Abu Dhabi based Emirates Steel, a Senaat company, said it has secured new credit facilities worth $1.3 billion from a consortium of 19 leading local and international banks without government guarantees.
The transaction reflects E
Bad loans as a proportion of the bank's total lending book will be 14-15 percent this year, instead of a previous estimate of 15-16 percent, Surya Subramanian, chief financial officer of Emirates NBD, Dubai's largest lender, said.
Emirates NBD, Dubai's largest lender, has completed the acquisition of BNP Paribas' Egyptian assets after receiving regulatory approval in the North African country, the bank said in a statement on Tuesday.
In December, EN
Emirates NBD, Dubai's biggest bank, plans to complete its acquisition of French lender BNP Paribas' Egyptian operations by mid-May, its chief executive said on Thursday.
"The completion should be finalised in mid-May,
Emirates NBD, Dubai's largest bank, has emerged as the frontrunner to buy BNP Paribas' Egyptian retail business, three sources familiar with the matter said, in a deal likely to raise $400-500 million for the French lender.
Dubai's Emirates NBD and Morocco's Attijari Wafa bank have bid to buy BNP Paribas' Egyptian retail arm, four banking sources said, as regional banks pick up assets being shed by European lenders.
BNP, the top French ba
Commodities trader Trafigura has taken a $400 million loan from a group of Middle Eastern banks, as the group looks to diversify its lending pool at a time of stress in traditional banking spheres, banking sources said.
Abu Dhabi's Shuweihat 2 independent water and power plant (IWPP) project may launch a bond with a target size of $800 million by the end of September as part of a $2.2 billion refinancing plan, three sources familiar with the matte
(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)
With a political transition in full swing and a pledge from the president not to devalue the pound, a number of banks in Egypt could soon change hand