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BANKING

Deutsche Bank Moves Reconciliation Services to SmartStream to Further Improve Processing and Reduce Costs
June 20, 2018

(AETOS Wire) -- As part of its transformation strategy, Deutsche Bank has selected SmartStream Technologies’ Centre of Excellence (CoE) to provide an off-site operations platform - including three services which will allow the bank to streamline, simplify and reduce the costs of its reconciliations environment. With the growth in volume of reconciliations, the processing of large quantities of data has become complex. Many financial institutions are exploring utilities to ensure accuracy and cost savings. With the addition of the CoE to Deutsche Bank, SmartStream will provide the bank with three distinct managed services: Reconciliations On-Boarding, Production Support and Operational Reconciliation Services. The new services will improve processing of reconciliations by making it faster and more cost-effective. The integration of the overall service will be done in a phased approach, where Deutsche Bank will increase productivity and reduce costs through......

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IsDB President: “From a development bank into a bank of developers”
June 10, 2018

The Jeddah-based Islamic Development Bank (IsDB) will move hundreds of its staff outside Saudi Arabia and play a lead role in designing investment projects as the multilateral lender changes strategy under a new president.

With 57 member countries across four continents, operating assets of $16 billion and subscribed capital of $70 billion, the IsDB is a major lender to much of the Muslim"...

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Saudi’s PayTabs to Bet on Blockchain for Speedy Banking
June 9, 2018

Saudi-based payment solutions provider PayTabs wants to use blockchain, cryptocurrency, and artificial intelligence to improve the payment process, mainly SME (small and medium enterprise) bank transactions and remittance services, CEO Abdulaziz Al Jouf told Arabian Business.

PayTabs"...

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World Bank raises outlook for the growth of Saudi economy
June 9, 2018

The World Bank has raised its outlook for the growth of the Saudi economy for the current year to 1.8 percent, expecting it to strengthen by 2.1 percent to 2.3 percent in 2019 and 2020, Al Arabiya reports. According to the World Bank report on Global Economic Prospects for the month of June as published on its website, its projection for the Saudi Kingdom’s economy has increased for this year by 0.6 percent compared to January projections which was at 1.2 percent....

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Finance Ministry appoints 5 Saudi banks as primary dealers in govt securities
June 9, 2018

The Ministry of Finance, represented by the Debt Management Office (DMO), signed an agreement to appoint five Saudi banks as primary dealers in local government securities on Thursday. The accord was signed at the Ritz Carlton Hotel in Jeddah under the aegis of Minister of Finance Mohammed Bin Abdullah Al Jadaan.

The five financial institutions: Alinma Bank, Bank Al-Jazira, National Commercial Bank (NCB), Samba Financial Group and Saudi British Bank"...

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Moody’s Analytics Helps Lenders Make Smarter, Faster Decisions with Enhanced CreditLens™ Solution
June 4, 2018

(AETOS Wire) -- Moody’s Analytics, a global provider of financial intelligence, has enhanced its CreditLens™ platform with a release of functionality that provides easy access to financial data on banks around the globe, and new covenant and enhanced collateral monitoring capabilities. The CreditLens software supports our clients’ automation and digitization initiatives to enhance their lending decisions and growth objectives. Among the new capabilities is the integration of data from Bureau van Dijk, acquired last year by Moody’s Corporation. Users can now access the BankFocus database, which contains detailed financial information on 44,000 banks worldwide. With this integration, users can quickly import a bank’s financial data and have that data automatically spread in the CreditLens tool. BankFocus joins several other data sources already digitally integrated into the CreditLens solution, including the Moody’s Analytics......

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Seylan Bank partners with TeleMoney Services, Saudi Arabia
May 31, 2018

Seylan Bank PLC joined hands with the Arab National Bank (ANB), Saudi Arabia to further expand its remittance services to Sri Lanka. With this tie-up, the Bank will enable thousands of Sri Lankans working in Saudi Arabia to remit funds to their loved ones in real-time, through its money transfer arm TeleMoney.

ANB ranks among the 10 largest banks in the Middle East and it has an extensive"...

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Saudi Riyal coins to gradually replace notes
May 24, 2018

The Saudi Arabian Monetary Agency (SAMA) announced that new riyal coins will replace one riyal notes starting from Thursday, the Saudi Press Agency reported.
It said paper currencies will still be traded alongside the new coins until until all the one riyal notes are gradually phased out across banks, as planned.
SAMA said the coin has been coined under the patronage of King Salman and has received great attention and care, while relying on detailed studies"...

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Reform bonus for Saudi banks as profits surge
May 24, 2018

Saudi banks, which are working to capitalize on economic reforms, have defied recessionary trends by posting profits during the first quarter of 2018.

The banks have cumulatively reported a 7.5 percent year-on-year increase and an 18 percent quarter-on-quarter growth in net profit for the first quarter, thanks to lower interest expenses and provisioning charges.

“The"...

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Third Largest Bank in Saudi Arabia to Be Created With Alawwal and SABB Merger
May 21, 2018

Saudi British Bank (SABB) and Alawwal Bank have agreed to merge, in a move that would create the Kingdom’s third-biggest lender with assets of around $77 billion, the institutions announced on Wednesday.

The agreement will see SABB — 40 percent owned by the UK’s HSBC — acquire Alawwal, which is 40 percent owned by Royal Bank of Scotland — for 18.6 billion riyals"...

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