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The Turkey Wealth Fund, which is state-backed, has successfully secured its first loan without requiring a treasury guarantee, with backing from banks listed in the UAE. According to a report by Daily Sabah, the sovereign fund raised €1.1 billion (approximately $1.2 billion) through a two-year syndicated loan involving 20 banks from 12 different countries. The...
HSBC Holdings Plc is set to intensify its investment banking efforts in Asia and the Middle East, following its recent withdrawal from significant operations in Europe and the United States, as stated by Chief Executive Officer Georges Elhedery. This restructuring initiative is projected to yield $1.5 billion in efficiency savings, allowing HSBC to invest in...
First Abu Dhabi Bank (FAB) is set to undergo a significant restructuring by splitting its operations into four new divisions. This strategic move aims to enhance its business in the Gulf region and improve shareholder returns, according to two sources familiar with the situation. As part of this reorganization, FAB has chosen Linos Lekkas, a...
The UAE banking sector demonstrated robust performance in 2024, characterized by a notable increase in lending and improved cost efficiency. According to a report by Alvarez & Marsal (A&M), the sector saw double-digit growth in lending, with a remarkable 12.6 percent year-on-year (YoY) increase across the top 10 banks. This growth was heavily influenced by...
Emirates NBD, one of the key banking groups in the MENAT region, has revived its popular Mega Foreign Exchange and Trade promotion, offering SMEs exciting rewards. With prizes totaling AED 2 million, the campaign aims to encourage businesses to enhance their cross-border payment and trade operations. Running until March 31, 2025, the promotion offers daily...
Bank of Singapore is growing its team at the Dubai International Financial Centre (DIFC) with six senior hires, bringing expertise from leading global institutions. The appointments include Zeena Abou Elnaja, who joins the investment advisory team from Julius Baer. A CFA-qualified professional, she previously worked with Standard Chartered in the Middle East. Mehvish Ayub has...
The Central Bank of the UAE (CBUAE) has reported that gross banks’ assets, which include bankers’ acceptances, rose by 1.3% from AED4.4 trillion at the end of September 2024 to exceed AED4.456 trillion by the end of October 2024. This information was detailed in the Monetary & Banking Developments – October 2024 report released by...