emeafinance eNews - August 2009
Credit Suisse launches Mena equities fund
Credit Suisse has launched its first equities fund dedicated to the Middle East and North Africa (Mena).
Swedbank still faces downgrade after cash call
Baltic lender Swedbank remains on review for possible downgrade by Moody’s despite plans to bolster its balance sheet with a US$2bn rights issue.
Barclays exec targets sovereign wealth clients with new firm
Roger Jenkins, a renowned deal-maker and executive chairman of the Barclays Investment Banking business in the Middle East, will leave the bank to set up his own corporate finance advisory house.
Ukreximbank raises US$135mn new loan
Ukrainian state-owned Ukreximbank became the first Ukrainian bank to issue new debt since the credit crunch began, when it raised a US$135mn two-year deal in July.
Calyon appoints new head of global loan syndication
Calyon has announced the appointment of Jean-Francois Balay as head of global loan syndication group. He was appointed by Gilles de Dumast, deputy general manager, global head of coverage and investment banking and member of the executive committee.
SG hires new CEO for CEEMEA
Slawomir Krupa was appointed head of strategy and corporate development, and CEO of Central and Eastern Europe, Middle East and Africa at Société Générale in July.
SABB's chief economist leaves for Saudi Fransi
The chief economist of SABB, HSBC's Saudi affiliate, has left and will join Calyon's Saudi affiliate Banque Saudi Fransi.
Turkey issues third Eurobond this year
As part of its 2009 borrowing program, the Turkish treasury mandated Barclays Capital, Deutsche Bank and Goldman Sachs for the reopening of its dollar denominated notes due July 14, 2017.
Libya - prospects hampered by mixed messages
Despite Libya’s growing internationalisation as being a reasonably stable, tolerate and welcoming environment for investment, a reputation that is bolstered by a variety of customs duties and tax breaks for large projects, some UK investors are not short of criticism about the country’s lack of transparency and at times ambiguous and conflicting announcements from Libya’s key decision and policy makers. These issues, among others, were at times hotly debated at the Middle East Association’s Libya conference held in London on July 23.
Grinnell joins BarCap EMEA team
Barclays Capital, the investment banking division of Barclays Bank, has appointed Matt Grinnell, managing director, as head of financial sponsors within its investment banking division, EMEA.
Akbank chairman joins Chatham House as adviser
Chatham House has announced that Suzan Sabancı Dinçer, chairman and executive board member of Akbank, is joining the Chatham House panel of senior advisers.
Ras Al Khaimah completes US$400mn sukuk
On July 22, the Ras Al Khaimah government completed the formal documentation and signing for its US$400mn sukuk issue, with Standard Chartered Bank, BNP Paribas and Liquidity House acting as joint bookrunners.
Hungary raises €1bn bond issue
Hungary has successfully sold its first debt to foreign investors since the country had to be bailed out by the IMF last year. Investors ordered €2.9bn of securities, nearly six times the €500mn the government initially planned to raise.
Deutsche Bank advises on Polish motorway project
The Polish minister of infrastructure, Autostrada Wielkopolska S.A. II, the European Investment Bank and Deutsche Bank have officially signed agreements in Warsaw for the €1.6bn financing of the105km A2 motorway section Nowy Tomysl – Swiecko (at the German-Polish border).
Sudan's UCB gets new core banking system
United Capital Bank (UCB), an Islamic bank situated in Sudan, has signed an agreement with Path Solutions software house to revamp the bank’s core banking system.
US$10bn gas deal for Abu Dhabi National Oil Company
Abu Dhabi National Oil Company has entered into a joint venture with ConocoPhillips to develop the Shah gas field in the south of the United Arab Emirates, together with a natural gas processing plant, new natural gas, liquid and sulphur pipelines.
SEC issues largest sukuk of 2009 so far
Saudi Electricity Company (SEC) has issued a SR7bn (US$1.87bn) sukuk, the largest sukuk issue globally to date in 2009 and the first public issuance of 2009 in Saudi Arabia.
Swedbank plans US$2bn rights issue
Baltic lender Swedbank plans to raise SEK15bn (US$2bn) through its second rights issue in eight months.
New head of international banking for Mashreq
Mashreq has appointed John Iossifidis as the new executive vice-president and head of international banking. He will be responsible for developing Mashreq's business across the Middle East and North Africa.
ADIC names Sarwar new executive
Abu Dhabi Islamic Bank (ADIB), the region’s leading Islamic bank, has appointed Malik Sarwar as global wealth management executive.
Nigeria bails out banks, sacks CEOs
Nigeria’s central bank has sacked the heads of five of the country’s banks after an investigation revealed that poor corporate governance practices and risk management had led one into insolvency and the other four to the brink.
Irina Bauer joins AsiaUniversalBank board
Irina Bauer will join the board of directors of AsiaUniversalBank in August, overseeing the international activities of the bank.
Ukreximbank raises US$135mn new loan
Ukrainian state-owned Ukreximbank became the first Ukrainian bank to issue new debt since the credit crunch began, when it raised a US$135mn two-year deal in July.
Shearman & Sterling lawyer moves to Abu Dhabi
Shearman & Sterling project finance counsel, Iain Elder, will transfer to the firm’s Abu Dhabi office at the end of August as part of Shearman & Sterling’s continued commitment to the region.
Fairfax investment bank expands Middle East focus
Fairfax, the UK-headquartered investment bank, has announced the expansion of its operations in the Middle East, to capitalise both on its current activities there and what it sees as the long-term growth potential of the region.
Singapore - October 5-6, 2010
2nd Annual Asia Trade & Export Finance Conference
London - November 3-4, 2010
2nd Annual West Africa Trade & Commodity Finance Conference
Cairo - November 10-11, 2010
3rd Annual North Africa Trade & Investment Conference
Gothenburg - November 18, 2010
3rd Annual Nordic Region Trade & Export Finance Forum
Dubai - February 15-16, 2011
8th Annual Middle East Trade & Export Finance Conference
