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Barclays to sell UAE retail ops to Abu Dhabi Islamic Bank for $177m

Reuters – Barclays has agreed to sell its retail banking operations in the United Arab Emirates to Abu Dhabi Islamic Bank (ADIB) for an expected price of AED 650m ($177m), ADIB said on Sunday. The emirate’s largest Islamic bank said it aimed to acquire 110,000 customers through the deal, helping it expand into serving expatriates, …

Daily News Egypt

Prosperity of the East’s nouveau riche moves toward entanglement with the West

By Rasheed Hammouda No event more perfectly captures the changing relationship between the Gulf powers and their western counterparts than the ongoing investigation into the 2008 Barclays bailout by Qatar. It was reported earlier this year that the nearly year-long investigation by the UK’s Financial Services Authority and Serious Fraud Office has turned to investigating …

Daily News Egypt

Moody’s downgrade gives edge to safe-haven banks

(Reuters) – Major ratings downgrades by Moody’s will further divide the world’s biggest banks based on their strength and access to cheap customer deposits. The ratings, released Thursday by Moody’s Investors Service, gave a competitive advantage to “safe-haven” banks that fund themselves with stable, low-cost customer deposits, while worsening the outlook for weaker banks that …

Daily News Egypt

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