Saturday 28 March 2015
 
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Swiss UBP to buy British wealth manager Coutts

Switzerland's Union Bancaire Privee (UBP) is buying the international business of 300-year-old British wealth manager Coutts, the latest deal by a Swiss private bank aimed at branching out from its struggling home market. The purchase of Switzerland-based Coutts International

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Warba takes part in $155m syndicated loan for Ajman Bank

Warba Bank has provided $25 million as part of a $155 million Syndicated Islamic Financing Facility for Ajman Bank based in the UAE. The arrangement of the two-year Murabaha facility was led by Noor Bank, said a statement. Ajman Bank is a sharia-based Islamic bank

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Jordan Islamic Bank posts net profit of $63.6m

Jordan Islamic Bank, a subsidiary of Bahrain-based Al Baraka Banking Corp, reported 2014 net profit of BD45.1 million ($63.6 million), the same level as the year-ago period. Its assets had risen to BD3.86 billion by the end of December 2014, compared with BD3.52 billion at end of

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‘UniCredit bonds not an exit from bank investment’: Aabar

Abu Dhabi fund Aabar Investments said its sale of €2 billion ($2.2 billion) of bonds exchangeable into shares of UniCredit was not an exit from its investment in the Italian bank, but a way to improve its own finances. Aabar chairman Khadem Al-Qubaisi told Reuters it may iss

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HSBC unit raises $205m in Malaysia sukuk sale

The Malaysian Islamic banking arm of HSBC Holdings has raised 750 million ringgit ($205 million) from the sale of a five-year Islamic bonds (sukuk) at a yield of 4.24 per cent, IFR reported. The sale is the third tranche of the lender's overall three billion ringgit sukuk pro

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Borse Dubai rules out Nasdaq OMX stake sale

Borse Dubai ruled out any sale of its shares in Nasdaq OMX Group after shedding its entire 17.4 per cent stake in the London Stock Exchange (LSE). The firm had been the biggest single shareholder in the LSE prior to the sale, which occurred on Wednesday through a so-called book b

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Mumtalakat allocates profits to pay off $1.4bn debt

Bahrain Mumtalakat Holding Company has allocated part of its profits to pay off debts which reached BD560 million ($1.4 billion) until December last year, it said in a statement. In reply to MPs, the company said no funds have been incorporated in the state budget ever since its

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Kuwait may offer stock market stake to foreign operator

The Kuwait Stock Exchange may offer up to 44 per cent of its shares to a company that has experience in operating bourses when it goes public, a senior government official told Reuters on Thursday. Such a move, which still requires the sign-off by lawmakers in the Gulf state, wou

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Saudi Arabia drawing down FX reserves to cover deficit

Saudi Arabia has begun drawing down its foreign currency reserves for the first time since 2009 to cover a record state budget deficit caused by the plunge in oil prices, data from the Saudi central bank indicated on Thursday. Tens of billions of dollars of Saudi money may be withdrawn

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World Free Zones Organization sees membership surge

The World Free Zones Organization (World FZO), a non-profit industry body for free zones, has announced a steep rise in membership numbers. Launched in May last year, the World FZO began operations with 14 founding members. However, after an intensive global outreach programme, t

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