Banking

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 ...

GULF TIME Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a cooperation agreement with the International Development Bank (IDB), the largest banking network in Iraq, to support the ‘Xport Xponential’ initiative. By signing the agreement, the bank will join the list of partners of the ‘Xport Xponential’ initiative, launched by ECI in May with the goal of ...

LONDON/WAM The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020 as inflationary pressures in the economy have eased, Associated Press (AP) reported. In a statement Thursday, the bank said that by a 5-4 margin, its policymaking panel backed a quarter-point reduction in its main interest rate to ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) imposed a financial sanction on a bank operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The financial sanction is the result of the findings of an examination conducted ...

ABU DHABI / WAM Astra Tech, the leading consumer technology holding group in the Mena region, announces its partnership with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), for the launch of Aani — an advanced instant payment platform. Operated by Al Etihad Payments, Aani will allow digital payments to be processed instantly, on ...

BLOOMBERG Societe Generale SA’s employees have indicated in a poll that their faith in decisions taken by Chief Executive Officer Slawomir Krupa and his lieutenants is shrinking, potentially making it harder for him to implement a strategy that so far has failed to convince investors. The share of staffers who say they trust the choices made by SocGen’s top management ...

BLOOMBERG Deutsche Bank AG has recently stepped up internal deliberations about the possibility of takeovers involving European lenders including Commerzbank AG and ABN Amro Bank NV, as CEO Christian Sewing explores ways to boost his lender’s valuation. Scenarios that Sewing has discussed over the past months have revolved around a handful of European banks with its German rival and the ...

BLOOMBERG Vietnamese electric-vehicle (EV) maker VinFast Auto Ltd signed an agreement with an Indian state to invest as much as $2 billion as it seeks to break into the world’s third-largest automobile market. The agreement will pave the way for VinFast to set up an integrated electric-vehicle facility in the southern state of Tamil Nadu, the company said in a ...

BEIJING/ WAM China’s central bank conducted 14 billion yuan ($1.97 billion) of seven-day reverse repos at an interest rate of 1.8 percent on Wednesday, reported Xinhua. The move aims to keep liquidity in the banking system reasonable and ample, the People’s Bank of China said in a statement. A reverse repo is a process in which the central bank purchases ...

BLOOMBERG JPMorgan Chase & Co hit a fresh record high for the first time in more than two years. Shares of the largest US bank gained 1.2% to $172.08, surpassing the prior high watermark set in October 2021. The New York-based lender has been a top performer in the sector as it posted record results last year, prompting its Chief ...