The two will work to develop AI-based banking capabilities.

The Swiss government pushed it to buy Credit Suisse last year.

MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to stubbornly high inflation and labor shortages. The central bank raised rates to 16 percent in a series of hikes last year to cool the pace of price rises. Analysts are...

Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery in 2024, thanks to the success of the Central Bank of the UAE's (CBUAE) strategies and policies in setting the necessary frameworks and regulations to deliver sustainable growth for the...

ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash dividend of US$0.15 (AED0.56) per share, translating to a total pay-out of US$1.1 billion (AED4.099 billion) equivalent to 50 percent of its 2023 net profit. This came as the ADCB...

Nationwide has offered US$3.7 billion for Virgin Money.

Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among the Arab Gulf states, especially in light of the economic and financial challenges that the world is experiencing in relation with growth, sustainable development, financial stability, and interest rate policies,...

Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU) market, Simon Coveney, Ireland’s Minister for Enterprise, Trade and Employment, told the Emirates News Agency (WAM). As evidence of thriving relations, he highlighted the growing Irish diaspora in Gulf Cooperation...

The bank achieved a Return on Equity of 27.1 percent.

Sao Paulo, Brazil-- The UAE has affirmed that it collaborates with the BRICS nations in order to establish sustainable development policies, effective financing solutions and an advanced digital infrastructure. This was stated by Mohamed Hadi Al Hussaini, UAE's Minister of State for Financial Affairs at the first BRICS finance ministers...

ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and strategic milestones. EDB revealed a significant 80 percent surge in its contribution to the UAE’s industrial GDP, which has grown from US$653 million (AED2.4 billion) in 2022 to US$1.1 billion...

ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion (AED481.5 billion) by the end of November 2023 compared to US$114.6 (AED424.9 billion) at the end of the same period of 2022, according to the Central Bank of the UAE's...

The bank would initiate a share buyback of up to US$2 billion.

Its shareholders will own 60% of the combined company.

TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank, a press release said on Sunday. According to the release, the financing supports RSG's Joint Venture (JV) with Kingdom Holding Company (KHC), a prominent global investment company headquartered in Saudi...

The bank employs 117,500 people around the globe.

DOHA, QATAR - The total number of inbound visitors to the country reached about 519 thousand in December 2023, recording a monthly increase of 31.9 percent (compared to November 2023), and an annual decrease by 15.4 percent (compared to December 2022). The new issue of Qatar Monthly Statistics bulletin, released...

Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and liquid status. S&P Global‘s ‘GCC Banking Sector Outlook 2024’ reveals a challenging yet optimistic perspective. The ratings agency anticipates overall stability in key metrics for GCC banks in 2024. Credit...

Banking arm asked to stop accepting fresh deposits.

MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million) in 2023, up 18.6 percent from US$992 million (RO382.3 million) in 2022. According to the Oman News Agency, the banking sector benefited from several local economic indicators in 2023, including...

The Bank’s total income reached AED 1.2 billion ($326.69 million)

In a statement posted Friday on X, formerly Twitter, Erkan denounced the reports as "unfounded allegations" designed to undermine confidence in the bank, and threatened legal action. Erkan took up her job last June following the re-election of President Recep Tayyip Erdogan, one of a team of market-friendly economists appointed...

The 2023 annual net profit rose 14 percent from 2022.

MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum of Understanding (MoU) with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The primary goal is to reinforce collaboration in capacity building within ahli Islamic and foster the...

The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the Bank's lending commitments in the most recent financial year were less than $130bn, the only way to get close to this target is by encouraging far greater private sector participation,...

Ramallah, Palestinian Territories -- The Palestinian Monetary Authority (PMA) said Thursday that the Israeli occupation army’s storming of six exchange companies in several governorates in the West Bank aims to undermine confidence in the Palestinian banking sector, stressing that these companies were subject to its control and supervision. The PMA...

Gulf International Bank is a merchant bank in the Middle East

Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate certain transfer fees between the two banks, and "protect" the jobs of HSBC Canada's 4,000 employees. Canada's leading bank will also have to increase its workforce in the Manitoba's provincial...

MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB) plans to invest US$100 billion of its own funds and work with the public and private sector to maximize its climate impact. With the region on the frontline of the...

FAB is the United Arab Emirates’ largest bank.

Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop capabilities in the field of digital transformation. The agreement was signed during the visit of Eric Giraud-Telme, the Ambassador of France, who serves to strengthen education and training ties between...

Doha, Qatar - The International reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged by 11.73% in October 2023 to reach $67.04 billion, compared to $59.97 billion in October 2022. The figures issued by QCB on Wednesday showed an increase in its official reserves at the end of...

It posted a profit of $630 million in January-September 2023.

Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a report by the Arab Monetary Fund (AMF) predicted. The AMF will support Arab central banks in adopting effective frameworks for Open Banking and Finance initiatives. The report, titled "Guidelines for...

Majeed Al Abduljabbar will be the CEO from January 1, 2024.

The region's fintech growth, fueled by a tech-savvy populace, robust regulations, and digital adoption, is drawing global focus, heralding the future of financial services.

MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided to jointly provide training programs aimed at strengthening the global Islamic finance community.The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts within the Islamic...

"The banking and financial sector, being a prime target for cybercriminals, necessitates evolving solutions and strategies for protection. Regulatory compliance is vital, and stakeholders recognize that it extends beyond legalities to ensure adherence to top-tier cybersecurity standards," he adds.

Manama, Bahrain--Spire Technologies has obtained licenses from the Central Bank of Bahrain (CBB), authorizing it to operate as a fully regulated open banking ancillary service provider in Bahrain. The approval from the CBB will effectively enable Spire Technologies to expand its offerings, delivering expert financial insights and swift digital solutions...

Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported record profits in the first half of 2023, says a report.

NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems, said that the country is looking forward to more meaningful cooperation with the UAE in the field of digital payments. Speaking to the Emirates News Agency (WAM) on the sidelines...

The growth may increase to 4% in 2024. Arab Monetary Fund Director-General Dr. Abdul Rahman bin Abdullah Al Humaidi stressed on the need for Arab governments to accelerate their efforts to achieve digital transformation and shift towards a knowledge-based economy.

Abu Dhabi, UAE - Abu Dhabi Islamic Bank (ADIB) has introduced enhanced international transfer features on its mobile app and internet banking. The improvements come as the bank reports a notable 20% year-on-year increase in remittances during H1 2023. As the first bank in the UAE to offer discounts on...

Increasing adoption of Artificial Intelligence in banking operations could lead to automation of nearly 52 percent of jobs by 2025. Experts recommend upskilling, training and continuous learning to adapt to the change.

Profit driven by core revenues, effective cost management.

The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.

BERLIN, GERMANY - The European Central Bank (ECB) announced on Saturday it wants to monitor the liquidity of banks in the eurozone more frequently to reduce the future risk of a financial crisis. "We decided to send banks, starting in September, a request for information on a weekly basis, in order...

It is highest ever profit achieved by FAB in a half-year.

Profit fell due to anemic M&A market, weakness in trading.

The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and driving innovation, reports suggest.