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Greek lender EFG to sell Turkish arm to Kuwait

By Dinesh Nair / Reuters DUBAI: EFG Eurobank will sell its Turkish arm to Kuwait’s Burgan Bank in a $355 million deal which will help shore up the struggling Greek lender’s capital base. Burgan, the commercial banking arm of Kuwait Projects Co (KIPCO), will also absorb $280 million of loans issued by EFG to the Turkish …


Arab Bank set for steady growth: chairman

By Suleiman Al-Khalidi / Reuters AMMAN: Arab Bank Group expects steady earnings from its core banking activities this year, cushioned by strong liquidity and a global presence that has minimized the impact of the region’s political turmoil, its chairman said on Wednesday. Abdel Hamid Shoman said he hoped the bank, one of the Middle East’s major …


French BNP Paribas to grow Mideast revenues

By Mirna Sleiman / Reuters DUBAI: French lender BNP Paribas expects to grow its revenues from the oil-rich Gulf region this year despite a slight impact on its business as a result of the Arab Spring, the bank’s Middle East head told Reuters in an interview on Tuesday. “Globally, the bank had good 2011 results and …


HSBC scaling down private bank in MidEast: sources

By Dinesh Nair / Reuters DUBAI: HSBC, Europe’s biggest lender, is significantly scaling down its private banking operations in the Middle East, two sources told Reuters, and HSBC said its top private banker in the region had been reassigned to London. The private bank has shrunk the number of relationship managers to around 10 from 50-60 …


Egypt’s CIB says 2011 net profit fell 20.1 pct

By Reuters CAIRO: Commercial International Bank (CIB), Egypt’s biggest private bank by assets, said on Wednesday its consolidated net profit fell 20.1 pct in 2011 to LE1.62 billion Egyptian pounds ($268.4 million). The decline in profit was “primarily driven by much higher provisions” taken “as a pre-emptive measure to cope with the ongoing economic upheaval …


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