Kuwait lender reaffirms its commitment to healthy ... · Nogaholding, the holding company for oil...
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ARAB TIMES, WEDNESDAY, NOVEMBER 25, 2015 34 BUSINESS Kuwait lender reaffirms its commitment to healthy lifestyle and fitness Gulf Bank hails success of inaugural ‘Gulf Bank 642 Marathon’ KUWAIT CITY, Nov 24: Gulf Bank hails the success of the inaugural Gulf Bank 642 Marathon, the first accredit- ed international marathon road race ever to be held in Kuwait. The Bank also congratulates the winner in each race category, and extends its appreci- ation to those who participated and volunteered to make the event a suc- cess. Along with our partner, Pro-Vision Sports Management, we are happy to officially announce the winners (male and female) and their timings for each of the five race categories as: ■ Full Marathon (42-km): Yeha Elsayed (2:47:06) and Hannah Glendinning (3:47:17) ■ Half Marathon (21-km): Maali Babikir (1:13:45) and Samantha Hegarty (1:43:13) ■ Souq Run for regular runners (10- km): Fawaz Farhan (0:34:43) and Renata Hoppova (0:43:49) ■ Family Fun Run for beginners (5- km): Naif Rabea Shalan (0:19:27) and Irene Gibson (0:24:31) ■ Special Run for special needs (5- km): Faraj Sultan The race, which was held on Nov 14, welcomed 2,400 participants from 74 countries, and the participants were 64 percent male and 36 percent female. There were several teams of walkers and runners, from various organiza- tions and backgrounds. The route was along the Gulf Road and took in many of Kuwait’s famous local landmarks, including Seif Palace, Kuwait Towers, the National Library, the new Central Bank of Kuwait building, Souq Mubarakiya, and the Gulf Bank head- quarters office. The Bank was pleased that three of the race categories were accredited by the Association of International Marathons and Distance Races (AIMS) and the International Association of Athletics Federations (IAAF Athletics). AIMS is a member based organization of more than 380 of the world’s leading distance races from over 100 countries. IAAF Athletics is the world governing body for the sport of track and field athletics. Once a course is AIMS certified, only then is IAAF able to recognize any world records which might take place on the course. Three categories (10-km, 21- km, and 42-km distances) of the Gulf Bank 642 Marathon were AIMS certi- fied. These races now appear in the international calendar of races and serve as qualifying races for other events. The Gulf Bank 642 Marathon is the only full road race marathon to be held in Kuwait and is called 642 in ref- erence to the number of muscles in the human body. Gulf Bank sponsored the race to raise awareness about the importance of a healthy lifestyle and to encourage people in Kuwait to include regular exercise and physical activity as part of their daily life. The marathon has held on World Diabetes Day (WDD) to help raise awareness of the growing prob- lem of diabetes in Kuwait, and how exercise and fitness can play an impor- tant role in combating this major health issue. In the lead up to the event, the Bank and its partners held a social media competition where people shared their fitness journey in preparation for the Gulf Bank 642 Marathon. Two win- ners were selected and their prizes included a personalized health and fit- ness transformation program which included: 4 nutritional consultations by Dasman Diabetes Institute; 16 per- sonal training sessions by Circuit+ Gym; food supply by Quest; culinary classes and food supply by Saveco; and full training gear from Extreme Sports. On race day, all our partners were also on site for the event in the Souq Sharq pavilion area, where there were many other vendors and activities. We look forward to welcoming everyone to the Gulf Bank 642 Marathon in 2016! To find out more about the Gulf Bank 642 Marathon, visit the dedicated website at: www.gulfbank642marathon.com or its Instagram account GulfBank 642. Moody’s Investors Service, one of the leading rating agencies in the world, recently reaffirmed the Aa3 Insurance Financial Strength Rating (IFSR) of ICIEC for the 8th consecutive year. In its report, Moody’s noted that ICIEC’s rating reflects both the stand- alone fundamentals as well as poten- tial support from its shareholders/IDB Group member countries. Thus, despite the absence of explicit guar- antees, in the context of its key role as facilitator of trade between Islamic countries, ICIEC’s rating reflects the strong ability and potentially high will- ingness of ICIEC’s main ultimate shareholders, and in particular the IDB (Aaa Stable), and its Member Countries, to support the company in times of financial distress. Furthermore, the rating reflects ICIEC’s legal structure and business nature as the only multilateral export credit and investment insurance cor- poration in the world that provides Shariah-compatible insurance and reinsurance products, as well as its enhanced regional knowledge through its experience gained by operating in the region. Furthermore, Moody’s view positively ICIEC’s full membership in Berne Union of export credit insurers, which ensures that ICIEC meets the legal, risk man- agement and capitalisation require- ments for full membership. Moody’s reaffirms Aa3 rating of ICIEC Nogaholding, the holding company for oil and gas assets owned by the government of Bahrain, is seeking a $350 million sharia-compliant loan in what would be a first for the group, banking sources aware of the matter said on Tuesday. The firm joins a number of other oil and gas companies, including Saudi Aramco and Abu Dhabi National Energy Co., which have sought to raise money from banks in the past few months to help cushion their finances against the effects of lower oil prices. Nogaholding is looking to arrange the Islamic five-year loan before the end of the year, with the proceeds to be used for general business pur- poses, two sources aware of the matter said on condition of anonymi- ty as the information is not public. Nogaholding, which holds stakes in companies including Bahrain Petroleum Company (Bapco) and Bahrain National Gas Company (Banagas), could not immediately be reached for comment. The company was looking for an interest rate of around 250 basis points over the London interbank offered rate (Libor), but recent mar- ket moves could see this pushed up towards the 300 bps mark, according to one of the sources. (RTRS) Bahrain’s Nogaholding seeks debut $350 mln loan (Left): Participants at the start of the marathon. (Right): Participants seen in action during the event. (Left): Aerial view of the marathon. (Right): Photo shows special needs participant. Dari Al-Reshaid Al-Bader, Senior Director — Corporate strategy BD and M&A at Alghanim Industries. AUB head office. CAR at 16.4 pct in Dec 2014 IFSB releases second set of PSIFIs data for its members KUALA LUMPUR, Nov 24: The Islamic Financial Services Board (IFSB) is pleased to announce the second dissemination of its Prudential and Structural Islamic Financial Indicators (PSIFIs) from 16 member countries. The PSIFI data, which aims to provide data on the financial soundness and growth of the Islamic banking systems in par- ticipating IFSB member jurisdic- tions, covers the quarterly data from December 2013 to December 2014. Secretary-General of the IFSB, Mr Jaseem Ahmed stated that “The sup- port of multilateral organisations – such as the IMF, ADB and IDB – have greatly assisted the progress on this project. It is our aim to continue to expand the scope of the PSIFI to include the participation of new juris- dictions, as well as expansion of data to the Islamic capital market and Takaful sectors of the industry”. The first set of data was released on 27 April 2015 covering the period as of December 2013. The second release adds the indicators for the four quarters of 2014, with necessary adjustments and revisions to the ear- lier data set. It thus provides more complete data than the earlier release as many member jurisdictions have improved their data collection and consolidation framework for Islamic banking industry in line with the requirements of PSIFIs project. The Task Force on PSIFIs – which includes representatives from 16 member jurisdictions as well as inter- national organisations such as the IMF – updated some indicators after the first release to enhance their clar- ity and consistency across jurisdic- tions. In the new release, a number of jurisdictions have also started report- ing of the data on macroprudential indicators such as assets held by domestic systemically important banks, leverage ratio, as well as liq- uidity coverage ratio (LCR). Capital adequacy provides an important indication of health of financial soundness of banking indus- try in a jurisdiction. As at December 2014, the average capital adequacy ratio and average Tier 1 capital ratio from 13 jurisdictions were 16.4% and 14.6 % respectively, slightly lower than the ratios of 17.1% and 15.4% recorded as of December 2013 respectively. For other jurisdictions, these ratios were higher than 30%. Islamic banking industry in the PSIFIs member countries maintained a growth momentum in the key struc- tural Islamic financial indicators dur- ing periods under report. Based on the available data, the total assets of the Islamic banking industry grew from USD 1,200 billion in 2013 to USD 1,308 billion in 2014, with a growth rate of 9.0% (converting countrywide aggregated data into US dollar terms, at end period exchange rates). [The growth rate in total assets is, however, 12.8% when calculated at December 2013 exchange rates.] Total funding/liabilities recorded a double digit growth of 12.7% from USD 962 billion in 2013 to USD 1,084 billion in 2014. In terms of Shar¥`ah-compliant financing, the growth rate was 5.7%, which reached USD 688 billion in 2014 from USD 651 billion in 2013. The data on “financing by type of Shar¥`ah-compliant contracts” reveals that four major financing contracts used by Islamic banking industry in 2014 were: MurÇbahah (28.0%), commodity MurÇbahah/Tawwaruq (26.8%), IjÇrah/IjÇrah Muntahia Bittaml¥k (16.3%), and Bai Bithaman Ajil (5.8%). On asset quality indicators, gross non-performing financing ratio (gross non-performing financing to total financing) showed an improve- ment with a decrease from 6.4% in 2013 to 6.3% in 2014. A similar trend is also apparent in the net non-performing financing to capital ratio which decreased from 20.4% in 2013 to 20.2% in 2014. Event to take place in San Diego from Nov 25 to 28th Alghanim Industries sponsors NUKS USA Branch confab KUWAIT CITY, Nov 24: Alghanim Industries, one of the largest private companies in the region, has announced its sponsorship for the 32rd annual conference of the National Union of Kuwaiti Students (NUKS) USA Branch, the conference will take place from Nov 25 to 28 in San Diego, California, under the slogan of “Awakening Kuwait’s Dream”. Senior Director — Corporate Strategy, BD, and M&A at Alghanim Industries, Dari Al-Reshaid Al-Bader said: “We, at Alghanim Industries, value the role of education in developing the economy, and finding creative solutions for the challenges we face today. We seek to always be present in events that improve education and raise the stan- dard for Kuwaiti students, such as the annual conference of the National Union of Kuwaiti Students (NUKS).” He added: “This conference gathers Kuwaiti students from all areas of the United States. Students enjoy it as a social activity, while we see it as an important opportuni- ty to reach the maximum number of our special students. As part of our sponsorship this year, we will host a private workshop for merit scholars in the US, where we present to them different potential career paths and opportunities, with a few tips that will guide them in starting successful careers. Alghanim Industries will also sponsor a panel discussion entitled ‘She’s a Leader’ on women in leadership positions. In addition to that, we will have our employ- ees present to answer students’ questions about the company, and the opportunities to be part of Alghanim Industries. I am also excited to announce that I will be on the judging panel of the ‘Business Startup’ competition, taking place during the conference. In 2014, Alghanim Industries launched “Alghanim Industries Future Leaders Program” (AFLP) that extends over 12 months, and is designed to provide recent, high-potential Kuwaiti graduates with a comprehensive introduction to the different businesses and support func- tions in Alghanim Industries, including world-class training and development activities. The company also offers sum- mer internship opportunities for current university students, offering them expo- sure to the private sector culture and gain work experience during their summer holiday. ‘Award bears testimony to our efforts to be our clients’ trusted partners’ AUB named ‘Best Private Bank in Mideast’ MANAMA, Nov 24: Ahli United Bank Group has been recognised as ‘Best Private Bank in the Middle East’ by Global Finance, the leading international banking and finance publication. Global Finance said the world’s top providers of private banking and wealth management services were selected based on entry submissions, market research, input from industry analysts and executives, and other users of private banking services. “These awards provide an independent analysis of those firms that offer the deepest experience, best value and high- est level of customer service within the private banking realm,” said Joseph Giarraputo, publisher and editorial direc- tor of Global Finance. Prakash Mohan, Group Head, AUB, said: “We are gratified to see the quality and strength of our private banking serv- ices recognized by the world’s leading and most authoritative banking and finance publications. These distinguished awards bear testi- mony to our continued and successful efforts to be our clients’ trusted financial partners, providing them with world- class expertise, highly individualized service and tailor-made solutions which meet their specific objectives and needs”. “Our regional footprint means clients can benefit from our collective expert- ise, knowledge and resources across MENA markets while our well-estab- lished presence in the UK opens up a world of opportunities when it comes to managing and growing their hard earned wealth”. Senior trio leave UAE’s NBAD DUBAI, Nov 24, (RTRS): Three senior bankers have resigned from National Bank of Abu Dhabi, the United Arab Emirates’ largest bank by assets, sources aware of the matter told Reuters. Gary Dugan, chief investment officer and head of investment strategy, left the bank according to three of the sources, with one adding he would be joining Emirates NBD. The source did not say what Dugan’s position would be at Dubai’s largest lender, although he was previously chief investment officer of ENBD’s private banking arm prior to a role at Coutts, which he held before joining NBAD. Galen Moore, the head of NBAD’s equity market-making, has also left, three sources said. Two of the sources said Andrew Baxter, managing director of global markets e-com- merce, had left the bank as well. A spokesman for NBAD declined to comment on the departures and ENBD’s spokesman did not immediately respond to a request for comment in relation to Dugan. Until recently, NBAD had embarked on a period of heavy recruitment as it built up its focus on emerging markets from West Africa to East Asia. Moore and Baxter worked within the bank’s global markets business, which provides trading services in domestic, regional and international markets, according to NBAD’s website.
Transcript of Kuwait lender reaffirms its commitment to healthy ... · Nogaholding, the holding company for oil...
ARAB TIMES, WEDNESDAY, NOVEMBER 25, 2015
34BUSINESS
Kuwait lender reaffirms its commitment to healthy lifestyle and fitness
Gulf Bank hails success of inaugural ‘Gulf Bank 642 Marathon’KUWAIT CITY, Nov 24: Gulf Bankhails the success of the inaugural GulfBank 642 Marathon, the first accredit-ed international marathon road raceever to be held in Kuwait. The Bankalso congratulates the winner in eachrace category, and extends its appreci-ation to those who participated andvolunteered to make the event a suc-cess.
Along with our partner, Pro-VisionSports Management, we are happy toofficially announce the winners (maleand female) and their timings for eachof the five race categories as: ■ Full Marathon (42-km): YehaElsayed (2:47:06) and HannahGlendinning (3:47:17)■ Half Marathon (21-km): MaaliBabikir (1:13:45) and SamanthaHegarty (1:43:13)■ Souq Run for regular runners (10-km): Fawaz Farhan (0:34:43) andRenata Hoppova (0:43:49) ■ Family Fun Run for beginners (5-km): Naif Rabea Shalan (0:19:27) andIrene Gibson (0:24:31)■ Special Run for special needs (5-km): Faraj Sultan
The race, which was held on Nov 14,welcomed 2,400 participants from 74countries, and the participants were 64percent male and 36 percent female.There were several teams of walkersand runners, from various organiza-tions and backgrounds. The route wasalong the Gulf Road and took in manyof Kuwait’s famous local landmarks,
including Seif Palace, Kuwait Towers,the National Library, the new CentralBank of Kuwait building, SouqMubarakiya, and the Gulf Bank head-quarters office.
The Bank was pleased that three ofthe race categories were accredited bythe Association of InternationalMarathons and Distance Races (AIMS)and the International Association ofAthletics Federations (IAAFAthletics). AIMS is a member basedorganization of more than 380 of theworld’s leading distance races from
over 100 countries. IAAF Athletics isthe world governing body for the sportof track and field athletics. Once acourse is AIMS certified, only then isIAAF able to recognize any worldrecords which might take place on thecourse. Three categories (10-km, 21-km, and 42-km distances) of the GulfBank 642 Marathon were AIMS certi-fied. These races now appear in theinternational calendar of races andserve as qualifying races for otherevents. The Gulf Bank 642 Marathon isthe only full road race marathon to be
held in Kuwait and is called 642 in ref-erence to the number of muscles in thehuman body.
Gulf Bank sponsored the race toraise awareness about the importanceof a healthy lifestyle and to encouragepeople in Kuwait to include regularexercise and physical activity as part oftheir daily life. The marathon has heldon World Diabetes Day (WDD) to helpraise awareness of the growing prob-lem of diabetes in Kuwait, and howexercise and fitness can play an impor-tant role in combating this major health
issue. In the lead up to the event, the Bank
and its partners held a social mediacompetition where people shared theirfitness journey in preparation for theGulf Bank 642 Marathon. Two win-ners were selected and their prizesincluded a personalized health and fit-ness transformation program whichincluded: 4 nutritional consultationsby Dasman Diabetes Institute; 16 per-sonal training sessions by Circuit+Gym; food supply by Quest; culinaryclasses and food supply by Saveco;
and full training gear from ExtremeSports.
On race day, all our partners werealso on site for the event in the SouqSharq pavilion area, where there weremany other vendors and activities. Welook forward to welcoming everyoneto the Gulf Bank 642 Marathon in2016!
To find out more about the GulfBank 642 Marathon, visit the dedicatedwebsite at:www.gulfbank642marathon.com or itsInstagram account GulfBank 642.
Moody’s Investors Service, one of theleading rating agencies in the world,recently reaffirmed the Aa3 InsuranceFinancial Strength Rating (IFSR) ofICIEC for the 8th consecutive year.
In its report, Moody’s noted thatICIEC’s rating reflects both the stand-alone fundamentals as well as poten-tial support from its shareholders/IDBGroup member countries. Thus,despite the absence of explicit guar-antees, in the context of its key role
as facilitator of trade between Islamiccountries, ICIEC’s rating reflects thestrong ability and potentially high will-ingness of ICIEC’s main ultimateshareholders, and in particular theIDB (Aaa Stable), and its MemberCountries, to support the company intimes of financial distress.
Furthermore, the rating reflectsICIEC’s legal structure and businessnature as the only multilateral exportcredit and investment insurance cor-
poration in the world that providesShariah-compatible insurance andreinsurance products, as well as itsenhanced regional knowledgethrough its experience gained byoperating in the region. Furthermore,Moody’s view positively ICIEC’s fullmembership in Berne Union ofexport credit insurers, which ensuresthat ICIEC meets the legal, risk man-agement and capitalisation require-ments for full membership.
Moody’s reaffirms Aa3 rating of ICIEC
Nogaholding, the holding companyfor oil and gas assets owned by thegovernment of Bahrain, is seekinga $350 million sharia-compliantloan in what would be a first for thegroup, banking sources aware ofthe matter said on Tuesday.
The firm joins a number of otheroil and gas companies, includingSaudi Aramco and Abu DhabiNational Energy Co., which havesought to raise money from banks
in the past few months to helpcushion their finances against theeffects of lower oil prices.
Nogaholding is looking to arrangethe Islamic five-year loan before theend of the year, with the proceeds tobe used for general business pur-poses, two sources aware of thematter said on condition of anonymi-ty as the information is not public.
Nogaholding, which holds stakesin companies including Bahrain
Petroleum Company (Bapco) andBahrain National Gas Company(Banagas), could not immediatelybe reached for comment.
The company was looking for aninterest rate of around 250 basispoints over the London interbankoffered rate (Libor), but recent mar-ket moves could see this pushedup towards the 300 bps mark,according to one of the sources.(RTRS)
Bahrain’s Nogaholding seeks debut $350 mln loan
(Left): Participants at the start of the marathon. (Right): Participants seen in action during the event.
(Left): Aerial view of the marathon. (Right): Photo shows special needs participant.
Dari Al-Reshaid Al-Bader, SeniorDirector — Corporate strategy BD
and M&A at Alghanim Industries.
AUB head office.
CAR at 16.4 pct in Dec 2014
IFSB releases second set ofPSIFIs data for its membersKUALA LUMPUR, Nov 24: TheIslamic Financial Services Board(IFSB) is pleased to announce thesecond dissemination of itsPrudential and Structural IslamicFinancial Indicators (PSIFIs) from 16member countries. The PSIFI data,which aims to provide data on thefinancial soundness and growth ofthe Islamic banking systems in par-ticipating IFSB member jurisdic-tions, covers the quarterly data fromDecember 2013 to December 2014.
Secretary-General of the IFSB, MrJaseem Ahmed stated that “The sup-port of multilateral organisations –such as the IMF, ADB and IDB –have greatly assisted the progress onthis project. It is our aim to continueto expand the scope of the PSIFI toinclude the participation of new juris-dictions, as well as expansion of datato the Islamic capital market andTakaful sectors of the industry”.
The first set of data was releasedon 27 April 2015 covering the periodas of December 2013. The secondrelease adds the indicators for thefour quarters of 2014, with necessaryadjustments and revisions to the ear-lier data set. It thus provides morecomplete data than the earlier releaseas many member jurisdictions haveimproved their data collection andconsolidation framework for Islamicbanking industry in line with therequirements of PSIFIs project.
The Task Force on PSIFIs – whichincludes representatives from 16member jurisdictions as well as inter-national organisations such as theIMF – updated some indicators afterthe first release to enhance their clar-ity and consistency across jurisdic-tions. In the new release, a number ofjurisdictions have also started report-ing of the data on macroprudentialindicators such as assets held bydomestic systemically importantbanks, leverage ratio, as well as liq-uidity coverage ratio (LCR).
Capital adequacy provides an
important indication of health offinancial soundness of banking indus-try in a jurisdiction. As at December2014, the average capital adequacyratio and average Tier 1 capital ratiofrom 13 jurisdictions were 16.4% and14.6 % respectively, slightly lowerthan the ratios of 17.1% and 15.4%recorded as of December 2013respectively. For other jurisdictions,these ratios were higher than 30%.
Islamic banking industry in thePSIFIs member countries maintaineda growth momentum in the key struc-tural Islamic financial indicators dur-ing periods under report. Based on theavailable data, the total assets of theIslamic banking industry grew fromUSD 1,200 billion in 2013 to USD1,308 billion in 2014, with a growthrate of 9.0% (converting countrywideaggregated data into US dollar terms,at end period exchange rates). [Thegrowth rate in total assets is, however,12.8% when calculated at December2013 exchange rates.] Totalfunding/liabilities recorded a doubledigit growth of 12.7% from USD 962billion in 2013 to USD 1,084 billion in2014. In terms of Shar¥`ah-compliantfinancing, the growth rate was 5.7%,which reached USD 688 billion in2014 from USD 651 billion in 2013.The data on “financing by type ofShar¥`ah-compliant contracts” revealsthat four major financing contractsused by Islamic banking industry in2014 were: MurÇbahah (28.0%),commodity MurÇbahah/Tawwaruq(26.8%), IjÇrah/IjÇrah MuntahiaBittaml¥k (16.3%), and Bai BithamanAjil (5.8%).
On asset quality indicators, grossnon-performing financing ratio(gross non-performing financing tototal financing) showed an improve-ment with a decrease from 6.4% in2013 to 6.3% in 2014.
A similar trend is also apparent inthe net non-performing financing tocapital ratio which decreased from20.4% in 2013 to 20.2% in 2014.
Event to take place in San Diego from Nov 25 to 28th
Alghanim Industries sponsors NUKS USA Branch confabKUWAIT CITY, Nov 24: Alghanim Industries, one of the largest private companies inthe region, has announced its sponsorship for the 32rd annual conference of theNational Union of Kuwaiti Students (NUKS) USA Branch, the conference will takeplace from Nov 25 to 28 in San Diego, California, under the slogan of “AwakeningKuwait’s Dream”.
Senior Director — Corporate Strategy, BD, and M&A at Alghanim Industries, DariAl-Reshaid Al-Bader said: “We, at Alghanim Industries, value the role of education indeveloping the economy, and finding creative solutions for the challenges we face
today. We seek to always be present in events that improve education and raise the stan-dard for Kuwaiti students, such as the annual conference of the National Union ofKuwaiti Students (NUKS).”
He added: “This conference gathers Kuwaiti students from all areas of the UnitedStates. Students enjoy it as a social activity, while we see it as an important opportuni-ty to reach the maximum number of our special students. As part of our sponsorship thisyear, we will host a private workshop for merit scholars in the US, where we present tothem different potential career paths and opportunities, with a few tips that will guide
them in starting successful careers.Alghanim Industries will also sponsor apanel discussion entitled ‘She’s a Leader’on women in leadership positions. Inaddition to that, we will have our employ-ees present to answer students’ questionsabout the company, and the opportunitiesto be part of Alghanim Industries. I amalso excited to announce that I will be onthe judging panel of the ‘BusinessStartup’ competition, taking place duringthe conference.
In 2014, Alghanim Industries launched“Alghanim Industries Future LeadersProgram” (AFLP) that extends over 12months, and is designed to providerecent, high-potential Kuwaiti graduateswith a comprehensive introduction to thedifferent businesses and support func-tions in Alghanim Industries, includingworld-class training and developmentactivities. The company also offers sum-mer internship opportunities for currentuniversity students, offering them expo-sure to the private sector culture and gainwork experience during their summerholiday.
‘Award bears testimony to our efforts to be our clients’ trusted partners’
AUB named ‘Best Private Bank in Mideast’MANAMA, Nov 24: Ahli United BankGroup has been recognised as ‘BestPrivate Bank in the Middle East’ byGlobal Finance, the leading internationalbanking and finance publication.
Global Finance said the world’s topproviders of private banking and wealthmanagement services were selectedbased on entry submissions, marketresearch, input from industry analystsand executives, and other users of privatebanking services.
“These awards provide an independentanalysis of those firms that offer thedeepest experience, best value and high-est level of customer service within theprivate banking realm,” said JosephGiarraputo, publisher and editorial direc-tor of Global Finance.
Prakash Mohan, Group Head, AUB,said: “We are gratified to see the qualityand strength of our private banking serv-ices recognized by the world’s leadingand most authoritative banking andfinance publications.
These distinguished awards bear testi-mony to our continued and successfulefforts to be our clients’ trusted financialpartners, providing them with world-class expertise, highly individualizedservice and tailor-made solutions whichmeet their specific objectives andneeds”.
“Our regional footprint means clientscan benefit from our collective expert-ise, knowledge and resources acrossMENA markets while our well-estab-lished presence in the UK opens up aworld of opportunities when it comes tomanaging and growing their hard earnedwealth”.
Senior trio leave UAE’s NBADDUBAI, Nov 24, (RTRS): Three seniorbankers have resigned from NationalBank of Abu Dhabi, the United ArabEmirates’ largest bank by assets, sourcesaware of the matter told Reuters.
Gary Dugan, chief investment officer andhead of investment strategy, left the bankaccording to three of the sources, with oneadding he would be joining Emirates NBD.
The source did not say what Dugan’sposition would be at Dubai’s largestlender, although he was previously chiefinvestment officer of ENBD’s privatebanking arm prior to a role at Coutts,which he held before joining NBAD.
Galen Moore, the head of NBAD’s equity
market-making, has also left, three sourcessaid. Two of the sources said Andrew Baxter,managing director of global markets e-com-merce, had left the bank as well.
A spokesman for NBAD declined tocomment on the departures and ENBD’sspokesman did not immediately respond toa request for comment in relation to Dugan.
Until recently, NBAD had embarked ona period of heavy recruitment as it built upits focus on emerging markets from WestAfrica to East Asia. Moore and Baxterworked within the bank’s global marketsbusiness, which provides trading servicesin domestic, regional and internationalmarkets, according to NBAD’s website.
