banking

April 23, 2019

UAE-based Al Hilal Bank has set out a new road map to transform into a digital-focused retail bank, investing significantly in technology to enhance its customer experience.

Amr Al Menhali, newly appointed as Al Hilal Bank’s CEO, will lead the digital transformation, a statement said.

Al Menhali said: “This investment in digital capabilities places our customers at the centre of our operations and reaffirms Al Hilal Bank’s position as a leader in the market, offering a contemporary Islamic banking experience.”

Al"...

Continue Reading >

April 22, 2019

Visitors at the Sustainability Pavilion at Expo 2020 Dubai will be able to learn more about humankind's relationship with nature, and our impact on it, through the 'Terra' experience.

Terra - meaning Home Earth - will bring to life the UAE and Expo 2020's commitment to sustainability, acting as a catalyst for change in the UAE, the region and globally. Sustainability is one of Expo 2020's three key subthemes and the six-month event will serve as a platform to drive change, share solutions and explore new ideas that encourage us to act collectively in order to save our planet. Terra will highlight the urgency of addressing"...

Continue Reading >

April 21, 2019

Bank Lombard Odier & Co Ltd has announced it has become the first Swiss private bank to receive a licence to operate at the Abu Dhabi Global Market (ADGM), the capital’s international financial hub.

This marks the bank’s second location in the UAE, it said in a statement.

Patrick Odier, senior managing partner of the Lombard Odier Group, said: “We have been serving clients in the Middle East for half a century, and our new branch in Abu Dhabi is the natural progression of our commitment to them, and testimony to our belief in the region. It will"...

Continue Reading >

April 18, 2019

DUBAI, 17th April, 2019 (WAM) -- Commercial Bank of Dubai (CBD) reported a 21.6 percent year-on-year net profit increase in Q1-2019 on the back of higher revenues.

According to a CBD statement today, the net profits of the UAE’s lender rose to AED340 million in Q1-19 from AED 280 million ($76 million) during corresponding period last year, Meanwhile, net revenues grew 17.6%, logging AED 774 million in the first three months of 2019, compared to AED 658 million in the prior-year period.

The bank’s operating expenses retreated to AED 206 million in Q1-19"...

Continue Reading >

April 17, 2019

Bank of America reported its first-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/20190416005489/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 & Presentations” section of the company’s Investor Relations website. Replay information for Investor Conference......

Continue Reading >

April 17, 2019

Moody’s Corporation (NYSE: MCO) announced today that it has acquired a majority stake in Vigeo Eiris, a global leader in Environmental, Social and Governance (ESG) research, data and assessments. The acquisition furthers Moody’s objective of promoting global standards for ESG for use by market participants.

With products and capabilities based on ESG assessments and an extensive ESG database, Vigeo Eiris offers specialized research and decision-making tools for sustainable and ethical investments.

Vigeo Eiris will continue to be headquartered in Paris,"...

Continue Reading >

April 15, 2019

The banking sector in Dubai should do more to support entrepreneurs and SMEs by establishing budgets for SME ‘support systems’, according to Hisham Al Shirawi, the chairman of the Dubai Startup Hub Advisory Committee.

Speaking at the Global Business Forum Latin America 2019 in Panama City, Al Shirawi said that “the entire ecosystem” of support for SMEs and entrepreneurs needs to be in place.

In the case of Dubai, he said the government first needed to take easily implemented steps.

“[Earlier]"...

Continue Reading >

April 15, 2019

Emirates NBD, Dubai's largest lender, confirmed on Sunday that it has exercised the greenshoe option by selling 15 per cent of the IPO of Network International - the largest payment-processing firm across the Middle East and Africa - to Citigroup Global Markets Limited.

In a statement to the Dubai Financial Market, the bank said it has finalised the sale of 15.3 million over-allocated shares at 0.435 pence per share. The gross proceeds from the sale amounted to 66.55 million pounds, the statement added.

Greenshoe option is a clause used during an IPO wherein the"...

Continue Reading >

April 14, 2019

Damac Properties has raised £175 million (Dh840 million) loan from three banks for its London project, the developer said in a statement on Saturday.

Barclays Bank, which acted as the UK lead bank, Burgan Bank and Emirates NBD raised funds for the Damac Tower at Nine Elms project in London.

Niall McLoughlin, senior vice-president, Damac Properties, said this is the final financing package required for"...

Continue Reading >

April 13, 2019

The international arm of Dubai-based developer Damac has secured a development financing package of £175 million ($229.4 million) for its landmark project, Damac Tower at Nine Elms, in London.

The funds from three major lenders including Barclays Bank, which acted as the UK lead bank, Burgan Bank, and Emirates NBD, completes the financing of the luxury tower, Damac International’s premiere development outside of the Middle East.

The package is matched by significant equity commitment from the developer, a statement said.

“In a vote of"...

Continue Reading >