Banking

  Dubai / Emirates Business Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has been awarded the Global Islamic Business Award in the first ever edition in the region. The award was presented by His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai to Dr Adnan Chilwan, Group Chief Executive Officer, Dubai ...

  Bloomberg Wells Fargo & Co. is weighing a sale of its insurance brokerage business, which could fetch about $2 billion, people familiar with the matter said. The San Francisco-based lender has begun reaching out to private equity firms to gauge interest in Wells Fargo Insurance Services USA Inc., said the people, who asked not to be identified because the ...

  Bloomberg UBS Group AG Chairman Axel Weber said he expects the European Central Bank to move toward tapering its quantitative easing program around September. The comments by the former Bundesbank president come as ECB President Mario Draghi is under pressure to map out a path toward the end of the central bank’s massive stimulus. As the euro-area economy has ...

  Bloomberg Credit Suisse Group AG is cutting as many as 35 positions at its equities business in Asia after the unit’s revenue slumped, a person with knowledge of the matter said. The firm is mainly culling trading, sales, prime brokerage and research positions in the region, according to the person, who asked not to be identified discussing private information. ...

  Bloomberg The new head of state-owned Indian Bank wants to change a strategy that helped it become Asia’s top-performing bank stock over the past year. After shunning corporate lending under its previous chief executive officer, Indian Bank’s new CEO Kishor Kharat says he wants to dive back in, albeit only to the best companies. “We are going to approach ...

  Bloomberg Turkish banks’ funding costs are rising, says the chairman of the nation’s largest-listed lender by assets, threatening government efforts to engineer a credit boom. “Capital erosion is the most important issue in the Turkish banking industry, because capital has become the most important limited resource,” Ersin Ozince of Turkiye Is Bankasi AS said in an interview with Bloomberg ...

  Bloomberg The European Central Bank (ECB) will soon be able to adopt a more optimistic tone on the euro-area economy — a possible first step in winding down stimulus — according to Executive Board member Yves Mersch. “The recovery in the euro area is gaining more and more traction,” Mersch said in a speech in Tokyo on Monday. “The ...

  Bloomberg Attijariwafa Bank, Morocco’s biggest lender, is planning to complete expansions in East and West Africa this year as it focuses on consolidating its new acquisitions to spur growth. The Casablanca-based bank aims to finalize a deal to buy Rwanda’s Cie Generale de Banque, known as Cogebanque, start commercial banking operations in Chad and apply for a banking license ...

  Riyadh / Emirates Business Alawwal bank was named the ‘Best Retail Bank’ in Saudi Arabia 2017 at the Asian Bankers, International Finance Excellence Awards held at the Ritz Carlton in Dubai on 20 April. The award recognises Alawwal bank’s customer centric approach and focus on innovation in products, services and its digital channels. “We are delighted and honoured to ...

  Bloomberg Societe Generale SA agreed to pay 963 million euros ($1.05 billion) to settle a legal dispute with the Libyan Investment Authority (LIA) over alleged bribery, averting a trial and prompting a surprise drop in profit. The French bank and LIA reached a deal to resolve “all matters between both parties” related to five transactions between 2007 and 2009, ...