| banking |
NBB launches MasterCard cash back promotion
August 21, 2017
National Bank of Bahrain (NBB) has announced a special promotion giving NBB MasterCard credit and debit cardholders a chance to win back cash prizes.
Now live, the promotion aims to reward customers during the busy summer holiday spending period until October 25.
For every BD 60 spent in Bahrain, NBB MasterCard credit cardholders will automatically be enrolled in a draw and given one chance to win back the total amount of purchases they have made on their MasterCard over the duration of the promotion"...
Bahrain may need to boost interest rates to protect currency, IMF warns
August 21, 2017
Bahrain may need to raise its market interest rates to protect its currency and must refrain from having its central bank lend money to cover the government's budget deficit, the International Monetary Fund said on Monday. In a statement released after annual consultations with the Bahraini government, the IMF repeated earlier warnings that more steps by Bahrain to cut its deficit were 'urgently needed' to stabilize state finances and"...
Moody's downgrades ICICI's future bond sale via Bahrain branch
August 19, 2017
Ratings agency Moody's today downgraded ratings on ICICI Bank's future bond issuance through its Bahrain branch under the medium term notes (MTN) programme, but retained the ratings on its existing bonds. 'We have downgraded the provisional ratings on forex currency senior unsecured MTN programme of the bank's Bahrain branch to Ba2 from Baa3, because the forex bond ceiling for Bahrain is now at Ba2,' Moody's said in a note. "...
Bahrain's Bank ABC Joins R3 Distributed Ledger Consortium
August 16, 2017
Bahrain-based Arab Banking Corporation, also known as Bank ABC, has revealed it is joining the R3 distributed ledger consortium. With the news, the bank becomes the first of its kind in the Middle East and Northern Africa (MENA) region to join the effort. Majority-controlled by Libya's central bank, Bank ABC operates in Algeria, Egypt, Tunisia and Jordan, among other areas. In"...
Ithmaar Bank sustains profits in first half ’17
August 14, 2017
ITHMAAR Bank B.S.C., a Bahrain-based Islamic retail bank and a wholly-owned subsidiary of Ithmaar Holding, reported Sunday a net profit of BHD4.38 million for the first half of 2017. The net profit attributable to equity holders of the Bank for the six-month period ended June 30, 2017 was BHD1.54 million.
The announcement by Ithmaar Bank Chairman Prince Amr Al Faisalfollows the review and approval, by the Board of Directors, of the bank’s consolidated financial results for the six-month period ended 30"...
BAB introduces BIBF to its members
August 13, 2017
The Bahrain Association of Banks (BAB) organized a seminar for its members to let them knew more about the Courses, Professional Qualifications, and services that Bahrain institute banking finance (BIBF) offered the banking sectors. The Director General of the Institute, Dr. Ahmed Abdul Hamid Al-Sheikh delivered a presentation during the seminar.
The CEO of BAB, Dr. Wahid Al Qasim stressed the importance of (BIBF) in developing the financial and banking sector in the Kingdom of Bahrain.
'BIBF plays a vital"...
BAI Announces the Finalists for its 2017 Global Innovation Awards
August 10, 2017
BAI announced the finalists for the BAI Global Innovation Awards, a prestigious awards program celebrating innovation in the financial services industry. Winners will be announced at BAI Beacon in Atlanta on October 4-5. The BAI Global Innovation Awards recognizes industry leaders changing the industry and positively impacting profitability, efficiency and customer experience. Since 2011, BAI’s Global Innovation Awards has grown from two to"...
Andersen Global Expands Presence in Brazil With Branco Consultores
August 9, 2017
(ME NewsWire)-- Andersen Global announces a presence in Rio de Janeiro, Brazil by way of a Collaboration Agreement with Branco Consultores, a tax and legal firm. The addition of Branco Consultores demonstrates Andersen’s growing presence in Latin America. Andersen Global has an existing presence in São Paulo and Campinas through Andersen Tax in Brazil, a member firm that joined in August of 2015. The"...
Bahrain mandates five banks for international bond issue - sources
August 9, 2017
Bahrain's government has hired banks for a planned U.S. dollar-denominated bond issue, sources familiar with the matter said on Tuesday. BNP Paribas, Citi and JPMorgan have been mandated to arrange the transaction together with Gulf International Bank and National Bank of Bahrain, the sources said. Bahrain's central bank did not respond to a request for comment. Citi declined to comment. The other banks did not immediately respond to requests for comment. Bahrain could raise debt internationally as early as September through both conventional and Islamic bonds, sources told Reuters last month. The size of the deal could go up to $2 billion or $2.5 billion, one banking source said on Tuesday. Bahrain needs to raise debt to refill state coffers hit by a slump in oil prices. The small Gulf state raised $2 billion last October through a $1 billion conventional bond and a $1 billion sukuk issue. Bank ABC, BNP Paribas, Credit Suisse, JP Morgan and Standard Chartered arranged that deal. Bahrain is rated BB-minus by Standard & Poor's, B1 by Moody's and......
Ithmaar Bank, CEO win top CSR awards
August 7, 2017
Ithmaar Bank, a Bahrain-based Islamic retail Bank, was honoured at a regional conference for its continuous support of the community and presented with the Best Corporate Social Responsibility (CSR) Award for an Islamic Bank 2017. Ithmaar Bank chief executive officer Ahmed Abdul Rahim was also honoured at the event and presented with the Academic Excellence in CSR Award. The"...
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