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Bank of America Reports Third-Quarter 2019 Financial Results
October 16, 2019

Bank of America reported its third-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia. View the full release here:

Saudi relaxes rules on banking to promote e-commerce companies
October 9, 2019

The Saudi Arabian Monetary Agency (SAMA) has eased banking services for e-commerce companies in a bid to encourage more businesses to open up in the kingdom.

A statement on the Saudi Press Agency website said banks were looking to “provide services easily and easily, including accelerating the process of opening bank accounts”.


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Boutique banks compete for $15bn Binladin debt revamp
October 3, 2019

Rothschild & Co. and Moelis & Co. have been shortlisted to advise on restructuring about $15 billion of debt at Saudi Arabia’s biggest construction firm, according to people with knowledge of the matter.

The boutique banks made pitches to Saudi Binladin Group last month for what would be one of the Middle East’s biggest debt revamps, the people said, asking not to be"...

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Revolut Chooses Visa as Lead Issuing Partner to Drive Rapid Global Expansion
October 2, 2019

Visa (NYSE:V) and Revolut, the leading fintech in Europe, today announced a new agreement that will help Revolut expand its business globally. Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion. Revolut offers consumers a range of digital financial services via a mobile application, including currency exchange, budgeting and person-to-person (P2P) payments, all linked to a Visa card. Building on the success of its existing agreement in Europe, Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore......

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Samba announces pricing of debut $1b 5-year international bond
September 28, 2019

RIYADH — Samba Financial Group (Samba) priced a highly successful $1b bond due in 2024 (5-year) at a fixed coupon rate of 2.75% per annum.

This issuance is Samba’s first transaction since 2006 and was received with immense investor demand as evidenced by an orderbook that reached over $3.7 billion, representing an oversubscription rate of 3.7 times.

The $1 billion bond is the first drawdown under Samba’s recently established"...

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Alinma Bank celebrates 89th Saudi National Day
September 25, 2019

JEDDAH — Staff at Alinma Bank celebrated Saudi Arabia’s 89th national day at the bank’s head office as well as at branches across the kingdom today. On this occasion, Alinma Bank CEO Abdulmohsen Al-Fares extended his sincere congratulations to the Custodian of the Two Holy Mosques, King Salman Bin Abdulaziz Al-Saud, and His Royal Highness, Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud.

Though banks were officially closed for"...

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Bankers decamp to Saudi Arabia as Aramco goes ahead with IPO
September 24, 2019

Saudi Aramco is ploughing ahead with preparations for its initial public offering, with a string of banker meetings scheduled this week after it added more than a dozen junior underwriters to the deal, people with knowledge of the matter said.

IPO underwriters will hold two days of analyst presentations with their banks’ research teams starting Wednesday, September 25, near Aramco’s"...

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Visa B2B Connect Expands to 32 New Countries and Announces Integration With Infosys
September 21, 2019

Visa Inc. (NYSE:V) today announced that its Visa B2B Connect network has doubled its reach – from 30 global trade corridors at launch in June 2019, to 62, with the goal to expand to over 100 countries in 2020. In addition, Infosys, a global leader in next-generation digital services and consulting, is integrating with the Visa B2B Connect network to bring Visa B2B Connect platform access to their participating financial institutions worldwide. Through this new connection, participating financial institutions worldwide can take advantage of the ability to quickly and securely process corporate cross-border payments globally through Visa B2B Connect.1 “Visa B2B Connect is a fast, secure and more efficient network, designed specifically to overcome obstacles in the cross-border corporate payments......

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Saudi Arabia raises 8.8bn riyals through sukuk issuance
September 18, 2019

Saudi Arabia raised 8.834 billion Saudi riyals (Dh8.66bn) through a local currency-denominated Islamic bond issue as it continues to borrow from the domestic market as part of its wider debt management strategy to shore up finances and diversify its funding base.

The funds raised through September issuance under the government’s riyal-denominated Sukuk Program, were divided into three"...

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Saudi central bank on standby in aftermath of drone attacks
September 18, 2019

Saudi Arabia’s central bank on Tuesday said it’s prepared to inject liquidity in the financial system if needed to help the economy cope with the aftermath of this week’s major attacks on Aramco’s oil facilities.

With its stockpile of net foreign assets at over $500 billion, “it gives the monetary authority the ability to intervene in the markets at any time,”"...

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