Burgan Bank has announced that it is launching a range of corporate cash management products and services for its corporate banking clients. These include traditional and new commercial banking services. Raed Al Haqhaq, chief banking officer-senior general manager, said, “We are delighted to introduce a wide variety of specialised products and services offering cost-effective end-to-end banking solutions that optimise cash …

HSBC plans to lay off up to three per cent of its 12,000-strong workforce in the Middle East and north africa as it seeks to cut costs to improve its competitiveness. “As part of a standard operational review of the business to ensure our competitiveness, we have identified an opportunity to improve efficiency through a small reduction of headcount,” it …

an “even higher level” of co-operation between saudi arabia and Korea has been called for by Khalid A. Al-Falih, president and CEO of the Saudi Arabian Oil Company). In addressing the Korean Chamber of Commerce in Seoul, he said he would like to see “strategic Korean Investments in various areas of the Saudi Arabian economy, including energyrelated fields”. In a …

Deutsche Bank is launching trade finance and corporate cash management services out of its branch in the Saudi capital Riyadh. They are focused on servicing the bank’s corporate and institutional clients, and include traditional and new commercial banking services such as international trade finance solutions and cash management, supporting customers at every stage of their business cycles. The bank is …

The future of trade and corporate finance was discussed when the Falcon Group held its second annual Trade & Corporate Finance Forum for the region’s CEOs and CFOs at Dubai’s Atlantis Palm in April. Lord Norman Lamont, former UK Chancellor of the exchequer, was the keynote speaker. Other speakers included Fabio Scacciavillani, Oman Investment Fund’s chief economist, and Daniel Schmand, …

Strong performance by the petrochemical sector because of higher global prices boosted the combined income of listed companies in saudi arabia by nearly 23 per cent in the fi rst quarter of 2011, according to a saudi investment fi rm. Despite the sharp fall in the profits of some firms, the combined earnings of the more than 120 companies trading …

Bank of Beirut’s net profit for the first quarter of 2011 rose by 1.38 per cent to $20m as compared to the first quarter of 2010, although assets and customer deposits jumped by 26.86 per cent and 36.11 per cent respectively.  Roger Dagher, chief financial officer of Bank of Beirut, said the remarkable growth of assets during the period was …

In a move that widens its role as a multilateral development bank, the arab Petroleum Investments Corporation (APICORP) has signed the accession agreement to the International Finance Corporation’s (IFC) Master Cooperation agreement (MCA). It is the first arab multilateral development bank to do this. The IFC’s Master Cooperation agreement promotes increased collaboration with international financial institutions to help standardise steps …

ADS Securities, the leading Abu Dhabi-based brokerage and trade services provider, was named the “Fastest newcomer” at the Middle East Forex Awards 2011. This recognised the significant volumes and client base that the company had built up in the short time since its start-up.

The Islamic Corporation for the Insurance of Investment & export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, and the african Trade Insurance agency (ATI), have signed a Memorandum of Understanding (MOU) that aims to provide greater cooperation to provide re-insurance support for trade transactions and projects that benefit exporters and investors conducting business in common member …

Two new treasury services leadership team appointments have been announced by BNY Mellon. Susan Skerritt now leads global product management and strategic development, and Alan Verschoyle-King was named head of global sales and relationship management. Both will report directly to J. David Cruikshank, chief executive officer of BNY Mellon Treasury services. Formerly head of business strategy, development and investment for …

The Managed secure Messaging service provided by British Telecommunications (BT) is now available to fi nancial institutions in the Middle east. The service allows the fi nancial community to exchange messages securely, reliably and in a non-repudiable manner over BT private networks and the internet for all of its business activities. The service is designed to meet the security requirements …

There are long-term opportunities for the Middle east and north africa despite the short-term challenges being faced because of unrest, according to the IMF. It believes that the region will have the chance “to lay the foundation for a socially inclusive and more dynamic growth model”. But, in the near term, countries face multiple pressures stemming from higher commodity prices …

Dear reader, Against the odds, trade picked up across many regions in 2010, according to the International Chamber of Commerce (ICC) Trade and Finance Global survey 2011. however, high-pricing meant that traders in many low-income countries still faced diffi culties accessing aff ordable trade finance. Our article on the subject in this issue quotes Pascal Lamy, director-general of the World …

The global downturn has provided bankers with a useful reminder of the solid income to be generated from providing core products. But there is a cost. PAUL MELLY reports. Competition and diversity make for a lively banking market in the United Arab Emirates which, despite the financial crisis of 15 months ago, remains a critical hub of business and financial …

MARC DOMAN, managing director of Invesco Cash Management, explains that risk management is now firmly on the agenda of corporate treasurers and shows how money market funds can fully address this issue As the epicentre of the global financial crisis slowly disappears into the mists of time, the recriminations, accusations and intimidations still echo around the world as to who …