Saturday 18 November 2017

Emirates NBD launches new digital branch

Emirates NBD, a leading banking group in the region, has opened its first paperless digital branch at Dubai World Trade Centre (DWTC).  Inaugurated by Hesham Abdulla Qassim, vice chairman of Emirates NBD Group and Helal Saeed Almarri, director general, Dubai World Trade Cent


Credit Suisse reaches settlement with NY State Department

Credit Suisse has announced that it has reached a settlement with the New York Department of Financial Services (DFS) related to the conduct of its foreign exchange (FX) rates business.   The agreement with the DFS settles claims relating to Credit Suisse’


Project spending to support Bahrain’s non-oil growth

Bahrain’s non-oil growth will be steady at three to four per cent per year thanks to elevated investment spending, particularly benefitting the construction sector, said the National Bank of Kuwait (NBK) in its latest Economic Update. The economy will continue to register m


Bahrain to host first regulatory tech summit

The World Arena Group, a leading conference organizer with offices in the UAE, the UK and the US, will host RegTech Mena, the first regulatory technology summit in Bahrain on November 21 and 22. As an expanding segment of the broader FinTech universe, regulatory technology, or Re


Bank ABC Islamic 9-month profit surges 25pc

Bahrain-based Bank ABC Islamic has reported a net profit of $21million for the first nine months of 2017, 25 per cent higher than the net profit of $16.8 million recorded during the same period in 2016.  Net profit for the third quarter was $5.9 million, compared to $6.1 mil


Ibdar Bank appoints Mostafa as new CFO

Ibdar Bank, the Bahrain based wholesale Islamic investment bank, has announced the appointment of Ahmed Mostafa as Chief Financial Officer (CFO) of the bank.   Mostafa has been with the bank since 2005, prior to the merger of Elaf, Capivest and Capital Managemen


GFH Group swings to Q3 net profit

Bahrain-based GFH Financial Group (GFH) has registered a net profit of $25.09 million for the third quarter compared to a loss of $7.58 million for the same period in 2016. Announcing the results for the first nine months ended September 30, GFH said its net profit attributable t


FAB share deals hit $3.6bn in 10 months

A total of Dh13.2 billion worth of purchase and sales transactions in shares of First Abu Dhabi Bank have been conducted since the merger of the National Bank of Abu Dhabi (NBAD) and First Gulf Bank in April to create one of the region's largest banking entities. FAB deals ac


Abu Dhabi hosts key workshop on VAT regulations

The Department of Finance (DoF) – Abu Dhabi recently held a workshop to discuss the latest developments on financial systems and regulations related to government procurement frameworks, and introduce different government entities to the updates on VAT and tax regulations.


Egypt inks $2bn IMF loan agreement

Egypt government has reached a staff-level agreement with the International Monetary Fund (IMF) for an installment of about $2 billion more from a three-year, $12 billion loan programme to push through its ambitious economic reforms under the loan deal. The deal is subject to app

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