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Abu Dhabi Commercial Bank (ADCB) has joined the Arab Monetary Fund’s (AMF) Buna system to give its clients an expanded regional cross-border payments system. This is a part of the bank’s digital transformation agenda. Buna is a cutting-edge cross-border payments platform for the Arab area that enables financial institutions and central banks to make and […]
Credit Suisse announced today that Roger Suter, presently Regional Head Central Switzerland, would succeed Serge Fehr as Head of Private Banking, Switzerland on August 1, 2022. Roger Suter joined Credit Suisse in 1993 and was promoted to his present position in 2012. André Helfenstein, CEO of Credit Suisse (Switzerland) Ltd., commented: “Private Banking Switzerland is […]
Cybersecurity attacks are a persistent issue, particularly for Middle Eastern businesses and organizations. These threats can halt operations, damage a company’s reputation, and result in costly legal action. The more technology a company relies upon, the more vulnerable it is to cyberattacks and challenges. Hackers are increasingly focusing on Middle Eastern firms that are converting […]
Following the US Federal Reserve’s largest interest rate rise since 1994, the Central Bank of the UAE (CBUAE) has decided to boost interest rates. The Fed increased interest rates by three-quarters of a percentage point on Wednesday. While announcing the interest rate hike, US Federal Reserve Chairman Jerome Powell said that the US central bank […]
The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed an agreement with Capital Bank of Jordan to open a credit line of approximately AED 73.4 million ($20 million). Khalil Al Mansouri, interim director-general of the Abu Dhabi Exports Office, and Daoud Al-Ghoul, CEO of Capital […]
The NOPEC (No Oil Producing and Exporting Cartels) Act was passed by a Senate subcommittee on Thursday with a 17:4 vote. The measure is meant to safeguard American consumers and companies from artificially inflated gasoline and heating oil prices, but some analysts warn that enacting it might have unexpected effects. This bill is now passed […]
Following the US Federal Reserve’s decision to increase rates, the Central Bank of the UAE (CBUAE) has decided to raise the base rate for the overnight deposit facility (ODF) by 50 basis points (bps), effective May 5, 2022. This is the second time the rates have been raised this year. The UAE Central Bank’s base […]
Arvind Krishna, Chairman and Chief Executive Officer of IBM (International Business Machines Corporation), has been elected to the Federal Reserve Bank of New York’s Board of Directors. Krishna will fill the vacancy in the office for the remainder of a three-year term ending December 31, 2023, according to the New York Fed. The Federal Reserve […]
Citigroup Inc.’s consumer and commercial banking operations in Russia are in “active dialogue” with possible buyers, according to Chief Executive Officer Jane Fraser. In a Bloomberg Television interview at the Milken Institute Global Conference, Fraser remarked, “We’re marketing our consumer and commercial banking franchise on the ground there, and we’re in active discourse about that.” […]
First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, recorded a net profit of $1.38 billion (AED 5.1 billion) in the three months ending March 31, 2022. The figure is up 54 percent quarter-on-quarter and up 107 percent from a net profit of $680.62 million (AED 2.5 billion) in the same period in […]
The Asian Development Bank (ADB) is considering lending a loan to a Maldivian bank, according to Ashok Lavasa, Vice-President for Private Sector Operations and Public-Private Partnerships at ADB. At a World Travel and Tourism Council (WTTC) Global Summit held in Manila, Lavasa told PTI that ADB is planning to target the MSME firms through the […]
The French international banking group BNP Paribas launches €900 million share buyback program on the strength of its confirmed growth potential and solid balance sheet and performances. The bank has received the approval from the European Central Bank and a contract was concluded with an investment services provider acting independently to purchase the shares. The […]
