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Khaleeji Commercial Bank opens 11th branch in Bahrain

Manama / Emirates Business Khaleeji Commercial Bank (KHCB), one of Bahrain’s leading Islamic retail bank, formally inaugurated the opening of a new branch located in Juffair Mall, Juffair. With the launch of the new branch the Bank now has a network of 11 branches in the Kingdom of Bahrain from which to deliver its innovative banking products and services. The ...

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Al Hilal Bank fund delivers 1.78% dividend to all unit holders

Abu Dhabi / Emirates Business Al Hilal Bank is pleased to announce the dividend payout of its flagship fund, the Al Hilal Global Sukuk Fund. The Fund, which was launched in March 2012, distributed a 1.78% dividend to all registered unit holders as of January 27, 2016. Al Hilal Global Sukuk Fund’s objective is to generate a regular stream of ...

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ZKB eyes Swiss private banking as sector shrinks

Bloomberg Zuercher Kantonalbank, Switzerland’s fourth- biggest bank, said it’s considering acquisitions in the country’s shrinking private banking sector as smaller rivals struggle with rising costs and negative interest rates. “Domestic private banking is interesting if it offers a certain size and is a good fit,” Martin Scholl, ZKB’s chief executive officer, said in an interview Friday. He said ZKB is ...

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BoA boosts CEO Moynihan’s pay 23% to US$16mn

BLOOMBERG Bank of America Corp. (BoA) awarded Chief Executive Officer Brian T. Moynihan $16 million for his work last year, raising his potential compensation 23 percent. Moynihan received $14.5 million in stock grants for 2015 and left his salary unchanged at $1.5 million, according to a regulatory filing Friday. A year earlier, the Charlotte, North Carolina-based bank gave the CEO ...

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Finance House registers 2015 net profit of AED61.7 million

Abu Dhabi / Emirates Business Finance House (FH) has reported a consolidated net profit at the group level of AED 61.7 million for the financial year ended December 31, 2015 compared to a consolidated net profit of AED 73.3 million achieved in the previous year. Total Assets as of December 31, 2015 grew by 4% to AED 5.04 billion compared ...

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Royal Bank of Scotland hires JPMorgan executive

Bloomberg Royal Bank of Scotland Group Plc hired the head of Asia wealth management at JPMorgan Chase & Co. to lead its private-banking businesses, as Michael Morley steps down. Peter Flavel will join as chief executive officer of private banking, responsible for RBS’s Coutts & Co. and Adam & Co. businesses, the Edinburgh-based bank said in a statement on Thursday. ...

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SBI’s profit growth goes down on bad loan surge

Bloomberg State Bank of India, the country’s largest lender by assets, posted the slowest profit growth in four years as provisions for bad loans almost doubled from the previous quarter. Net income fell 62 percent to 11.2 billion rupees ($164 million), or 1.43 rupees a share, for the three months ended Dec. 31, from 29.1 billion rupees, or 3.9 rupees, ...

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Sweden’s central bank cuts key interest rate

Stockholm / AFP Sweden’s central bank on Thursday cut its key interest rate by 15 basis points to a new all-time low of -0.5 percent, citing the risk of slowing inflation and falling confidence in its monetary policy. The bank moved its key rate into negative territory in February 2015 in a bid to encourage spending amid three years of ...

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IILM to sell US$1.34bn of bills in biggest Islamic offering

Bloomberg International Islamic Liquidity Management Corp., which counts nine central banks as its shareholders, plans to sell $1.34 billion of three-month bills in its biggest offer since being set up in 2010 to support Shariah-compliant financial activity. The Kuala Lumpur-based institution, which added two more primary dealers to its existing network of nine last week, will auction the Islamic notes ...

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Azeri bank overhaul ends after seventh lender shut

Bloomberg The Azeri central bank said the job of overhauling the financial industry is almost done after shuttering every seventh lender in the country in 15 days and pushing several others to merge. “The process of restructuring the banking sector has mostly been completed,” Namiq Aliyev, head of the central bank’s press service, said Thursday in an e-mailed response to ...

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