2020 net profit up 8% to $346.6m

In Q4 2020, the bank reported a net profit of SR 377.8 million, an increase of 16 percent year-on-year (YoY).

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