European private banks see worst drop in profit since 2008
Reduced investor inflows, rising costs and a weakening financial market led to the profit drop
Kenya has around 356 billionaires, 4th highest in Africa
73% of Kenya’s billionaires are from Nairobi
DBS to grow its global transaction business in Asia
The bank aims to grow its revenue from GTS in Vietnam by 30% and from the Guangdong-Hong Kong-Macau region by 55%
Singapore’s DBS plans to grow Thai wealth business to $8 bn by 2023
The bank has partnered with its subsidiary DBS Vickers Securities (Thailand) to achieve the target
DBS Bank to expand with hybrid human-robo portfolio
Next phase of expansion to be across Indonesia, Hong Kong, Taiwan, China and India
Kamco, Global merger creates largest asset manager in MENA
Kamco shareholders approved the company’s reduction of issued and paid up share capital from KD26.3 mn to KD23.7 mn
Emaar’s 10-year sukuk to generate 3.9% annual return
The sukuk is part of Emaar’s $2 billion trust certificate issuance programme
SMEs in Egypt secures E£146 bn funding from Central Bank of Egypt
Under the Central Bank of Egypt’s initiative, banks will offer soft loans with interest rate of 5% to 7%
Hong Kong’s newly licenced digital banks to operate from early 2020
The banks’ operations have been delayed owing to the current protests that has continued into the fourth month
Singapore’s Hong Leong to ally with fintechs for digital bank licence
The lender seeks to apply for one of the five licences to be issued by the Monetary Authority of Singapore in 2020
Vietnam central bank to control commercial bank phantom loans
Customers can use the balance of their savings accounts as collaterals to clear this type of loans