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...
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...