The Dubai bank will be treated on par with local banks after establishing a WOS; It will be allowed to list on Indian stock markets, and acquire other companies
banking business
Latest in banking business
acquisition
Burgan Bank receives CBK approval to acquire Bahrain’s UGB
Purchase price of the transaction settled at $190 million; Acquisition expected to be completed in the first quarter of 2025
Al Salam Bank-Bahrain
Bahrain’s Al Salam Bank income up 37.5% to $249.9mn
KFH acquisition helps increase total assets by 34.1% to $18.3 billion; Financing assets and customer deposits up 37.9% and 39.3% respectively
Bahrain
Arabian Business reveals Power of Finance 2024: The 30 top finance industry professionals in the GCC
One of the primary catalysts for the rise of the finance industry in the Middle East has been the region’s concerted efforts towards economic diversification
banking business
Emirates NBD doubles dividend after bumper year of $5.85 billion profit
To pay total dividend of 120 fils; Asset growth and impaired loan recoveries lead to record profit and total income
banking business
Emirates Islamic posts highest-ever net profit of $580mn
71 per cent jump in net profit; Total income for the year increased by 50 percent to $1.3 billion
banking business
Dubai Islamic Bank lodges record net profit of $1.91bn for 2023
The bank also announced a 43% rise in total income to $5.45 billion, up 43 per cent compared to last year; Proposes a dividend of 45%
banking business
HSBC hires senior private banking executive from UBS to serve wealthy Indians
Gautam Anand previously led a team at UBS that served wealthy Indians living overseas
banking business
HSBC returns to private banking in India with ambitious plans
HSBC’s efforts to convince prospective Indian clients that its wealth management services in the country will not make a retreat again are a linchpin for its ambitious plans there
Bank of America Corp
Bank of America reports over $15bn in new deposits within days after SVB collapse
Other banks like JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. also raked in billions in new deposits
2008 financial crisis
Silicon Valley Bank shut down is biggest lender failure since 2008 crisis
Silicon Valley Bank assets seized by US regulators
banking business
Sharjah Islamic Bank records 27% jump in net profit in 2022 to reach AED650.9mn
The bank said despite the continuous rise in global interest rates and inflation rates in addition to fierce competition in the business environment, its adaptive and flexible strategy helped it to achieve strong financial results
banking business
Emirates NBD reportedly in race to buy majority stake in India’s IDBI Bank
The Dubai-based bank has submitted its expression of interest as the Government of India and LIC prepare to sell 60 percent stake
banking
Goldman Sachs shifts bankers to Dubai amid race for 4,000 new millionaires’ wealth
Goldman Sachs increases headcount in Dubai with senior banker positions
banking business
Dubai Islamic Bank, Al Ramz Corporation strikes strategic partnership for capital market services
Under the partnership, DIB will provide brokerage and related services to its clients through Al Ramz Capital, a subsidiary of the Al Ramz Corporation
banking business
UAE’s Emirates NBD opens two new branches in India in Delhi, Chennai
The move is part of the Dubai-based lender’s efforts to expand its global operations following CEPA