Credit Suisse Qatar Venture Hires New CEO as Asset Growth Slows
April 25, 2017
Credit Suisse Group AG’s joint venture with Qatar Investment Authority has appointed its third chief executive officer in five years as the money manager struggles to grow its assets.
Aventicum Capital Management Qatar LLC named Francois Jansen van Rensburg as CEO in January, replacing Habib Oueijan who resigned that month, the firm said in response to questions from Bloomberg. Van Rensburg was already the company’s chief operating officer"...
World-Cup Spending Presses Qatar Banks as Deposit Deadline Nears
April 25, 2017
Qatari banks are in a bind.
On the one hand, they need to finance building projects for the 2022 soccer World Cup. On the other, they must attract more deposits to match their loans.
Lenders seeking to lure money into their coffers to meet a central bank deadline have driven the local inter-bank rate to among the highest in the Gulf. However, their efforts are being undermined"...
Bank of America Reports First-Quarter 2017 Financial Results
April 19, 2017
Bank of America reported its first-quarter 2017 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways: Bank of America newsroom at http://newsroom.bankofamerica.com. Bank of America Investor Relations website at http://investor.bankofamerica.com. Business Wire’s news webpage at http://www.businesswire.com/portal/site/home/news. Investor Conference Call information Bank of America Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss the company’s results in a conference call at 8:30 a.m. ET today. For a listen-only connection to the investor presentation, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international). The conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can also listen to a live audio webcast of the conference......
Earnings Release First Quarter 2017
April 19, 2017
Al Khalij Commercial Bank (al khaliji) P.Q.S.C., in Qatar, announced its financial results for the first quarter of 2017, reporting a Net Profit of QAR 160.9 million. This represents an increase of 3% over its financial results for the same period of last year.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director stated: “We are pleased to announce our financial"...
Qatar bank trials DLT for international money transfers
April 11, 2017
Qatar-based Commercial Bank has carried out a pilot using blockchain technology to complete international fund transfers with partner banks and now plans to extend its testing to trade finance.
The bank says that it worked with Turkey's ABank, National Bank of Oman, United Arab Bank and other partners in Egypt and India to build a blockchain network using cloud-based ledger technology.
The network boosted automation between the"...
Qatar banking assets jump 14.2% to QR1.27tn in February, says QNB
April 10, 2017
Ferring Announces Exclusive Agreement with Alrise Biosystems for the Development of an Injectable, Controlled-Release Peptide
April 10, 2017
(BUSINESS WIRE) -- Ferring Pharmaceuticals and Alrise Biosystems announced today that the companies have entered into a development agreement with exclusive option rights for Ferring to leverage Alrise’s ImSus® Technology Platform for the development of an injectable, controlled-release formulation of a peptide therapeutic.
Under the terms of the agreement,"...
Qatar First Bank maintains assets value at $1.64bn
April 9, 2017
Qatar First Bank’s (QFB) total assets didn’t decline during 2016 despite the write-down of QFB’s investment book and closed at almost QR6 billion ($1.64 billion), mainly driven by the increase from financing assets, which increased by 33 per cent, said the bank’s chairman.
Abdulla Bin Fahad Bin Ghorab Al Marri was speaking at the bank’s recent Annual General Meeting (AGM) to discuss the bank’s results and future outlook after releasing financials for the year ended December 31, 2016and announcing the launch of the second phase of the cost rationalisation...
Qatar Sheikh said to use loan to fund Deutsche Bank stake
April 6, 2017
One of Deutsche Bank’s key Qatari shareholders is using a margin loan of about $1 billion, backed by the company’s stock, to fund his participation in the lender’s rights offer, according to people familiar with the matter.
Bank of America Corp structured and agreed to finance the loan to former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabr Al Thani, the people said, asking not to be identified as the information is private."...
Merger of three Qatari banks to take six months
April 3, 2017
The merger of Qatari banks Masraf Al Rayan, Barwa Bank and International Bank of Qatar will take six months to complete, Masraf Al Rayan’s chairman Hussain Ali al-Abdulla said on Sunday.
In December Reuters reported that the trio had begun merger talks which, if successful, would create the Gulf state’s second-largest bank.
Banks in the Gulf have previously been reluctant to link up but are facing challenging conditions due to the impact of lower oil prices on the region’s economies.
The new bank, which would be run in compliance with Islamic banking principles,...