Banking

Bank of Korea conducts 1st policy pivot in over 3 yrs

SEOUL/WAM The Republic of Korea’s central bank on Friday cut its key benchmark interest rate, its first pivot in its yearslong monetary tightening mode, as inflation continued to moderate and the property market showed signs of cooling, reported Yonhap News Agency. As widely expected, the Bank of Korea (BOK) slashed its key rate by 25 basis points to 3.25 percent, ...

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Ajman Bank announces inclusion in FTSE Global Equity Index Series

DUBAI/WAM Ajman Bank has announced the inclusion of its shares in the FTSE Global Equity Index Series as well as their availability on the eToro platform. This milestone underscores Ajman Bank’s growing presence in the global financial markets and provides enhanced visibility for investors worldwide. This follows Ajman Bank’s inclusion in the MSCI Global Index in March 2023, further solidifying ...

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UAE banks’ capital, reserves hit AED495.2 billion by June 2024

ABU DHABI/WAM The total capital and reserves of banks operating in the UAE reached AED 495.2 billion at the end of June 2024, a year-on-year (YoY) increase of 10.6 percent compared to AED 447.8 billion in June 2023, according to the latest statistics of the Central Bank of the UAE (CBUAE). The apex bank’s figures released on Thursday showed that ...

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European Central Bank may cut interest rates at next meeting: Official

RIGA/WAM The European Central Bank (ECB) can lower borrowing costs at this month’s meeting, Bloomberg quoted ECB Governing Council member Martins Kazaks as saying on Wednesday. “Next week we have the ECB’s council meeting, and to my mind — looking at the data that we have at available at the moment — we can take the next step in the ...

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National Bank of Fujairah launches ‘NBF Emerging Business Unit’ to support SMEs

ABU DHABI/WAM The National Bank of Fujairah (NBF) today announced the launch of the “NBF Emerging Business Unit” to provide personalised service and the support needed for businesses to achieve their aspirations. Customers of the new unit will have a dedicated relationship manager who will build a deep understanding of their business needs, and from that craft the optimal banking ...

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Mbank, RAKEZ sign MoU

ABU DHABI/WAM Al Maryah Community Bank (Mbank), the leading digital bank in the UAE, has entered into a Memorandum of Understanding (MoU) with Ras Al Khaimah Economic Zone (RAKEZ). This collaboration aims to streamline and facilitate the account opening process for businesses establishing themselves in RAKEZ via Mbank’s fully integrated digital platform. All types of companies operating within the RAKEZ ...

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AED54 billion in new 3-month deposits at UAE banks in 5 months

ABU DHABI/WAM UAE-based Banks attracted new “3-month” deposits worth more than AED54 billion during the first five months of this year, according to the latest statistics from the Central Bank of the UAE (CBUAE). The statistics showed that deposits in banks for three months recorded about AED659.01 billion at the end of May 2024 compared to AED604.99 billion in December ...

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India’s foreign exchange reserves rises $4.5 billion to reach $674.7 billion

NEW DELHI/WAM India’s foreign exchange reserves increased by $4.546 billion, reaching $674.664 billion, just below their all-time high, during the week ending August 16, according to data released by the Reserve Bank of India (RBI) on Friday. Asian News International (ANI) reported that the previous record high was US$674.919 billion. The reserves have been fluctuating for some time. In 2024 ...

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Top ten UAE banks exhibited improved asset quality, higher profits in Q2 2024: Report

ABU DHABI/WAM The UAE’s top banks’ capital position remains robust, supported by high profits, and their asset quality further improved in the quarter ending June 2024. Alvarez & Marsal (A&M), a leading global professional services firm, in its latest report on UAE Banking Pulse for the second quarter of 2024, stated that profitability increased to AED 21.5 billion for Q2 2024 on ...

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