Friday 9 October 2015

HBME’s relocation to DIFC ‘will have no bearing on activities’

HSBC Bank Middle East’s (HBME) planned relocation to the Dubai International Financial Centre (DIFC) from Jersey, will have no bearing on the activities, governance or performance of the bank, according to Fitch Ratings.   The bank plans to move its place


QNB at the forefront in NBG's Finansbank stake

Qatar National Bank, Turkey's Garanti Bank and Fibabanka are interested in an anticipated sale by National Bank of Greece of a stake in its Turkish unit Finansbank, sources close to the matter told Reuters.   One source said an unnamed Chinese group was also


StanChart chief plans to cut about 1,000 top staff

Standard Chartered's new chief executive Bill Winters plans to cut up to a quarter of the bank's most senior staff to reduce costs, according to a memo sent to staff, which is likely to see about 1,000 top jobs go.   Winters said he planned to reduce the


Egypt's urban consumer inflation jumps in September

Egypt's urban consumer inflation jumped for the first time in four months as food prices rose, although the country's core inflation declined.   Egypt's annual urban consumer inflation increased to 9.2 per cent in September from 7.9 per cent in Augus


Saudi’s Samba Q3 net profit rises 7pc, beats estimates

Samba Financial Group, Saudi Arabia's third-largest bank by assets, reported a seven per cent rise in third-quarter net profit on Thursday, beating analyst forecasts.   The bank made a profit of SR1.37 billion ($365.38 million) in the three months to Sept 30


Asia stocks shine as Fed opts to hold interest rates steady

Asian shares rose on Friday, taking their cue from a jump in oil prices as well as gains on Wall Street after minutes of the Federal Reserve's latest meeting led investors to further pare bets that the central bank will hike interest rates this year.   Oil p


Saudi Hollandi Q3 net profit rises 6.8pc

Saudi Hollandi Bank, Saudi Arabia's oldest lender, reported a 6.8 per cent rise in third-quarter net profit on Thursday that narrowly missed analyst forecasts.   The lender made a profit of SR493 million ($131.47 million) in the three months to September 30,


Investment in focus at Bahrain forum

The 10th annual edition of the Invest in Bahrain Forum will be held next month at the Bahrain International Exhibition and Convention Centre, the Industry, Commerce and Tourism Ministry announced yesterday (October 8). Being held under the patronage of His Royal Highness Prime Minister Prince


Business-friendly laws on way in Bahrain

New laws, aimed at boosting Bahrain’s status as the top business-friendly nation in the region, will be introduced soon. Industry, Commerce and Tourism Minister Zayed Al Zayani said these will open doors wide to Bahraini and foreign investors by removing all existing obstacles, reported


Saudi British Bank Q3 net profit rises 7.7pc

Saudi British Bank (SABB), the kingdom's fifth-largest bank by assets, posted a 7.7 per cent rise in third-quarter net profit on Thursday, in line with analyst forecasts. The bank, an affiliate of HSBC Holdings, made a net profit of SR1.14 billion ($304.02 million) in the thr

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