banking

January 23, 2020

ABU DHABI, 22nd January, 2020 (WAM) -- The UAE Central Bank announced that money supply aggregates for currency circulation outside banks and monetary deposits, M1, increased by 0.5 percent, from AED512.1 billion at the end of November 2019 to AED514.8 billion at the end of December 2019.

According to a press statement released by the Central Bank on Tuesday, money supply aggregates, M2, increased by 2.2 percent, from AED1,380.5 billion at the end of November 2019 to AED1,411.5 billion at the end of December 2019.

The money supply aggregate, M3, also increased by 2.1"...

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January 22, 2020

ABU DHABI, 21st January, 2020 (WAM) -- First Abu Dhabi Bank, FAB, has published its 2020 Global Investment Outlook Report, ‘Shaping tomorrow, today’. The report, written by the bank’s industry experts, examines the current global economic and investment environment, providing insights into key macro-economic trends.

According to the report, FAB is expecting growth in 2020 for the UAE. The International Monetary Fund, IMF, forecasts that the country will grow 2.5 percent in 2020, a significant acceleration compared to the 1.6 percent the institution estimated for 2019. Much of that will be driven by growth outside the energy"...

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January 21, 2020

ABU DHABI, 20th January, 2020 (WAM) -- The value of credit facilities provided by banks in Abu Dhabi and Dubai to the business and industrial sectors during the first 11 months of 2019 amounted to AED8.5 billion, or 60.3 percent of the total credit facilities provided to these sectors throughout the country, totalling AED14.1 billion.

Statistics issued by the Central Bank of the UAE show that the remaining credit facilities totalling AED5.6 billion were provided by banks in Sharjah, Fujairah, Ras Al Khaimah, Ajman and Umm Al Qaiwain.

Credit facilities obtained by the"...

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January 19, 2020

Dubai-based Fajr Capital has announced the sale of its significant minority stake in Bank Islam Brunei Darussalam (BIBD), Brunei’s largest bank, to Brunei Investment Agency.

Fajr Capital invested in BIBD in September 2010 with a commitment to transform the bank into a world-class financial services institution.

Fajr Capital said it has worked alongside BIBD’s shareholders to devise and begin implementation of a new strategy which resulted in enhanced customer experience, introduction of internet banking and new digital platforms, international expansion"...

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January 15, 2020

Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted the Employment Law Amendment Law, Dubai International Financial Centre (DIFC) announced on Tuesday.

The Amendment Law introduces the new Qualifying Scheme workplace savings scheme in the DIFC, replacing the current end-of-service gratuity payment regime that has been in place since the inception of the DIFC in 2004.

The new regime commences on February 1, from which employers will make mandatory monthly contributions to a professionally managed and regulated savings plan.

"...

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January 15, 2020

Bank of America reported its fourth-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200115005410/en/ Bank of America newsroom at https://newsroom.bankofamerica.com Bank of America Investor Relations website at http://investor.bankofamerica.com Business Wire’s news webpage at http://www.businesswire.com/portal/site/home/news Investor Conference Call information: Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss the financial results in a conference call at 8:30 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can also listen to a live audio webcast of the conference call and view the presentation slides by visiting the “Events and Presentations” section of the company’s Investor Relations website. Replay information for Investor Conference......

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January 8, 2020

Mashreq has announced that it has signed an agreement with Dubai International Financial Centre (DIFC) which will enable the bank to open Escrow accounts for owners' associations in DIFC's jurisdiction.

Under DIFC regulations, Mashreq Bank is also registered to provide services to owners' association companies. The agreement was signed by Zain Qureshi, managing director and head of Real Estate Finance and Advisory at Mashreq Bank and Jaber Al Suwaidi, senior vice president and registrar of Real Property at the DIFC Authority.

The Escrow account agreement"...

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January 7, 2020

VakıfBank, Turkey's fourth-largest bank, introduced a new banking assistant, “ViBi” to its mobile banking app, which currently has 4.2 million users. The assistant, developed in partnership with Sestek, a leading AI and speech technologies company. The “mobile banking assistant” which went live in only 8 months, can answer more than 5,000 questions and perform more than 300 banking transactions. Thanks to Sestek’s conversational AI technologies, VakıfBank customers can interact with ViBi through speech. Sestek is the company behind world's first Urdu-speaking virtual assistant introduced at the beginning of this year.

“We"...

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January 5, 2020

The UAE’s banking system increased the total value of financial facilitations provided to retail commerce to Dh50.4 billion ($13.72 billion) during the first nine months of 2019, according to statistics issued by the Central Bank of the UAE.

At the end of September 2019, the value of financial facilitations provided to retail commerce grew by 5.4 percent or Dh2.6 billion compared to the end of December 2018, said a Wam news agency report.

The"...

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