Islamic banks in the Gulf Cooperation Council (GCC) are expected to see a rise in mergers and acquisitions (M&A) in the coming years. This trend is largely driven by the need for competitive advantage and to access growth opportunities, according to Fitch Ratings. The firm’s Head of Middle East Bank Ratings and Islamic Banking, Redmond...
Emirates NBD, recognized as Dubai’s largest bank by assets, surpassed profit expectations for the first quarter, largely due to significant growth in loans and interest income. The bank reported a net profit of 6.2 billion dirhams ($1.69 billion) for the three months ending March 31, compared to 6.7 billion dirhams during the same period last...
Bahrain’s Arab Financial Services (AFS) has recently made its entry into the UAE’s competitive payments processing market, following the acquisition of a ‘Retail Payment Services License – Category 2’ from the UAE Central Bank. This license allows AFS to offer a range of payment solutions in a landscape already populated by established players like Magnati...
Bahrain’s Khaleeji Bank has introduced Visa+, a new service that allows users to send money to Visa cardholders in the Gulf Cooperation Council (GCC) using only the recipient’s mobile number. This initiative positions Khaleeji Bank among the first financial institutions to offer such a service, showcasing the market’s readiness for advanced financial solutions. With Visa+,...
Bahrain’s Solidarity Group has announced the successful acquisition of 100 percent shares in both Bahrain National Insurance Company (BNI) and Bahrain National Life Company (BNL). This transaction marks a significant expansion for Solidarity, enhancing its market presence in the insurance sector. The completion of this acquisition means that Solidarity has directly acquired 100 percent of...
India’s IDFC FIRST Bank has announced plans to raise up to 75 billion rupees, equivalent to $877 million, through investments from affiliate firms of Warburg Pincus and the Abu Dhabi Investment Authority (ADIA). The bank will issue convertible shares to these investors, which, upon full conversion, will provide them with a combined 15% stake in...
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, met today with the CEO of Barclays Group. This meeting aimed to discuss various aspects of cooperation and investment opportunities between Dubai and the banking giant. During the meeting, Sheikh Maktoum emphasized...
First Abu Dhabi Bank (FAB) has emerged as the third-largest banking institution in the Middle East and Africa, with a market capitalization of $41.54 billion. This advancement was marked by a modest increase of 0.6 percent in its market value, reflecting the bank’s competitive standing in a robust financial landscape. The total market capitalization of...
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...