amwalalghad :: Banks

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Business - Banks

Amwal Al Ghad English - 2016-02-01 09:57:44
Al Baraka Bank Egypt, a subsidiary of Bahrain’s Al Baraka Group (ABG), has reported an 18 percent rise in net profit for last year at $35 million. A statement said total assets increased by 30 percent, financing and investments portfolio by 29 percent, deposits by 35 percent and equity by 12 percent at the end of last December compared with the end of December 2014, reported the Gulf Daily News (GDN). More»
Amwal Al Ghad English - 2016-02-01 09:11:40
Bahrain's Al Baraka Islamic Bank plans to open a sharia-compliant bank in France next year as the lender seeks to expand into Europe, Chief Executive Adnan Ahmed Yousif told Reuters Sunday. France has one of the largest Muslim populations in Europe but cultural and legal obstacles have impeded the development of its Islamic finance industry. "We were in the midst of launching an Islamic bank in France, but with the global financial crisis the project was halted, so we are now looking to revive the project again," he said on the sidelines of a banking conference in Egypt's Sharm al-Sheikh. Some Gulf-based Islamic banks that have expanded in Europe have gone elsewhere. Qatar's Masraf Al Rayan owns Al Rayan Bank in the United Kingdom, while Kuwait Finance House's Turkish arm opened its first branch in Germany last year. Al Baraka, which has operations across the Middle East, Asia and Africa including Pakistan, Jordan and South Africa, also plans to acquire a bank in Indonesia either this year or in 2017 and was in talks with the Indonesian central bank governor, Yousif said. Indonesia has been seeking to boost its Islamic banking sector, which is small despite being the world's largest Muslim nation, by adjusting rules including loosening foreign ownership limits on local banks. "We have a representative office in Indonesia, and now is the right time to buy a bank there," Yousif said. Al Baraka also wants to launch banking operations in China this year and is awaiting a decision in March from Morocco's central bank about its plans to enter the market there, he said. More»
Amwal Al Ghad English - 2016-02-01 09:10:18
Barclays (BARC.L) and Credit Suisse (CSGN.VX) have settled federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million, federal and New York state officials said on Sunday. The settlements between the banks and the U.S. Securities and Exchange Commission and the New York state attorney general mark the two largest fines ever paid in connection with cases involving dark pools. The amount to be paid, in fines and disgorgement, is a combined total of $154.3 million. At the heart of the cases against both Barclays and Credit Suisse are allegations they misled investors in the dark pools, saying they would be protected from predatory high-frequency trading tactics. Barclays will pay a $70 million fine split evenly between the SEC and New York state, admit it violated securities laws and agree to install an independent monitor to ensure that its dark pool "Barclays LX" operates properly in the future. Credit Suisse will pay a $60 million fine split between the regulators, plus an additional $24.3 million in disgorgement to the SEC for executing 117 million illegal sub-penny orders out of its dark pool known as "Crossfinder." Dark pools are trading venues that differ from public exchanges because orders are not visible to other traders until they are executed. The lack of pre-trade price information is designed to help institutional investors trade large blocks of shares without the market moving against them. As part of the settlement, Credit Suisse will neither admit nor deny the allegations. A Credit Suisse spokeswoman said the bank was pleased to have resolved the matters with the SEC and the New York attorney general. A Barclays representative said the bank was pleased to resolve the case as it will enable the company to focus its efforts on serving clients. More»
Amwal Al Ghad English - 2016-02-01 08:43:07
Europe's largest lender, HSBC, is imposing a hiring and pay freeze across the bank globally in 2016, two sources familiar with the matter told Reuters. An email was sent to staff on Friday detailing the latest cost-saving measures, according to the sources who spoke on condition of anonymity. Like numerous other global banks, HSBC (HSBA.L) is in the midst of a cost-cutting drive to boost profitability and returns to shareholders, and is pushing through with plans for annual cost savings of up to $5 billion by 2017. Europe's biggest bank said in June that it planned to slash nearly one in five jobs and shrink its investment bank by a third in response to sluggish economic growth and tighter global regulation of bank balance sheet risk. "As flagged in our Investor Update we have targeted significant cost reductions by the end of 2017," a spokeswoman for HSBC told Reuters, confirming the content of the staff email. In October, contractors at its investment banking division in London had their pay cut by 10 percent in line with the bank's efforts to rein in costs, a source familiar with the matter told Reuters at the time. News of the pay and hiring freeze follows a significant week for HSBC, after its board met last week to consider moving headquarters to Hong Kong and to focus on the bank's strategy. A decision on the domicile issue could come early next week, a senior source at the bank told Reuters on Jan. 27. More»
Mohamed Hamdy - 2016-01-31 14:46:04
Egypt's Alexandria Business Association (ABA) has pumped 95 million Egyptian pounds (US$12 million) into around 27,000 micro loans during January 2016, a source in the association said Sunday. The source stated that ABA targets injecting finances estimated at 1.3 billion pounds for micro enterprises during 2016. During 2016, Alexandria Business Association aims at raising its credit facilities with the National Bank of Egypt (NBE), Bank of Alexandria besides the Social Fund for Development (SFD) to 350 million pounds, the source clarified. According to the source, ABA is currently in talks to increase the credit limit of the SFD from 25 million pounds to 50 million pounds in 2016 in addition to boosting the facilities used by banks which is estimated at 250 million pounds. Alexandria Business Association has pumped 1.1 billion pounds into around 345,000 loans during January-December 2015. Moreover, the association is currently studying three financing offers form NBE, Banque du Caire, and QNB Alahli to fund its new headquarters. The offers are estimated at 40-50 million pounds. More»