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☆ Arabs shun Israeli media at Qatar World Cup, cooling hopes of a thaw
▼ + stars: | 2022-11-21 | by ( Maya Gebeily | ) www.reuters.com time to read: +2 min

Interview attempts with Arab fans, however, fell flat with reporters from public broadcaster Kan and top-rated Channel 12 TV telling Reuters they had been mostly snubbed. Footage circulating online showed two Saudi fans, a Qatari shopper and three Lebanese fans walking away from Israeli reporters. But it has allowed direct flights from Tel Aviv for the World Cup as well as a delegation of Israeli diplomats to handle logistics. The delegation spokesperson said there had been no reports of ill-treatment of the estimated 10,000 to 20,000 Israeli fans. "Sure, most countries in the Arab world are heading towards normalisation – but that's because most of them don't have rulers who listen to their people," he said.

☆ Gulf bourses slide on Fed rate hike prospects; Egypt edges up
▼ + stars: | 2022-11-20 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

Nov 20 (Reuters) - Most stock markets in the Gulf fell on Sunday with fears about sharp U.S. interest rate hikes and the prospect of weaker oil demand weighing on sentiment. Saudi Arabia's benchmark index (.TASI) fell 0.8%, pressured by banking stocks, with Al Rajhi Bank (1120.SE) down 1.2% and Saudi National Bank (1180.SE) dropping 1.7%. The Qatari index (.QSI) also dropped 0.8%, extending losses to five sessions in a row, with financials and industrial stocks leading the losses. Qatari conglomerate Industries Qatar (IQCD.QA) lost 1.6% while Qatar Islamic Bank (QISB.QA) was down 1.2%. Outside the Gulf, Egypt's blue-chip index (.EGX30) edged up 0.1% for a sixth session of gains, with Elsewedy Electric (SWDY.CA) advancing 2.7%.

☆ HSBC Oman, Sohar International Bank ink merger pact
▼ + stars: | 2022-11-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 16 (Reuters) - HSBC Bank Oman and local rival Sohar International Bank have entered into a binding merger agreement, the two lenders said on Wednesday. All assets and liabilities of HSBC Oman will be transferred to Sohar International, the banks said in two separate regulatory announcements, without disclosing the deal value. On completion of a merger, HSBC Oman will cease to exist as a legal entity and its shares will be cancelled, the banks said. The shares that form a part of consideration to HSBC Oman shareholders will value Sohar International at 1 times book value, they said. With this decision, HSBC Oman and Sohar International will join other lenders of neighbouring Gulf countries in consolidating their operations.

☆ Credit Suisse sells most of its securitized products business to Apollo as it speeds up restructure
▼ + stars: | 2022-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The bank said the move represented an "important step towards a managed exit from the Securitized Products business, which is expected to significantly de-risk the investment bank and release capital to invest in Credit Suisse's core business." Credit Suisse said the transaction, along with the potential sale of other assets to third-party investors, is expected to reduce SPG assets from around $75 billion to $20 billion. Credit Suisse on Tuesday announced that it would accelerate the restructure of its investment bank by selling a significant portion of its securitized products group (SPG) to Apollo Global Management. Credit Suisse will hold an extraordinary general meeting next week to seek the green light from shareholders on several key elements of the restructure. These include the planned 1.5 billion Swiss franc ($1.6 billion) investment from the Saudi National Bank in exchange for a 9.9% shareholding, part of a 4 billion Swiss franc capital raise.

☆ Most Gulf bourses fall after Fed warning
▼ + stars: | 2022-11-14 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Most Gulf stock markets ended lower on Monday after a top U.S. central banker warned investors not to get carried away over one inflation number, while falling oil prices compounded concerns. Saudi Arabia's benchmark index (.TASI) fell 0.4%, hit by a 3% slide in the country's biggest lender Saudi National Bank (SNB)(1180.SE). The lender has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss bank and is set to take a stake of up to 9.9%. Since the October announcement, SNB has lost 39.94 billion riyals ($10.63 billion) from its market value. The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million).

☆ Most Gulf bourses in black on Fed rate hopes
▼ + stars: | 2022-11-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

Nov 13 (Reuters) - Most stock markets in the Gulf ended higher on Sunday with Saudi Arabian shares snapping three sessions of losses, as soft U.S. inflation data fuelled hopes that the aggressive Federal Reserve rate stance might begin to ease. The Qatari stock market started the week positively as the world cup could provide strong support for the market and attract investors' attention, said Farah Mourad, Senior Market Analyst of XTB MENA. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1.9%, as most of the stocks on the index were in positive territory. According to analyst Mourad, the Egyptian stock market continues to benefit from the attention COP27 brought to the country. ($1 = 3.7590 riyals)($1 = 0.9417 Swiss francs)Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

The company will be a preferred long-term partner for Credit Suisse, the bank has said. Credit Suisse declined to comment beyond Lehmann's remarks Oct. 27 when the bank unveiled the restructuring. The investment bank spin-off and the sale of the securitized products unit to Apollo are key planks of the reorganization. Klein, a 59-year-old former Citigroup rainmaker who runs advisory boutique M. Klein & Co, has been a Credit Suisse board member since 2018. Klein and Credit Suisse also have discussed combining M. Klein & Co into CS First Boston, according to one source familiar with the discussions.

☆ Saudi National Bank not concerned about Credit Suisse's governance
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 11 (Reuters) - Saudi National Bank (SNB) said on Friday it had not come across any information that might raise concerns over the governance of Credit Suisse (CSGN.S) and was supportive of the transformation plan announced by the bank on Oct. 27. The comments came in response to concern from two other investors over the Swiss bank's handling of any potential conflicts of interest for Michael Klein, then board member, and director Blythe Masters when it implemented a sweeping overhaul last month. Saudi National Bank, part owned by the kingdom, has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss lender and is set to take a stake of up to 9.9%. ($1 = 0.9451 Swiss francs)Reporting By Pamela BarbagliaOur Standards: The Thomson Reuters Trust Principles.

☆ Major Gulf markets mixed ahead of U.S. inflation data
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Tuesday as crude oil prices fell and caution prevailed ahead of the release of U.S. inflation data. Crude prices hit their highest since August on Monday amid speculation leaders in top crude importer China were weighing an exit from the country's strict COVID-19 restrictions. Chinese health authorities doused that speculation on Saturday, reaffirming the country's commitment to its strict zero-COVID policy. State developer Nakheel secured 17 billion dirhams ($4.63 billion) in financing from local banks for new projects, including Dubai Islands and other waterfront developments. read moreThe transaction comprises 11 billion dirhams in refinancing and additional funds of 6 billion dirhams through a syndicate of three local lenders.

☆ Most Gulf markets drop as cenbanks toe hawkish Fed line
▼ + stars: | 2022-11-03 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

read more read moreSaudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Saudi Arabia's benchmark index (<.TASI>) dropped 0.8%, hit by a 1.6% fall in Al Rajhi Bank (<1120.SE>) and a 2.1% drop in Riyad Bank (<1010.SE>). Since Oct. 27, SNB market-cap has shed 25.74 billion riyals ($6.85 billion), according Refinitiv Eikon Data. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) rose 0.2%, helped by a 1.2% gain in Commercial International Bank Egypt (<COMI.CA>).

☆ Saudi's SNB to hold Credit Suisse stake for at least two years, chairman says
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 2 (Reuters) - Saudi National Bank's (1180.SE) investment in Credit Suisse (CSGN.S) is tactical rather than strategic, its chairman said on Wednesday, adding that the Saudi lender expects to hold its stake in the Swiss bank for at least two years. SNB announced in October that it was taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion) to take a stake of up to 9.9%. Chairman Ammar Al Khudairy, speaking to Al Arabiya TV, said majority government-owned SNB would not consider selling its stake in the Swiss lender in the short-term. When asked whether the bank would raise its stake above 9.9%, Khudairy said there was no plan to do so. He also said the Saudi lender did not seek a seat on the Credit Suisse board.

☆ Saudi Credit Suisse deal is fair Buffett imitation
▼ + stars: | 2022-11-02 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Saudi National Bank (1180.SE) is continuing the tradition, ponying up about $1.4 billion for a 9.9% stake in troubled Credit Suisse (CSGN.S). By contrast, Saudi Arabia’s biggest bank is acquiring $1.2 billion of new Credit Suisse shares in a private placement and then participating in the bank’s imminent rights issue. Credit Suisse is targeting a 6% return on tangible equity in 2025, once Chief Executive Ulrich Körner has cut costs and shrank the investment bank. The Gulf bank has talked up the wider opportunities of partnering with Credit Suisse. That would cost SNB roughly 220 million Swiss francs, taking its total investment spend to around 1.4 billion Swiss francs.

☆ Qatar Investment Authority plans to raise stake in Credit Suisse - FT
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. REUTERS/Arnd WiegmannNov 2 (Reuters) - The Qatar Investment Authority plans to raise its stake in Swiss lender Credit Suisse Group AG (CSGN.S) by investing in a share sale alongside the Saudi National Bank (1180.SE), the Financial Times reported, citing people with knowledge of the talks. Credit Suisse declined to comment on the report, while Qatar Investment Authority did not immediately respond to a Reuters request. read moreLast week, Saudi Arabia-controlled SNB said it would invest up to 1.5 billion francs in Credit Suisse to take a stake of up to 9.9% and may invest in the investment bank. ($1 = 0.9980 Swiss francs)Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ What Saudi Arabia’s Biggest Bank Wants With Credit Suisse
▼ + stars: | 2022-10-31 | by ( Stephen Kalin | Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse’s soon-to-be-largest investor is keen on gaining access to the lender’s industry specialists and new tools . REUTERS/Arnd Wiegmann/File PhotoDUBAI–Saudi Arabia’s largest bank will soon be the biggest investor in Credit Suisse AG and wants to bring the Swiss lender deeper into the kingdom’s booming financial markets while expanding ties to rich Middle Easterners. “We think it would be synergistic to both sides if we could get them more involved in the Saudi market,” Saudi National Bank Chairman Ammar al-Khudairy said.

☆ Credit Suisse unveils details of $4 billion capital raising plan
▼ + stars: | 2022-10-31 | by ( John Revill | ) www.reuters.com time to read: +2 min

ZURICH, Oct 31 (Reuters) - Credit Suisse (CSGN.S) on Monday unveiled details of its plan to raise 4 billion Swiss francs ($4.01 billion) from investors to support the embattled bank's bid to tackle the biggest crisis in its 166-year history. It said new investors have committed to buying 462 million new shares at a purchase price of 3.82 Swiss francs ($3.83), equivalent to 94% of the volume weighted average price of Credit Suisse shares on Oct. 27 and 28, raising 1.76 billion Swiss francs. Some 307.6 million of the new shares are expected to be bought by Saudi National Bank (1180.SE), giving it a 9.9% stake in Credit Suisse. It is expected that seven pre-emptive subscription rights will entitle their holder to purchase two new shares at a 32% discount on the reference price, Credit Suisse said. If shareholders reject the plan, Credit Suisse said it would issue 1.8 billion new shares at an offer price of 2.27 francs per share, which would still enable it to raise 4 billion francs.

☆ Saudi National Bank chairman calls on Credit Suisse management 'not to blink' on overhaul
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaudi National Bank chairman calls on Credit Suisse management 'not to blink' on overhaulAmmar Alkhudairy, Saudi National Bank chairman, says the lender got the Credit Suisse stake at “floor price,” and calls on management “not to blink” on its overhaul.

☆ Credit Suisse prices shares in capital hike at 3.82 francs
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 31 (Reuters) - Credit Suisse (CSGN.S) on Monday said qualified investors have committed to buying 462 million new shares at a purchase price of 3.82 Swiss francs ($3.83), as it announced details of its capital hike. The price represented 94% of the volume weighted average price of Credit Suisse shares on Oct. 27 and 28, and will raise gross proceeds of 1.76 billion Swiss francs. Some 307.6 million of the new shares are expected to be bought by Saudi National Bank (1180.SE), giving it a 9.9% stake in Credit Suisse, the Swiss lender said. It is expected that seven pre-emptive subscription rights will entitle their holder to purchase two new shares at a 32% discount on the reference price, Credit Suisse said. The gross proceeds of both capital increases is expected to be about 4 billion francs, the bank said.

☆ Credit Suisse shares are a 'steal,' say new Saudi backers after taking 9.9% stake
▼ + stars: | 2022-10-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi National Bank, the kingdom's largest lender and majority-owned by the Saudi government, announced Wednesday that it was investing up to $1.5 billion in Credit Suisse — representing a stake of up to 9.9%. The bank is reportedly set to become the second-largest shareholder of Credit Suisse, second to Harris Associates. It also aims to cut its cost base by 15%, or 2.5 billion Swiss francs, by 2025. The SNB chairman cited Credit Suisse's investment banking unit as the Achilles' heel of the company, accentuated by the current climate of increased market volatility. "The biggest overhang for Credit Suisse, over the past couple of years ... has been the volatility of the performance of their investment bank," he told CNBC.

☆ Saudi shares rise on upbeat economic data, Dubai stocks fall
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Saudi Arabia shares rose on Monday helped by strong economic data and some upbeat corporate results, while the Dubai index fell ahead of the U.S. Federal Reserve meeting. The benchmark Saudi index (<.TASI>) inched up 0.3%, erasing previous session's losses. The index was lifted by a 2.8% rise in Saudi National Bank's (<1180.SE>) shares. Saudi oil giant Aramco rose 0.4%, extending gains. The Dubai market declined as investors worldwide remain cautious ahead of the Fed's interest rate decision, said Wael Makarem, senior market strategist, MENA at Exness.

☆ Saudi Shares fall on weak earnings, volatile oil
▼ + stars: | 2022-10-30 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +3 min

Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually copy any monetary policy change in the United States. The benchmark index (<.TASI>) in Saudi Arabia declined 0.7%, pulled down by a 2% drop in SABIC Industries (<2010.SE>) shares after the company reported a lower quarterly profit. The petrochemical maker posted a quarterly net profit after zakat and tax payments of 1.84 billion riyals ($489.62 million), down from 5.6 billion riyals year ago. Another petrochemical maker Nama Chemicals (<2210.SE>) posted a quarterly loss of 5.4 million riyals compared to a profit of 4.9 million riyals year ago. Earlier, the company recorded 669.20 million Egyptian pounds ($28.12 million) during the first-quarter of fiscal year, an yearly increase of 98.97% from 336.33 million Egyptian pounds.

ZURICH/NEW YORK, Oct 28 (Reuters) - After months of reflecting, Credit Suisse's chairman Axel Lehmann revealed an overhaul "to rebuild Credit Suisse as a strong ... bank with a firm foundation, rock-solid like our Swiss mountains". On Thursday, Credit Suisse outlined plans to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients. Credit Suisse said its clients pulled funds in recent weeks at a pace that led the lender to breach some regulatory requirements for liquidity, underscoring the deep impact of wild market swings and social media speculation about its health. It will separate its investment bank to create CS First Boston, focused on advisory work such as mergers and acquisitions and arranging deals on capital markets. And that's the pond that Credit Suisse is swimming in."

The troubled Swiss bank outlined what its chairman Axel Lehmann dubbed a "blueprint for success", after racking up a 4 billion Swiss franc loss in the third quarter of the year and following torrid weeks for the group. Saudi National Bank, the Kingdom's biggest lender, committed to invest up to 1.5 billion francs in Credit Suisse to achieve a shareholding of up to 9.9%. The Swiss bank said it also aims to separate out its investment bank to create CS First Boston, focused on advisory and capital markets, and hopes to attract third-party capital and set up a partnership with the new Credit Suisse. Credit Suisse said it will create a capital release unit to wind down non-strategic, higher-risk businesses, while announcing the sale of a large part of its securitised products business. Credit Suisse needs to revamp after a series of costly and morale-sapping blunders that triggered a wholesale change of management, a halt in dividend payments and an urgent rethink about its future.

☆ Factbox: Credit Suisse's strategic overhaul at a glance
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +3 min

Here are main elements of the new strategy:CAPITALThe bank plans to raise 4 billion Swiss francs ($4.06 billion) to strengthen its balance sheet. It aims to reduce its cost base by 15%, or around 2.5 billion francs, to reach around 14.5 billion in 2025. INVESTMENT BANKThe bank will spin off its capital markets and advisory activities into a separate business as CS First Boston, in a renewal of a former brand. CS First Boston, will aim to attract third-party capital as well as a preferred long-term partnership with the new Credit Suisse. Credit Suisse will keep its Markets business, including the strongest trading business.

☆ Credit Suisse begins perilous ride to right place
▼ + stars: | 2022-10-27 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 27 (Reuters Breakingviews) - After years of botched strategies, Credit Suisse (CSGN.S) has finally hit the nail on the head. He’s also in exclusive talks with Apollo Global Management (APO.N) and PIMCO about selling the securitisation business, which bundles and slices mortgages for credit investors. It could fall even further if Credit Suisse eventually hives off the carved-out dealmaking business it is rebranding as CS First Boston, under former Citigroup (C.N) rainmaker Michael Klein. Those moves solve the central problem that has plagued Credit Suisse for years, and which former CEOs Thomas Gottstein and Tidjane Thiam failed to answer. The deposit outflow saw Credit Suisse breach liquidity requirements set by regulators of its legal subsidiaries.

☆ The evolution of Credit Suisse over 166 years
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +4 min

1990The group takes a controlling stake in U.S. investment bank CS First Boston and buys Bank Leu, a Swiss private bank. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. In March, U.S. investment fund Archegos implodes, saddling Credit Suisse with a $5.5 billion loss.

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