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Infomineo is here to deliver the latest news and insights on the Financial Services industry in the Middle East and Africa. We would like to share with you latest news, strategic plans, as well as nominations, publications and events within the MEA region. 


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African sale nets Barclays £600m more than thought

Barclays has raised £600 million more than originally expected from the sale of shares in its African subsidiary after the lender sold a bigger stake in response to stronger than expected interest from investors.

Read More – The Times

Low trading of Safaricom pushes down Nairobi bourse

Equity turnover at the Nairobi Securities Exchange (NSE) declined 51 percent Thursday pulled down by low trading of Safaricom shares by foreign investors.

Read More – Xinhua

Uganda Gets Shs652 Billion for Rural Agriculture Financing

The International Fund for Agriculture Development (IFAD) announced that Uganda had been allocated $168 million for rural transformation through agriculture. The allocation is aimed at enabling rural farmers to access long term loans for agricultural practice. 

Read more – Monitor

Airtel Zambia partners Barclays Bank on transfer service

Airtel Zambia has partnered with Barclays Bank Zambia to launch the instant bank transfer from any Barclays Bank account to an Airtel Money Mobile Wallet. The partnership enables customers to transfer money from their Barclays Bank accounts to an Airtel Money wallet using the Barclays mobile banking platform.

Read more – Telecompaper

Accuity signs a new partnership with Union Systems Limited

Accuity, leading provider of financial crime compliance, payments and know-your-customer solutions, announced a new partnership agreement with Union Systems Limited, an information technology company supporting advanced software for leading banks and financial institutions in Nigeria, Ghana and Kenya.

Read more – ENP Newswire


 Mozambique pension fund agrees to inject $138 million into Moza Banco

Mozambique's central bank said on Wednesday a local pension fund had agreed to inject $138 million into Moza Banco, the nation's No.4 bank that was bailed out last year following a liquidity crunch.

Read more – Reuters 

ICD Extends $5 Million Line of Finance Facility to Arab Gambian Islamic Bank

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group, and Agib Bank Ltd have entered into a Joint Strategic Collaboration to finance private sector entities in The Gambia.

Read more – CPI Financial

Malawi's First Merchant Bank acquires Barclays Zimbabwe

A Malawian bank has bought a majority stake in Barclays Plc's Zimbabwean unit. The move by the First Merchant Bank of Malawi ends months of speculation after the British financial institution announced it was disposing of its African assets.

Read more – African Markets

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AFDB to Work With African Central Banks to Increase National Savings

The African Development Bank (AfDB) and the Governors of Central Banks in Africa have resolved to strengthen cooperation on a range of issues to curb illegal financial outflows, bolster measures to improve tax collection and exchange information to improve monitoring of domestic financial markets.

Read more – AFDB


Omani banks’ funding conditions improving, says Moody’s

Omani banks’ funding conditions are continuing to improve this year as higher oil prices [compared to 2016] support the deposit levels and large international debt issuance by the government also help easing bank liquidity, Moody’s Investor Service said. Moody’s said Omani banking system’s net loan-to-deposit ratio improved to 104 per cent as of March 31, 2017 from 108 per cent at year-end 2016, which is a credit positive for the banks.

Read more – Muscat Daily

UAE Exchange Group targets up to $300 million in acquisitions

UAE Exchange Group, a global remittance and foreign exchange business, aims to spend between $250 million and $300 million on acquisitions to build its global market share, its chief executive said. The group aims to increase its share of the $575 billion global remittance industry to more than 10 percent by 2020, from 6.75 percent currently, Promoth Manghat said.

Read more - Reuters

Debut Meethaq Sukuk heavily oversubscribed

Meethaq has evoked overwhelming response to the Sultanates first Sukuk programme. The maiden OMR 25 million issuance, which is part of a larger OMR 100 million Sukuk programme for retail and institutional investors, was heavily oversubscribed and is awaiting regulatory approvals for exercising the green shoe option and allocation to investors.

Read more - CPI Financial

S&PGR Takes Various Negative Rating Actions On Qatari Banks

On June 7, 2017, we lowered our long-term sovereign credit rating on the State of Qatar to 'AA-' and placed it on Credit Watch with negative implications. In our view, the moves by a group of governments to cut diplomatic ties and trade and transport links with Qatar will exacerbate the country's external vulnerabilities and could put pressure on its economic growth and fiscal metrics.

Read more - Dow Jones News

KSA, UAE, Bahrain banks withdraw deposits from Qatar

Some banks operating in Saudi Arabia, Bahrain, and the UAE have withdrawn their deposits from Qatari banks and have stopped trading on bonds and in Qatari riyal, amid fears of increased pressure from Gulf states, sources told Bloomberg.

Read more - Mubasher

Qatar central bank asks for ForEx data as capital outflows pressure Riyal

Qatar's central bank has asked commercial banks to provide it with detailed information on foreign exchange trading as Doha's diplomatic rift with other Gulf states put its currency under pressure.

Read more - NY Times

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