News National Bank of Kuwait (NBK) said that it was selling its investment in International Bank of Qatar (IBQ) because it was not able to increase its 30% holding into a controlling stake. NBK bought 20% of IBQ in 2004 and raised this to 30% in 2007. NBK had a management contract with the bank. The gain of $87mn will be seen in the bank's 2014 accounts. (NBK reported net profits of $893mn for 2013.) NBK's Chairman, Nasser Al-Sayer said that NBK's investment in IBQ had been very successful, that the Qatar remains an important market for the bank, but that NBK's strategic focus is on hav...
A message from the Chief Executive Officer
Welcome to the Arab Bankers’ Association!
We are an association of bankers and finance professionals who work in Arab financial markets. Most of our members, both corporate and individual, are based in the U.K. but a significant proportion are based outside. Nearly all of us have spent much of our professional lives living and working in the Arab world.
Our aims are simple: to foster improved relations, information sharing and understanding between the private and public sectors in the Arab world and the U.K. We achieve this through our programme of evening seminars and social events, through tailored events for individual members and their clients, and through personal interaction and introductions that are based on decades of business experience.
You will find more information about our work on the various pages of this website. For example, elsewhere on this page you can download a copy of our Annual Magazine; on the “Events” page you can download presentations given at recent evening seminars; and soon we will be adding a new page to our website -- “Arab Banking News” – where you will see a brief round-up of recent events that are relevant to our membership.
The “Join” page also contains a full list of member benefits.
This is an exciting time for Arab banks and their subsidiaries and affiliates in London. Gulf banks are looking to expand their international operations, banks in Egypt and other north African countries are finding their footing after the uncertainties of the Arab Spring, and debt issuance across the region is increasing.
London hosts the largest and most important banking community in Europe, so its not surprising that it is in London that many of the innovative new financial structures that are shaping Arab finance are designed and sold.
The ABA has been serving and promoting Arab banking in London for more than 30 years and we are as enthusiastic and committed to our mission today as we were on the day we were founded. If you are a member, I look forward to working alongside you in the months ahead. If you are not a member, I hope you will consider joining us.
George E. Kanaan Chief Executive Officer
News At the end of September, the Governor of Egypt's Central Bank, Hisham Ramez, re-appointed the Chairmen and leading figures of several state-owned banks, with the exception of Banque Misr, whose long-standing Chairman, Mohammed Barakat, is expected to become Chairman of another bank. Although Egyptian state-owned banks are legally owned by the Ministry of Finance, the Ministry has delegated its management of the banks to the Central Bank. Banque Misr: Mohammed al-Atrabi will become the Chairman with effect from 1 January 2015, replacing Mohammed Barakat. The current Deputy Chairman, ...
News Insurance premiums paid in Saudi Arabia totalled about $5.7bn in 2012, representing 0.12% of global insurance premiums. Saudi GDP, at $745bn, represented about 1% of global GDP. Saudi premiums were expected to reach $6.7bn in 2013. But a report by Kuwait's Markaz says that the insurance industry in Saudi Arabia is growing rapidly -- about 18% per year. This growth has been spurred by the recent requirement for all nationals to have health insurance, but it is also due to population growth and a clearer regulatory framework that has opened the way for banks to distribute insurance products ...
News Four GCC banks feature in Global Finance magazine's 2014 ranking of the World's Safest Banks. National Bank of Abu Dhabi (NBAD) is the safest bank in the Middle East, ranked 25th, followed by National Bank of Kuwait (41), Qatar National Bank (49) and Samba Financial Group (50). Global Finance's rankings are based on long-term foreign currency credit ratings assigned by Fitch, Moody's and S&P. Banks are scored on their ratings, with a AAA rating attracting 10 points, down to one point for a rating of BBB-. The safest bank in the world is Germany's KfW which has AAA ra...