TOP NEWS IN MIDDLE EASTERN AND AFRICAN FINANCIALS
* First Abu Dhabi Bank PJSC appointed Clarence Singam-Zhou to the newly created role of head of international banking. He most recently served as the bank's regional CEO for Asia and country CEO for Singapore.
* Central Bank of Iran Governor Abdolnasser Hemmati said the regulator is moving to lower interbank interest rates to reach its inflation target for the first fiscal quarter, Financial Tribune reported.
➤ Fed's tailored approach to European banks will level playing field in US
The footprint of big European banks in the U.S. has shrunk both in size and risk since 2008, and the Federal Reserve's decision to remove an extra layer of supervision for some of them "makes a lot of sense," industry advocates and observers said.
➤ UK clearing houses can cope with EU/US equivalence deal, market participants say
The EU's move to grant equivalence to more U.S. clearing businesses has been years in the making but the U.K. clearing industry is confident it need not mean losing out.
BANKING
* Kenyan bank KCB Group PLC will offer local small businesses credit facilities of between 100,000 shillings and 5 million shillings to help them recover from the impact of the coronavirus pandemic, Business Daily Africa wrote.
* Kenyan lender NCBA Group PLC and pan-African housing finance provider Shelter Afrique struck a partnership to provide mortgage financing to 200 home buyers in several Kenyan counties, Business Daily Africa reported.
* Saudi Arabia's National Commercial Bank and Samba Financial Group received central bank approval for their merger.
* National Bank of Oman SAOG has accepted Chief Risk Officer Salma al-Jaaidi's request to retire early, effective Aug. 1.
* Yaqub al-Meshari resigned as finance director of Kuwait-based Al Manar Financing and Leasing Co. KSC, with his last day of office on April 30.
* Ghana's Universal Merchant Bank Ltd. named Nana Dwemoh Benneh CEO, replacing Benjamin Amenumey.
* Absa Group Ltd. appointed Frances Adu–Mante board chair of unit Absa Bank Ghana Ltd., replacing Charles Alexander Cofie, Goldstreet Business reported.
* The board of United Arab Emirates-based National Bank of Ras Al Khaimah PSC recommended the distribution of 15 fils per share, or 15% of the lender's share capital, as dividends for full-year 2020.
* Qatar-based Ahli Bank QPSC has hired several international banks to arrange fixed income investor calls as part of plans to issue its inaugural Additional Tier 1 bond.
* Fitch Ratings affirmed Mauritius Commercial Bank Ltd.'s long-term issuer default rating at BBB-, with a negative outlook, and subsequently withdrew the rating for commercial purposes. The agency also affirmed and withdrew the bank's F3 short-term issuer default rating, "bbb-" viability rating, 3 support rating and BB support rating floor.
FINANCIAL SERVICES
* Bader bin Khalid al-Anzi resigned as CEO of insurer Solidarity Saudi Takaful Co. due to personal reasons, Argaam wrote.
* Walter Andrew Hollas retired as chairman of Kenyan insurer Britam Holdings PLC, effective Feb. 1. Deputy Chairman Mohamed Said Karama will take over as acting chairman of the company's board of directors.
* Airtel Africa is selling a minority stake in Airtel Money, its mobile money transfer platform, African Markets and Financial Afrik reported. The London-listed multinational company, which operates in 14 countries in Africa including Kenya, Uganda and Nigeria, said the plan is part of a strategy to raise funds.
* UAE-based Zeta Investment has offered to acquire a 90% stake in Abu Dhabi Islamic Bank - Egypt SAE unit Alexandria National Co. For Financial Investment SAE for 5.51 Egyptian pounds per share, Mubasher reported, citing a bourse filing.
* The Nigerian Stock Exchange's market capitalization increased by 62% year over year to 21 billion naira in 2020, as inflation made government treasury bonds less attractive than equities to investors, Agence Ecofin wrote.
POLICY AND REGULATION
* The Bank of Ghana held its policy rate at 14.5%, citing short- to medium-term risks emanating from fiscal expansion and rising crude oil prices.
* Most analysts expect Egypt's central bank to keep its overnight interest rates unchanged tomorrow, according to a Reuters poll. Four out of 14 analysts polled, however, expected the regulator to cut rates by 50 basis points.
* Israel's central bank has accused local lenders of not providing mortgage takers with sufficient variable interest linked to the prime rate, Globes reported.
* Angolan insurance regulator ARSEG warned that insurance companies with high levels of complaints and debts with several creditors will have their operating license canceled, Jornal de Angola wrote.
INDUSTRY NEWS
* Major natural catastrophes in 2020 caused insured losses of about $78 billion, up from $53 billion a year earlier, and about 17% higher than the 10-year average of $66.5 billion, according to Willis Re Inc.
* The Public Investment Fund of Saudi Arabia is expected to boost the size of a loan it plans to issue to up to $15 billion after seeing strong demand from lenders, insiders told Bloomberg News. The sovereign wealth fund, which was previously seeking to raise $5 billion to $7 billion, is reportedly looking to use the loan for new investments.
* European Bank for Reconstruction and Development Deputy Regional Director Khaled Hamza said the lender has set aside a combined €1 billion in financing and investment for Egypt in 2021, Amwal Al Ghad reported.
* A Kenyan court dismissed a petition by businessman James Ndegwa to throw out a court case questioning his reappointment as chairman of the country's Capital Markets Authority by President Uhuru Kenyatta, Business Daily Africa reported. The case, which was filed by a civil rights activist, accuses the president and the treasury cabinet secretary of handpicking appointees.
* Lebanese central bank Governor Riad Salamé is set to face questions from an investigative judge next week over charges brought against him in relation to the regulator's subsidized dollar scheme, The Daily Star wrote, citing state-run National News Agency.
* Ghanaian President Nana Akufo-Addo reappointed Ernest Addison to another four-year term as governor of the central bank, insiders told Joy Online.
* The Central Bank of the UAE appointed Khaled Mohammed Balama al-Tameemi vice governor, effective Feb. 1.
MARKETS
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Deza Mones, Abdelghani Henni, Pádraig Belton and Mariana Aldano contributed to this report.
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