Friday 19 September 2014
 
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IIRA reaffirms ABC Islamic Bank ratings

The Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Bahrain-based ABC Islamic Bank at A+/A-1 on the national scale (long-term and short-term respectively), and A-/A-2 on the international scale with a 'Stable' ou

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Top HSBC executive in Saudi leaves bank

The chief executive of HSBC Holdings' investment banking business in Saudi Arabia, Walid Khoury, has left the bank, a spokesman for the lender confirmed on Monday. Nabeel Shoaib, who was deputy CEO and chief operating officer

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Egypt expects $425m from IDB for refinery, airport

Egypt said it expected to receive around $425 million in funding from the Islamic Development Bank to develop an oil refinery in Assiut and an airport in the Red Sea resort of Sharm El Sheikh.   The first agreeme

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Ibdar Bank appoints new CEO

Bahrain-based Ibdar Bank has announced the appointment of Basel Al-Haj-Issa as the bank’s new chief executive officer. Al-Haj-Issa will play a leading role in driving business performance and strategic initiatives, supportin

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Burgan Bank to meet investors ahead of Tier 1 bond

Kuwait's Burgan Bank has chosen banks to arrange meetings with investors ahead of a potential issue of a capital-boosting bond, a document from lead managers said on Thursday, in what would be the first such debt sale from a Kuwaiti entity.

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JPMorgan probes possible cyber attack

JPMorgan Chase & Co is investigating a possible cyber attack and working with law enforcement authorities to determine the scope, a company spokeswoman said on Thursday morning. The bank was taking additional steps to safeguar

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Earnings in Kuwait flat despite strong bank results

The earnings of Kuwaiti companies were flat, despite a solid performance by banks during the first half of the year, on the back of an improving operational environment and reduced provisioning, boosted overall earnings an offset weakness in oth

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Bahrain hires 4 banks for new bond issue

Bahrain has hired four banks including Citigroup, Gulf International Bank and Standard Chartered to arrange a new sovereign bond issue expected to be launched before the end of the year. The government bonds are highly prized by financi

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Doha Bank CEO wins ‘Life Time Achievement Award’

Doha Bank’s chief executive officer (CEO) won the ‘Life Time Achievement Award’ at a summit in India recently. The Global Summit 2014 on Business Excellence, under the theme ‘Business excellence through Boa

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Swiss bank mis-sold $200m investments to Kuwaitis

Switzerland's Bank Sarasin mis-sold $200 million of investment products to Kuwait's prominent Khorafi family, a court at Dubai's financial centre found on Thursday in a ruling that could set a precedent for similar disputes in the re

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