Monday 20 October 2014

StanChart readies to close thousands of UAE accounts

Standard Chartered has notified thousands of UAE small and medium enterprise customers it is closing their accounts as it responds to pressure from US regulators to cut its risks following an anti-money laundering settlement. "We regret to notify you that Standard Chartered


Gulf Capital $750m fund to invest in 10-12 firms

Abu Dhabi-based buyout firm Gulf Capital is looking to invest in 10-12 companies over five years with the launch of its third private equity fund of $750 million, its chief executive said on Sunday. "We are making offers and talking to companies... we can move very quickly a


Bahrain's banking sector showcased at US event

More than 300 banking industry leaders, including representatives of many US and other institutions that are looking to invest in Bahrain, came together at the Fairmont Hotel Washington DC. They were attending "The Banks in Bahrain" reception, organised by the Bahrain A


FinMark backs Islamic banking conference in Bahrain

FinMark Communications has been appointed as the communications partner for the 21st annual edition of the World Islamic Banking Conference (WIBC 2014) in Bahrain. More than 1,300 high-level industry officials from nearly 50 countries are expected to take part in the event being


Gulf Bank Q3 net profit up 11.2pc

Kuwait's Gulf Bank, the Gulf state's fourth-largest lender by assets, reported a 11.2 per cent rise in third-quarter net profit on Sunday, according to Reuters calculations. The bank made a net profit for the three months to the end of September of KD10.9 million ($37.8 m


Dubai judge approves Espirito Santo unit liquidation

A judge in the Dubai International Financial Centre (DIFC) court approved on Sunday an application to liquidate ES Bankers (Dubai) Ltd, part of the Portuguese Espirito Santo family's troubled empire. "In reality, it's impossible for the bank to continue its business.


Dubai Exchange CEO steps down due to ill health

Dubai Gold and Commodities Exchange (DGCX) said on Sunday its chief executive officer, Gary Anderson, had stepped down due to ill health. DGCX said in a statement that Gaurang Desai, its chief operating officer since inception in 2005, will act as an interim CEO. According to And


Dubai jumps after global markets rebound

Dubai stock index jumped in opening minutes on Sunday after global markets rebounded on Friday and shares in builder Arabtec Holding surged as it moved closer towards starting work on a huge project in Egypt. The benchmark rose 4.1 per cent while Arabtec was up 9.2 per cent. Heav


ABG units win top Islamic finance awards

Bahrain-based Al Baraka Banking Group (ABG) and five of its subsidiary banking units received the 'Best Islamic Financial Institution' Award of 2014, as part of the annual awards from the Global Finance magazine. The group received the 'Best Islamic Financial Institu


BBK launches new mortgage product for NRIs

BBK, one of the largest locally incorporated retail and commercial banks in Bahrain, has launched its new and improved mortgage loan product for the benefit of Non-Resident Indians (NRIs) through its branches in India. As part of its overall marketing strategy to offer a complete

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