Tuesday 25 April 2017

IndusInd Bank wins award for anti-fraud initiative

IndusInd Bank has won the Celent Model Bank 2017 Global Award for Fraud Management and Cybersecurity for driving a unique initiative, namely how to leverage the investments in fraud management to pay for itself. IndusInd Bank not only implemented real-time enterprise wide cross-c


Firm sees big growth for financial services in UAE

The UAE continues to be a buoyant and lucrative market for financial services firms, said the head of the Dubai office of Quilter Cheviot, part of UK-based investment fund Old Mutual Wealth. The investment management firm established its representative office in the Dubai Interna


Bahrain’s Ibdar Bank appoints new CEO

Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has announced the appointment of Ayman Sejiny as chief executive officer (CEO) of the bank following Board of Directors approval. Sejiny brings over 24 years of Investment and corporate banking experience, having held s


Mubadala unit seals $2.5bn French equity deal

UAE-based Mubadala Development Company said its financial investment arm has announced a $2.5-billion investment deal with French private equity firm Ardian, which includes the creation of a private equity fund. As per the agreement, Ardian will invest $1.75 billion to acquire a


HCE to host Philippines economic seminar

The Embassy of Philippines in association with Hilal Conferences Exhibitions (HCE), will host a conference on the Philippine Economic Outlook and Consumer Behaviour on April 25 at the Bahrain International Exhibition Centre.   Karen Remo, the editor-in-chief of The Filipino


Shuaa signed up for Dar Al Takaful's rights issue

Shuaa Capital, a premier financial services firm in the UAE, said it has been selected as lead manager and underwriter for the proposed rights issue of leading Islamic insurance company Dar Al Takaful. The Dubai Financial Market-listed Islamic insurer recently announced plans to


Saudi Tadawul issues new rules for loss-making firms

Saudi Stock Exchange (Tadawul) will implement new procedures and laid out instructions related to listed companies with accumulated losses reaching 20 per cent or more of its share capital as of April 22, said a report, citing the kingdom's top bourse.     


10 UAE banks report assets of over $475bn in Q1

The total assets of 10 UAE banks jumped to Dh1.75 trillion ($476 billion) by the end of Q1 2017, a 9.3 per cent growth from Dh1.6 trillion recorded over the same period last year, according to a new report. The growth in assets of the 10 banks whose Q 1 financial statements were


NBAD, First Gulf profit surges 12.4pc in Q1

The National Bank of Abu Dhabi and First Gulf Bank reported Dh2.93 billion ($797 million) in net profits for the first quarter of 2017, a 12.4 percent growth from Dh2.60 billion over the same period last year, a report said. The positive results are attributed to a robust operati


Mubadala Capital secures $2.5bn PE investment from Ardian

Mubadala Capital, the financial investment arm of Mubadala Development Company, today announced a private equity transaction worth $2.5 billion with Ardian, an independent private investment company.   Ardian has committed $2.5 billion to the transaction through a secondary/

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