Israel's Migdal plans $2B fintech investment; Zimbabwe banks' digitization push

The Zimbabwe Bankers' Allied Workers Union said that, of the 300 local bank branches, 10% were permanently closed, while a further 23 branches were temporarily closed. ➤ Up to 50% of Danish retail deposits hit by negative rates, with more to come Paying a negative interest rate on your deposit...

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Bibliographic Details
Published inSNL Financial Extra
Main Author Mukhopadhyay, Akankshita
Format Trade Publication Article
LanguageEnglish
Published New York SNL Financial LC 19.01.2021
Subjects
Bank technology
Banking industry
Biden, Joseph R Jr
Boards of directors
Branch banking
Central banks
Coronaviruses
COVID-19
Digitization
Infrastructure
Pandemics
Resignations
Saudi Arabia
Qatar
China
Europe
Africa
Zimbabwe
Israel
Kuwait
Riyadh Saudi Arabia
North America
Bahrain
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Summary:The Zimbabwe Bankers' Allied Workers Union said that, of the 300 local bank branches, 10% were permanently closed, while a further 23 branches were temporarily closed. ➤ Up to 50% of Danish retail deposits hit by negative rates, with more to come Paying a negative interest rate on your deposit account is becoming a reality for Mr. and Mrs. Denmark, as the average Danes are called in Danish. ➤ Wall Street critic, former CFTC chairman Gary Gensler named to lead SEC President-elect Joe Biden has tapped Gary Gensler to lead the U.S. Securities and Exchange Commission, a sign of the administration's plans to take an aggressive stance on Wall Street. Speaking to analysts, CFO Ramzi Mari reportedly said QNB will rebuild its banking team and information technology infrastructure in Riyadh. * Bahrain-based Ithmaar Holding BSC said its financial and legal advisers have started initial preparations for the potential sale of certain assets to Bank of Bahrain and Kuwait Bank of Bahrain & Kuwait BSC. * United Arab Emirates-based National Bank of Umm Al-Qaiwain PSC named Adnan al-Awadhi acting CEO. * The board of directors of Ahli Bank QPSC recommended the distribution of 15% of the Qatari lender's cash profit for 2020, subject to central bank and shareholder approval. * Fitch Ratings affirmed the long- and short-term issuer default ratings of Jordan-based Arab Bank Group at BB/B, along with those of Jordan Islamic Bank and Bank of Jordan at BB-/B. The regulator said the deals have helped improve the companies' financial solvency by boosting their capital. * The Capital Market Authority of Saudi Arabia imposed a 500,000 riyal fine on the former chairman and board members of Saudi Indian Co. for Cooperative Insurance Saudi Indian Company for Cooperative Insurance Wafa Insurance for violations of corporate governance regulations relating to the company's interim financial statements for the period ending September 2019. * Qatar's sovereign wealth fund is on the lookout for potential deals in Asian countries such as India, Malaysia, Singapore and China as part of efforts to diversify its investment portfolio heavily focused on North America and Europe, Bloomberg reported, citing Qatar Investment Authority Chairman Sheikh Mohammed bin Abdulrahman al-Thani. * Sunu Assurance began a process to take over German insurer Allianz SE's subsidiary in the Republic of the Congo, subject to regulatory approvals, sources told Financial Afrik.