Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam emails!
Advertise Your Business Here
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Financial and Banking News

Kuwait Invest Holding sells brokerage stake to EFG-Hermes

Financial newsKuwait Invest Holding Co said on Monday it sold a 50 percent stake in a brokerage unit to EFG-Hermes HRHO.CA, Egypt's largest investment bank by market value, for 33.4 million dinars ($124.4 million).

EFG-Hermes said in a statement the unit, Offset Holding KSC, owns 90% of Gulf Financial Brokerage Company, which has a 26 percent market share in Kuwait. Under the agreement, EFG-Hermes will assume the management and operation of Offset Holding and Gulf Financial, which will operate under the brand name EFG-Hermes IFA, the statement said.

"With no new brokerage licences being offered for sale in Kuwait on the Kuwaiti market and no foreseeable change to the regulatory environment, there is substantial scarcity value in acquiring interests in a Kuwaiti brokerage firm," EFG-Hermes Chief Executive Officer Hassan Heikal said in a statement.

The firm said Gulf Financial Brokerage made a net profit of 2.9 million Kuwaiti dinars in the first six months of 2008. Kuwait Invest made a net profit of 16.1 million dinars from the sale, which will be booked in the third quarter.

EFG-Hermes operates in Egypt, Saudi Arabia, the United Arab Emirates, Qatar, Lebanon Oman and now Kuwait.

Source: Reuters
Date: 18.08.2008 [186]

Financial and Banking News
 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

 📰 News Archive

2019 © Global Bank Directory | Rus