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BANKING

Kuwait banking sector ‘tackles’ low oil prices

September 25, 2018

Kuwait banking sector ‘tackles’ low oil prices

KUWAIT CITY, Sept 24, (KUNA): Kuwaiti banking system succeeded in 2017 in confronting pressure caused by low oil prices period between 2014-16, Kuwait top banker said Monday, noting that Kuwaiti Dinar’s appreciation vis-avis the US Dollar increased by 1.4 percent in 2017.

Dr Mohammad Al-Hashel, Central Bank of Kuwait Governor,"... Continue Reading

ABK prices highly successful $300mn Tier-1 perpetual bond

September 25, 2018

ABK prices highly successful $300mn Tier-1 perpetual bond

KUWAIT CITY, Sept 24: Al Ahli Bank of Kuwait K.S.C.P. (“ABK”) priced a highly successful $300 million bond, marking the first international capital markets issuance out of Kuwait in 2018. The instrument, issued to further boost ABK’s eligible Tier-1 capital has a call date of 5 years.

The bond issuance is fully"... Continue Reading

Al Ahli Bank of Kuwait prints $300 million perpetual bond

September 20, 2018

Al Ahli Bank of Kuwait prints $300 million perpetual bond

Al Ahli Bank of Kuwait has issued $300 million in perpetual bonds, according to a bank document seen by Reuters. Perpetual bonds are similar to an equity instrument in the fact that they have no maturity.

The Kuwaiti lender, rated A2 by Moody’s and A+ by Fitch, priced the Tier 1 paper on Wednesday with a coupon rate of 7.25"... Continue Reading

Burgan Bank Group opens rights offering to raise up to KD 62.55m

September 20, 2018

Burgan Bank Group opens rights offering to raise up to KD 62.55m

Burgan Bank, Kuwait’s second largest conventional bank by assets, announced yesterday that it commenced its Capital Rights Offering process to raise up to KD 62.55 million of additional capital. The subscription period will end on the 10th of October 2018.

The bank said that the Rights Offering consists of the issuance of"... Continue Reading

Kuwait consumer spending slows, weighed by holidays

September 19, 2018

Kuwait consumer spending slows, weighed by holidays

Growth in NBK’s consumer spending index slowed to 3.5 percent y/y in August from 6.5 percent in July, affected by travel and holidays. The index dropped 2.5 percent on the month, coinciding with Hajj (Islamic pilgrimage) and a 10-day Eid holiday.

According to the Directorate General of Civil Aviation, the number of passengers"... Continue Reading

Burgan Turkey’s hedging strategy protects it against currency volatility

September 19, 2018

Burgan Turkey’s hedging strategy protects it against currency volatility

Burgan Bank Group (the Group) announced yesterday that its Turkish subsidiary, Burgan Bank A.S. – Turkey (The Bank), remains vigilant with regards to the volatility in Turkey and is, at present, not witnessing any material impact on its profitability. The Group continues to closely monitor the effects of the recent volatility of the Turkish currency and the domestic interest rates and its impact on"... Continue Reading

AUB wins ‘Best Corporate Digital Bank of Distinction’

September 17, 2018

AUB wins ‘Best Corporate Digital Bank of Distinction’

Ahli United Bank (AUB) announced that it has won the prestigious ‘Best Corporate Digital Bank’ award 2018 for the second consecutive year in the Corporate Banking Services sector within the State of Kuwait, along with the ‘Best On-Line Cash Management’ award 2018 across the same sector. These awards are presented by the world-renowned Global Finance Magazine, which provides such awards"... Continue Reading

KIB awarded ‘Best Islamic Bank in Kuwait’ by World Finance

September 17, 2018

KIB awarded ‘Best Islamic Bank in Kuwait’ by World Finance

For the fifth consecutive year, KIB receives the ‘Best Islamic Bank in Kuwait’ for the year 2018. The Bank was awarded by the World Finance Editorial Board, the global banking and finance journal, focusing on financial and investment companies in Kuwait and the GCC.

This latest award was based on nominations by World"... Continue Reading

Shuaa to hold 87.22% stake in Kuwait's Amwal investment bank after acquisition

September 10, 2018

Shuaa to hold 87.22% stake in Kuwait's Amwal investment bank after acquisition

Shuaa Capital’s plans to acquire Kuwait’s Amwal International Investment Company moved one step forward after Amwal shareholders, who collectively own a 70.9 per cent share, agreed to sell their stake.

Dubai's Shuaa Capital will hold 87.22 per cent of Amwal after the acquisition is completed, the investment company"... Continue Reading

Boursa Kuwait stocks mixed as traders focus on leading stocks

September 9, 2018

Boursa Kuwait stocks mixed as traders focus on leading stocks

Boursa Kuwait ended last week with mixed performance. The Premier Market Index closed at 5,305.33 points, up by 0.83 percent, the Main Market Index decreased by 0.63 percent after closing at 4,866.42 points, and the All-Share Index closed at 5,149.42 points up by 0.33 percent. Furthermore, last week’s average daily turnover decreased by 13.45 percent, compared to the preceding week, reaching around"... Continue Reading

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