HSBC opens doors to Arabian Ranches Customer Service Unit in Dubai

The Customer Service Unit is located within the Village Community Centre at Arabian Ranches.
HSBC Bank Middle East Limited acquired the onshore retail and commercial banking assets and liabilities of Lloyds Banking Group (Lloyds TSB Middle East) in the UAE back in 2012.
In addition to approximately 8,800 personal banking and commercial customers and a loan book of approximately US$573m (as at 31 December 2011), the onshore assets also included one branch in Jumeirah and one Customer Service Unit (CSU) in Arabian Ranches.
Rick Crossman, Head of Retail Banking and Wealth Management, UAE,...

Emirates NBD endorses Africa business initiatives through support of Africa Global Business Forum

This consistent upward trend has led to increasing interest in the upcoming Africa Global Business Forum (AGBF) 2013, which is being organised by Dubai Chamber and COMESA Regional Investment Agency, under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, from May 1- 2, 2013.

Emirates NBD also announced that it will serve as the Diamond sponsor for the AGBF 2013.

"The UAE's strategic location, state-of-the-art infrastructure development and excellent international connectivity, position it as the natural bridge...

Burgan Bank hosts first internal audit conference for Kuwait banking industry

The event provided a platform for representatives from international audit firms such as Ernst & Young, KPMG, PWC, Deloitte and Protivity to highlight the emerging internal audit trends and best practices.

Mr. Amr El Kasaby, Burgan Bank's Group Chief Internal Auditor said: "It is important to recognise the significant role an internal audit function plays within an organization. In banks, these units are crucial for operational effectiveness and make major contributions to the working and regulatory relationship between management."

"At Burgan Bank, we believe that a strong...

Fitch affirms Abu Dhabi Commercial Bank at 'A+': outlook stable

KEY RATING DRIVERS: IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

ADCB's Long- and Short-term IDRs, Support Rating and Support Rating Floor reflect Fitch's belief that there is an extremely high probability of support from the UAE authorities and the emirate of Abu Dhabi if required. This is based on the strong history of support for local banks from the UAE authorities, the Abu Dhabi government's 62% stake in ADCB (58% via the Abu Dhabi Investment Council) and the bank's systemic importance.

Liquidity support and term funding have been provided by the UAE authorities to all the...

Al Khaliji Reports 8% increase in Net Profit at QR 131.5 Million For The First Quarter Of 2013

• Net profit of QR 131.5 million for the first quarter of 2013 is 8% higher than the same period of 2012
• Total assets at QR 34.4 billion, 28% higher than the first quarter of 2012
• Loans and advances grew by 8% during Q1 2013 and 20% comparing with Q1 2012 to reach QR 14Bn
• Net fee and commission income at QR 47.3 million, up 82% comparing with same period in 2012
• Earnings per share were at QR 0.37 by end of Q1 2013, 9% higher than the first quarter of 2012

al khaliji (KCBK),"...

Union Bancaire Privée and Guggenheim Fund Solutions Power an Advanced Hedge Fund Platform That Meets the Requirements of Global Investors

Following the acquisition and integration of Nexar, Union Bancaire Privée, UBP SA has launched an alternatives division that offers clients broad alternative investment expertise, as well as innovative solutions. As part of this strategy, it has selected Guggenheim Fund Solutions (GFS) as its partner to provide clients with a state-of-the-art platform that combines carefully sourced, dynamic, high-potential hedge fund managers with a next-generation solution that delivers the transparency, governance, and structural"...

Bank of America Reports First-Quarter 2013 Net Income of $2.6 Billion, or $0.20 per Diluted Share

Business Momentum Continues

• Deposit Balances up 5 Percent From Q1-12 to $1.1 Trillion
• First-lien Mortgage Production up 57 Percent From Q1-12 to $24 Billion
• Global Wealth and Investment Management Reports Record Post-merger Revenue, Net Income and Long-term Assets Under Management Flows
• Consumer Credit Loss Rates Reaching Five-year Lows
• Commercial Loan Balances up 17 Percent From Q1-12 to $367 Billion
• Maintains No. 2 Ranking in Global Investment Bank Fees; up 26 Percent"...
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