Bloomberg Scandals, bad debts, ATM cash shortages — India’s banking system has experienced them all in recent months and the bad run is starting to have repercussions for both the broader economy and Prime Minister Narendra Modi. India’s nearly $1.7 trillion formal banking sector is coping with $210 billion of soured or problem loans, and some regional banks have been ...

Bloomberg Saudi Arabia’s central bank plans to drain excess liquidity from the banking system to mitigate pressure on the riyal’s peg to the dollar as US interest rates rise, Governor Ahmed Abdulkarim Alkholifey said. The Saudi Arabian Monetary Authority, as the central bank is known, will allow some deposits placed with commercial banks in 2016 to mature without rolling them ...

Bloomberg SBM Holdings Ltd., owner of Mauritius’s second-biggest bank, said it expects to be one of Kenya’s largest lenders within a year after acquiring part of Chase Bank Kenya Ltd., while remaining open to more deals in the country. The purchase, signed off by Kenya’s central bank last week, will increase competition among lenders in East Africa’s biggest economy, where ...

Bloomberg UK Chancellor of the Exchequer Philip Hammond has indicated a willingness to look abroad when he begins his search for a successor to Bank of England Governor Mark Carney. Canadian-born Carney is due to step down at the end of June 2019 after becoming the first foreigner to run the UK central bank in its three centuries. Hammond declined ...

Bloomberg Techcombank, the Vietnamese lender backed by Warburg Pincus, and some existing investors are poised to raise about 21 trillion dong ($922 million) in a domestic ini- tial public offering, people with knowledge of the matter said. The bank is planning to price the sale of 164.1 million shares at 128,000 dong each, the top end of a marketed range, ...

Bloomberg Latvia’s financial investigators will receive more US help as the Baltic nation races to emerge from a money-laundering scandal that toppled its third-largest lender. Finance Minister Dana Reizniece-Ozola has agreed technical assistance from the US Treasury Department for the country’s financial intelligence unit following her meetings with US officials in Washington. She doesn’t expect other Latvian institutions to follow ...

ABU DHABI / WAM In a significant milestone for Adnoc Distribution’s international growth plans, the Saudi Ministry of Municipal and Rural Affairs (MOMRA) has awarded the company a license to own, operate and manage service stations in the Kingdom. The announcement was made in Riyadh on Sunday. Adnoc Distribution announced plans to open at least one service station in the ...

ABU DHABI / WAM The Founder’s Memorial, a permanent national tribute commemorating the late Sheikh Zayed bin Sultan Al Nahyan, welcomed members of the public for the first time on Sunday as it celebrated its official opening. Situated on the Abu Dhabi Corniche, the memorial invites visitors to embark on a journey of discovery into the life and legacy of ...

DUBAI / WAM Master developer Nakheel on Sunday awarded a contract worth AED595 million for the construction of Nad Al Sheba Mall, its new, 1.4 million square foot shopping, dining and entertainment destination that has a total development value of AED825 million. Nakheel has appointed Metac General Contracting Company to build the mall, which will have 200 shops, restaurants and ...

ABU DHABI / WAM The Department of Culture and Tourism — Abu Dhabi on Sunday announced that it has signed a Memorandum of Understanding (MoU) with Al Dana Leather Product Factory, Al Mandoos. This follows DCT Abu Dhabi’s long-term strategy to transform Emirati-owned businesses into exceptional leisure attractions for visitors and tourists, thus creating unique experiences with deep insights into ...