News Round

Eikon (pronounced “icon”) is the latest component of Thomson Reuters’ “innovation agenda” that redefines how financial professionals work by placing the most comprehensive market information, news, analytics and trading tools available into a desktop as simple to use and collaborative as the internet. It provides financial professionals with new tools to thrive in a new era and follows the launch …

Despite current uncertainty in the banking industry, the mood at Sibos – the annual international banking conference sponsored by SWIFT and held recently in Amsterdam – was felt to be positive. The event attracted more than 9000 delegates from 150 countries and 175 speakers.  One particular point that the conference underscored was the fact that payments are inherently local. Despite …

Dubai Islamic Bank has announced the opening of three new branches – one in Abu Dhabi and two in Dubai – bringing its UAE network to a total of 66 branches. The new branches in Dubai are located in the Al Qusais and Al Lisaili areas while the new Abu Dhabi branch is based in Shahama. “The bank always endeavours …

The National Bank of Abu Dhabi now has trade finance managers in its London and Paris branches as part of its plan to expand in that field in Europe. David Ringer has joined NBAD in London and Isabelle Krieg has set up in Paris. “Their recruitment reflects National Bank of Abu Dhabi’s commitment to developing trade finance business in Europe,” …

CBA, a global provider of banking IT solutions and services, recently announced that ABN AMRO has selected its IBAS Global Trade Finance Factory (IBAS GTF) for deployment at the bank’s headquarters in The Netherlands and across its international branches. According to the bank, the main objective is to offer highly sophisticated and flexible trade finance services to all its global …

Currency policies continued to dominate the agenda at the G20 summit in South Korea, and there were fears that a meeting in Seoul could result in worsening relations between the US and China about so-called “currency wars”.  However, leaders of the G20 group of the world’s major economies have agreed to avoid “competitive devaluation” of currencies after some difficult talks. …

Citigroup, through its Global Transaction Services business, has launched commercial card issuance on behalf of BASF, the world’s leading chemical company, in the UAE. BASF employees in the Emirates will now use Citi-issued commercial cards for managing and settling corporate expenses using this state-of-the-art technological platform. Citi has launched its global commercial card off ering in more than 50 local …

HSBC Middle East has completed its fi rst crossborder renminbi (RMB) trade transaction, becoming the fi rst bank to announce such a transaction in the region. HSBC worked with Royal Palace Furniture, a UAE based retailer, to complete an RMB transaction with its suppliers in China. With a large percentage of its raw material requirements sourced from China, the ability …

A survey indicates that 65 per cent of treasurers are interested in adopting mobile services. Fundtech, a market leader in global transaction banking solutions, and the Aite Group, a leading independent fi nancial research and advisory fi rm, have released a report entitled “Th e Business Case for Off ering Corporate Mobile Banking Services”, based on the fi ndings of …

Export credit agencies have successfully closed more capital equipment financing transactions in the Middle East and North Africa. It’s now considered that, with much of the impact of the financial crisis behind it, the Middle East is entering a period of economic recovery with firmer oil prices and stronger public finances. It is also seeing the start of a return …

The UAE Central Bank has asked banks in the country to provide data on potential risks in its financial reports in order to enable it to make provisions accordingly. The data will also help banks reduce risks, according to Trevor Skinner, head of the Department of Inspection and Control of Banks, UAE Central Bank. He also emphasised the importance of …

Standard Chartered has signed renminbi (RMB) cross-border trade settlement account agreements with five MENA -based banks. This will allow them to open RMB accounts in China to facilitate trade activities. The five banks are: Alinma Bank Saudi Arabia, Bank Al Falah Pakistan, BankMed Lebanon, Habib Metropolitan Bank Pakistan and Union Bank Jordan. The agreements were signed recently at the Annual …

Standard Chartered Bank has launched the first Islamic US dollar nostro account in the United States. Islamic banks across the world will now be able to earn Shariah-compliant profits on their account balances at Standard Chartered Bank New York by using this facility, which will operate on the Islamic finance principle of Commodity Murabaha. Profits will be paid on a …

Moody’s Investors Service has announced that its Dubai-based regional office, Moody’s Middle East Limited, has moved to permanent and larger premises within the Gate District of the Dubai International Financial Centre. “The move reflects Moody’s continued commitment to its customers in the Middle East,” said Jehad El-Nakla, general manager of Moody’s Middle East Ltd. “As the global economy gradually emerges …

Qatar National Bank has announced the launch of “eazypay”, an innovation that allows retail customers to transfer funds to friends and family using their mobile phones. The funds are transferred almost instantly, and confirmation SMS text messages are sent to both the sender and receiver. The platform used by eazypay is said to be one of the most secure and …

Foreign banks reduced their deposits in the UAE by nearly Dh40bn in the first half of 2010 to push them to their lowest level in nearly four years and reverse a massive inflow of speculative money, according to recent official data. From around Dh93bn at the end of 2009, their deposits with the UAE ’s 51 banks dropped to nearly …