Banking

Colombo / AFP The Asian Development Bank on Tuesday announced over $2.0 billion in loans and equity to Sri Lanka, which is in negotiations with the International Monetary Fund for a bailout. ADB president Takehiko Nakao said the money would be used to finance expressways, railways, power generation and education. It covers 2016 through 2018 and compares with $1.5 billion ...

Manama / Emirates Business The 5th Euromoney GCC Financial Forum, co-hosted by Bahrain Economic Development Board (EDB), kicked off on Tuesday on a high note at Four Seasons Hotel, Kingdom of Bahrain, with an interactive format to encourage delegate participation. More than 500 leading international and regional financial experts from finance, investment, government, regulatory organisations, businesses and members of the ...

Bahrain / Emirates Business BisB announced that it has achieved positive financial results which reflect on the continuous improvement on the Bank’s position. The Bank has realized BD 11.2 million as net profit for the year ended on 31st December 2015, compared to BD 9.3 million for the previous year, an increase of 20%. The Bank has registered net profit ...

Jeddah / Emirates Business Deutsche Bank announced the appointment of Jamal Al Kishi as Chief Executive Officer, Middle East and Africa with immediate effect, replacing Ashok Aram who as previously announced is relocating to Frankfurt as Chief Executive Officer Europe, Middle East and Africa (excluding Germany and the UK). Al Kishi, subject to regulatory approvals, will remain Chief Executive Officer ...

BLOOMBERG Bank of Ireland plans to return to paying dividends next year for the first time since the financial crisis after profit at the nation’s largest lender by assets rose 30 percent in 2015. Underlying pretax profit, excluding items such as restructuring costs, rose to 1.2 billion euros ($1.33 billion) from 921 million euros a year earlier, the bank said ...

Manama / Emirates Business The Bahrain-based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG), announced that its total operating income reached one billion dollars in 2015 for the first time since the start of the Group activities 12 years ago due to continued growth in income-generated business at all the Group units, while the net income for the ...

Muscat / EMIRATES BUSINESS Marking its third award of the year, Bank Sohar was recently recognised as one of the best ‘Straight Through Processing’ (STP) banks in Oman by JPMorgan Chase Bank, National Association, a subsidiary of JPMorgan Chase & Co. and a globally renowned financial firm. Award was handed over to Bank Sohar at its headquarters in MBD by Karim ...

Washington / AP Here’s another use for the smartphone as it invades daily life: in place of your debit card at your bankcash machine. The “cardless” automatic teller machine (ATM) is gaining ground in the US and around the world, with smartphone technology allowing for speedier and more secure transactions. Dozens of US banks are installing new ATMs or updating ...

Dubai / Emirates Business Banks must wake up to the way technology affects the daily lives of their customers or risk being left behind in the smart phone revolution, a digital banking expert will tell a major assembly of financial service decision-makers in Abu Dhabi. Chris Skinner, Chair and founder of the European networking forum, the Financial Services Club, says ...

BEIJING / Bloomberg The head of China’s securities regulator has been removed from his post after last year’s $5 trillion stock- market bust, an unprecedented government rescue and a renewed crisis as plunging Chinese equities last month reverberated around the world. Xiao Gang, 57, a former head of Bank of China Ltd., had been chairman of the China Securities Regulatory ...