News Round

Abu Dhabi’s strategic advantages as a conduit and enabler of trade and commerce across a rising “super region” stretching from West Africa to East Asia were presented by the National Bank of Abu Dhabi’s (NBAD) group chief executive officer Alex Thursby at the recent fifth Abu Dhabi Investment Forum (ADIF) held in London. The event is organised by Institutional Investor …

The stable performance of trade receivables securitisation (“TRS”) through the volatility of recent years has made it an increasingly important alternative funding source for corporates as well as a favoured corporate financing technique for banks, according to the latest research from working capital specialist Demica. Conducted amongst Europe’s biggest 30 banks*, along with a small selection of US-based global banks …

A new book has posed what is considered a very significant question: is mobile banking a new channel, a new business model or a revolutionary platform for social change? Mobile banking will be big, but how big? Is it a new channel for existing banks, or a new business model for entrepreneurs and non-banks? Former Citibank executive Sankar Krishnan paints …

Asia is likely to be the main driver of Islamic banking growth in the near future given the untapped potential in Indonesia, Bangladesh and India, as well as the increasing uptake in Malaysia and Pakistan. This is the view of KFH-Research, a subsidiary of the Kuwait Finance House Group, which has issued a report saying that Asia presents huge developmental …

Al Hilal Bank, said to be one of the fastest-growing banks in the UAE, has announced that it has successfully implemented the award-winning Finacle Corporate e-Banking solution from its technology partner Infosys. This enables Al Hilal to provide a full range of internet banking services to its corporate customers in “an intelligent and seamless manner, without compromising security”. It also …

Anthony Brady has been appointed managing director and global head of the Business Strategy & Market Solutions (BS&MS) Group for BNY Mellon’s treasury services business. He has served in leadership positions in a number of important areas during his 31-year career with the company, including new business development and treasury services operations. “Tony’s appointment reflects his strong performance as interim …

Banks are increasingly committing to supply chain finance (SCF) as a line of business, reveals a new study by Demica, a leading provider of specialised working capital solutions, providing consulting, advisory and technology services to a diverse range of multi-national clients. The study, which examined job title responsibilities at the top 50 largest banks in Europe, identified that close to …

Nearly eight in every 10 senior treasury and finance professionals at a Dubai conference (78 per cent) are feeling more positive about the prospects for their business over the coming 12 months. This was the key finding of the “Treasury Verdict” session taken by a live audience poll of senior treasury and finance professionals at EuroFinance’s 12th annual event on …

SWIFT has acquired Omnicision, the UK-based provider of financial crime prevention services and solutions, which, it says, will underscore its “commitment to invest in its compliance offering and will enable the company to grow its sanctions testing service and further expand its compliance services, leveraging Omnicision’s technology, expertise and product pipeline”. Ian Horobin, CEO of Omnicision, said, “We are excited …

The National Bank of Abu Dhabi (NBAD) lead- sukuk that was issued by the Dubai Department of Finance has been named the UAE Deal of the Year at the recent Islamic Finance News Awards. The US$750m 10-year Sukuk issuance was priced at a profit rate of 3.875 per cent. The oversubscription level of 14.6 times was the largest ever  for …

A new online social trading community for serious investors has been announced by Saxo Bank in Copenhagen. The new portal enables traders around the world to share their trades with peers and “transforms trading into a social experience”. Saxo Bank’s co-founders and co-CEOs Kim Fournais and Lars Seier Christensen said in a joint statement, “We want to set free the …

The National Bank of Abu Dhabi (NBAD) has been ranked the “Best Bank for Payments and Collections” in the Middle East by Global Finance, the international financial magazine. To rank Best Treasury and Cash Management Banks and Providers 2014, Global Finance used a multi-tiered assessment process, which included a readers’ poll, input from industry analysts, corporate executives, technology experts and …

A book entitled Financing Trade and International Supply Chains by Cash&Trade contributor Alexander R. Malaket is said to take the mystery and complexity out of trade finance. The book suggests that every trade or supply chain finance solution – no matter how elaborate – addresses some combination of four elements: facilitation of secure and timely payment, effective mitigation of risk, …

Fifty-five per cent of clients that took part in a recent cash management survey by Barclays consider innovation vital in achieving treasury/cash management goals and the number will only rise as banks invest in more advanced technology. It was found that global organisations with a turnover above $1bn+ were increasingly focusing on cash and treasury management to support business growth …

Riyad Bank recently held three seminars in Riyadh, Jeddah and Al-Khobar under the title “Trade and Cash Solutions for Corporate Customers”. They were organised by the bank’s corporate banking division and were well attended by a large group of the bank’s corporate clients in all three regions. Opening remarks were made by Ossama A. Bukhari, executive vice-president – corporate banking …

Leading names and key regulators in the international Islamic banking and finance industry took part in the 20th Anniversary Special Edition of the World Islamic Banking Conference (WIBC 2013) in Bahrain. Held under the theme “Industry Transformation to Improve Global Competitiveness in Islamic Finance”, the three-day event was convened under the patronage of Prince Khalifa Bin Salman Al Khalifa, the …