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German prosecutors investigate Deutsche Bank AG employees over alleged $1.1m Saudi payment
January 28, 2020

German prosecutors are investigating two former Deutsche Bank AG employees for allegedly paying $1.1 million to secure the wealth management business of a senior Saudi royal, the Financial Times reported.

The money transfers were arranged in 2011 and 2012, along with other perks, including an internship and a seminar at a Swiss ski resort, according to the results of an international probe,"...

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Saudi riyal included in Buna payment platform
January 27, 2020

The Arab Monetary Fund has announced the inclusion of the Saudi riyal along with the US dollar and euro among other initial currencies to be supported and settled by the Buna Payment Platform.

Buna is a multi-currency payment platform that supports cross-border payments in eligible local and international currencies across the Arab region and beyond, with links to the major trading partners, reported Emirates news agency Wam.

Buna employs"...

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Saudi Arabia kicks off bond offering as Gulf tensions ease
January 22, 2020

Saudi Arabia is set to issue its first Eurobond of the year as tensions in the Middle East over the US’s assassination of Iranian commander Qassem Soleimani ease.

The kingdom is taking advantage of low borrowing costs globally and looking to plug part of its growing budget deficit by issuing around $32 billion of external debt over the course of the year.

Tuesday’s"...

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JPMorgan sees scope for Saudi Aramco stock gains
January 16, 2020

DUBAI: JPMorgan is the first major brokerage to initiate coverage of Saudi Aramco with an “overweight,” setting a price target of SR37 ($9.86) per share and saying it sees scope for an increase in the energy giant’s proposed $75 billion base dividend.

“Aramco is unique. In terms of quality of assets, scale and profitability it dwarfs just about any company globally,”"...

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Most investment banks bearish over Saudi Aramco stock
January 16, 2020

While shareholders greeted Saudi Aramco’s record initial public offering enthusiastically, the investment banks on the deal aren’t so bullish, with most recommending investors avoid the stock as they kicked off research coverage.

Of the 13 banks tracked by Bloomberg that have begun following the stock, two recommend buying, seven have hold ratings and four say sell.

The"...

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Bank of America Reports Fourth-Quarter 2019 Financial Results
January 15, 2020

Bank of America reported its fourth-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200115005410/en/

Saudi Arabia grants license to Bank of China
January 8, 2020

RIYADH: The Saudi Cabinet on Tuesday approved the granting of a license to Bank of China to operate in the Kingdom and authorized the finance minister to decide on any request to open more branches.
King Salman chaired the weekly Cabinet session at Al-Yamamah Palace in Riyadh during which the Ministry of Culture was also authorized to supervise the National Museum at King Abdul Aziz Historical Center. The culture minister was authorized to form the museum’s"...

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Turkey’s Smartest Mobile Assistant from VakıfBank Uses Sestek’s AI-powered Technology
January 7, 2020

VakıfBank, Turkey's fourth-largest bank, introduced a new banking assistant, “ViBi” to its mobile banking app, which currently has 4.2 million users. The assistant, developed in partnership with Sestek, a leading AI and speech technologies company. The “mobile banking assistant” which went live in only 8 months, can answer more than 5,000 questions and perform more than 300 banking transactions. Thanks to Sestek’s conversational"...

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Saudi British Bank appoints Lubna Olayan as chairwoman for three-year term
January 2, 2020

Saudi British Bank, the kingdom's third-biggest lender by assets, appointed Lubna Suliman Olayan as chairwoman and Hassana Investment Company's Saad Abdul Muhsin Al-Fadhli as its vice-chairman for three-year terms starting from Wednesday.

The appointments were made after receiving a notice of no objection by the Saudi Arabian Monetary Authority, the lender said in a statement on"...

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Saudi mortgage loans soar in 2019, with $18bn offered in year up until November
January 2, 2020

Over 155,000 mortgage loans worth SR69 billion ($18bn) have been offered throughout 2019 up until November.

Figures released by the Saudi Arabian Monetary Authority (SAMA) show the number of housing loans was up 254 percent, while volume saw a 167 percent increase.

The monthly bulletin revealed that newly signed"...

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