New survey shows 89% of consumers are now more likely to opt for digital services rather than make a visit to a bank branch
Commercial banking
acquisitions
Ithmaar says planned sale of Bahrain banking ops to BBK has been abandoned
Two entities signed a memorandum of understanding in September last year to press ahead with the acquisition
Alvarez & Marsal
How top banks in Saudi Arabia delivered ‘blockbuster’ profits during Q1
Alvarez & Marsal’s Saudi Arabia Banking Pulse for Q1 reveals strong earnings compared to the fourth quarter of 2020
business funding
UAE firms call for continued support amid Covid fallout – survey
Nearly 88% of companies say that their banking needs have changed as a result of the pandemic
Bank of Sharjah
Bank of Sharjah to deliver $27m bonus share issue after ‘resilient’ 2020
Bank’s chairman says move is a ‘firm endorsement’ of strong underlying profitability and operational performance
Khaled Mohamed Balama
UAE projects 2.4% economic growth in 2021, rising to 3.8% next year
Central bank governor says the UAE economy is expected to gradually recover during 2021 and 2022 from the repercussions of the pandemic
Al Maryah Community Bank
UAE’s first digital bank forms board of directors
Al Maryah Community Bank chairman hails ‘historical moment’ for the banking industry in the UAE
Buying patterns of consumers
What are the possibilities of payments?
Most see payments as something that sits between them and their customers, purely a source of cost, rather than a lever of the possibilities of growth, revenue, customer excellence and ultimately profit
Alvarez & Marsal
Revealed: How the UAE’s largest banks bounced back during Q1
Alvarez & Marsal’s UAE Banking Pulse for Q1 reveals performance improvement during first three months of 2021
Coronavirus Pandemic
Family first for HSBC UAE customers as global transfers surge during pandemic
International payments for savings and family support from UAE-based HSBC customers rises 62% to over $1.9bn in 2020
Alawwal Bank
HSBC Saudi Arabia narrows focus after deal with Alawwal Invest
Banking giant says to transfer its asset management, retail brokerage and retail margin lending businesses to the subsidiary of the Saudi British Bank
Islamic Finance
Sustainable finance goes hand in hand with Islamic investing
The goal to uphold one’s ethical values and promote social welfare through investment has some origins in Sharia law, and it is also reflected in today’s sustainable finance solutions
ESG in the Middle East
The increasing role of ESG investments in the race to zero
Environmental, social, and corporate governance (ESG) investments represents a third of the assets under management, according to Bloomberg Intelligence
EFG Hermes
EFG Hermes completes advisory on sale of 100% of Bank Audi S.A.E to First Abu Dhabi Bank
The deal marks the ninth transaction by EFG Hermes’ investment banking division in 2021 and is a continuation of the team’s longest streak of deals in a single year, which reached an all-time high of 24 transactions in 2020 worth an aggregate value of $1.7 billion
low risk
UAE issues new rules for ‘low risk’ specialised banks to serve Emiratis, residents only
Central Bank of the UAE issues regulation to cover specialised banks which can only operate using dirhams
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Fitch Ratings
Credit profiles of Omani banks to face pressure during 2021, says Fitch
Ratings agency says corporate loan deferrals are significant and, unless extended, will pose sizeable risks to asset quality when they expire in September
Bank Audi
UAE banking giant says Egyptian takeover deal to be completed in 2022
First Abu Dhabi Bank initiates the process of share transfer for 100% of the share capital of Bank Audi (Egypt)