Banking

  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, ...

  Dubai / Emirates Business C3 and RAKBANK have signed a partnership to provide a 360-degree payroll solution serving both banking and non-banking individuals and companies. The signing, which took place on May 1 at Seamless Middle East at The World Trade Centre in Dubai, is expected to drive financial inclusion and open up new markets. RAKBANK’s RAKMoneyTransfer will be ...

  Bloomberg Less than a quarter of London’s investment bankers were pleased with their 2016 bonuses, with staff at Deutsche Bank AG the most disgruntled after Chief Executive Officer John Cryan slashed discretionary compensation for many top traders and advisers. By a small margin, those at JPMorgan Chase & Co. were happiest. Some 61 percent of the German bank’s employees ...

  Bloomberg India’s financial regulator will gain new powers to order banks to clean up as much as $180 billion of soured loans on their balance sheets, which has been choking credit and weighing on growth. With the new rules bolstering its regulatory authority, Reserve Bank of India, is seeking to resolve the country’s 60 largest delinquent-loan cases in about ...

  DUBAI / Reuters Standard Chartered’s banking business in the United Arab Emirates is performing much better than last year, helped by growing consumer confidence, the bank’s head of retail clients in the UAE said. Banks operating in the oil-producing states of the Gulf Cooperation Council reported sluggish growth in 2016, with some recording lower profits and higher provisions on ...

  Riyadh / Emirates Business QNB Group, the largest financial institution in the Middle East and Africa, inaugurated its branch in Riyadh, Kingdom of Saudi Arabia (KSA). Senior bank officials and distinguished representatives from the banking and business sectors attended an inauguration ceremony held under the patronage and presence of H.E. Dr. Ahmed bin Abdul Karim Al-Khulaifi, Governor of the ...

  Bloomberg Haruhiko Kuroda joked on Saturday that his previous role running the Asian Development Bank was more exciting than the assignment he’s taken on as governor of the Bank of Japan. Kuroda, who’s spearheaded massive monetary stimulus in Japan for more than four years but still faces an inflation rate near zero, was speaking during a seminar at the ...

  Bloomberg HSBC Holdings Plc’s investors are seeing a glimpse of what they want after years of shrinking: a return to revenue growth. The shares rose the most in five months as the bank reported a surprise jump in adjusted revenue driven by loan growth in Asia as well as the investment bank’s performance. Trading revenue jumped 29 percent, exceeding ...

  Bloomberg State Bank of India (SBI) sees a ‘positive turnaround’ in the nation’s bad loans after the government implements a new ordinance aimed at resolving the problem, according to the Chairman of India’s biggest bank. “The non-performing asset cycle is different this time,” Arundhati Bhattacharya, SBI’s top executive, said in an interview with Bloomberg News in Yokohama, Japan. “Many ...