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Ankara shuns IMF help even as Turkish lira crashes to record low
August 9, 2020

ISTANBUL: Despite the Turkish lira hitting a record low against the dollar and euro, Ankara has so far resisted asking for help from the International Monetary Fund (IMF).

Instead, it hopes to survive a looming balance of payments crunch without any foreign support beyond an extended swap deal with its regional ally Qatar.


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KHCB successfully finalizes issuance of Sukuk worth USD 159 Million
August 6, 2020

Khaleeji Commercial Bank (KHCB), one of the leading Islamic Banks in the Kingdom of Bahrain, has recently announced that it has successfully finalized issuance of Sukuk worth USD 159 Million fully covered by GFH Financial Group as the sole subscriber. This issuance proceeded after the approval of regulatory authorities and the Extraordinary General Assembly earlier this year, as Shareholders had initially supported the Bank to issue Sukuk as Additional Tier 1 (AT1)"...

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Alinma Bank announces net profit of SR1,048 million before zakat
August 6, 2020

RIYADH — Alinma Bank has announced the net profit before zakat of SR1,048 million for the first half of 2020, while the net profit after zakat amounted to SR943 million. The net profit for the second quarter of 2020 was SR572 million compared to SR370 million for the previous quarter this year.

Despite the 10% increase in the net income from the core business of financing & investments, the six months net income declined to SR943 million due"...

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HSBC arranges inaugural green ECA loan for Ministry of Finance
August 6, 2020

JEDDAH — HSBC, one of the largest banking and financial services institutions in the world, recently arranged a $258 million export credit agency (ECA) loan for Saudi Arabia’s Ministry of Finance, which is the first for the Kingdom.

HSBC acted as a mandated lead arranger (MLA), an original lender and the agent bank for the loan.

The proceeds of the loan are being used to purchase buses from Germany for the kingdom’s public"...

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Standard Chartered Bank appoints CEO for Banking Branch in Saudi Arabia
July 27, 2020

RIYADH — Standard Chartered Bank announced the appointment of Yazaid Al Salloom as Chief Executive Officer, Standard Chartered Bank Saudi Arabia, effective Aug. 1.

Al Salloom joined Standard Chartered Bank in 2018 and brings a wealth of experience from his current role as head of financial institutions sales for MENAP & Turkey and previous roles in Debt Capital Markets at HSBC and Deutsche Bank.

Standard Chartered Bank was awarded"...

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Bank of America Reports Second-Quarter 2020 Financial Results
July 16, 2020

Bank of America reported its second-quarter 2020 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:

British Council, HSBC launch new free app in Saudi Arabia
July 16, 2020

RIYADH — Young people in Saudi Arabia now have help to develop vital life skills through a new free app — Taqaddam Life Skills — which launched Wednesday (July 15) to coincide with World Youth Skills Day.

The free app has been developed by the British Council and HSBC Middle East through their joint program Taqaddam, and is designed to help young people develop essential skills for life, work and society.

Taqaddam is an"...

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Saudi banks’ profitability witnessed improvement in Q1 2020
July 16, 2020

RIYADH – Leading global professional services firm Alvarez & Marsal (A&M) released its first ever edition of the KSA Banking Pulse. The report reveals that the top banks in Saudi Arabia showed mixed performance in Q1 2020 as improved operating efficiency and lower provisioning was offset by the effect of reduced interest rates.

Despite the outbreak of COVID 19, the performance of KSA banks in terms of L&A growth has been encouraging"...

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NCB joins Muqassa as general clearing member
July 15, 2020

RIYADH — National Commercial Bank, a prominent Saudi bank and leading financial institution in the Middle East, said on Tuesday that it has completed all regulatory and technical requirements to join Securities Clearing Center Co. (Muqassa) as a general clearing member to conduct clearing activities in the Saudi Stock Exchange (Tadawul).

The move is in line with initiatives of the Financial Sector Development Program and Vision 2030, the bank said"...

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Saudi banks turn to Twitter, mobile apps amid digital shift
July 14, 2020

Movement restrictions designed to combat the spread of Covid-19 in the UAE led to a surge in usage of banking mobile applications and overall online engagement, according to recently released statistics from Twitter.

According to statistics from Twitter, 76 percent of Saudi bank customers used their banks official banks in April, up from 69 percent during the same time period in 2019.


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