National Bank of Egypt receives preliminary approval for Banque Misr UAE acquisition
The National Bank of Egypt received preliminary UAE regulatory approval to acquire Banque Misr’s local branches, advancing a proposed consolidation that remains subject to legal and procedural requirements.
PhonePe secures two UAE in-principle approvals for planned payments expansion
PhonePe secured in-principle UAE approval for two licences covering retail payments, card schemes and stored value facilities, while final regulatory clearance remains necessary before the Indian fintech can begin commercial operations.
Paymob raises $35 million to expand payments across Middle East
Egypt-founded payments company Paymob raised $35 million in a pre-Series C round led by Mubadala and EBRD to broaden its merchant-payment services across the region.
Al Baraka Bank Egypt executes share swap for Al Tawfeeq
Al Baraka Bank Egypt completed a share-swap transaction for 273.722 million Al Tawfeeq Leasing shares at a ratio of 0.1919 bank share per leasing share.
Qatar Investment Authority announces plans for $20 billion JPMorgan asset partnership
Qatar Investment Authority and JPMorgan Asset Management announced plans for a $20 billion partnership that would allocate $15 billion to global equities and $5 billion to US middle-market private credit.
IMF urges Lebanon to protect depositors before sharing banking sector losses
The IMF urged Lebanon to revise its deposit recovery framework after a Beirut mission, saying shareholders and junior creditors should absorb losses before depositors as banking restructuring advances.
Central Bank of Oman raises its repo rate to 4.5%
The Central Bank of Oman raised its repo rate by 25 basis points to 4.5% from 17 September, citing the fixed exchange-rate system and financial stability.
Turkey revokes Bank Mellat’s operating licence after 44-year local presence
Turkey’s banking regulator revoked Bank Mellat’s Istanbul branch licence under provisions covering risks to depositors and financial stability, ending the Iranian lender’s 44-year local presence.
Qatar Central Bank raises three policy rates by 25 basis points
Qatar Central Bank raised its deposit, repo and lending rates by 25 basis points, taking them to 4.10%, 4.35% and 4.60%, respectively, across its monetary-policy framework.
Citi adds Mastercard subscription controls for UAE cardholders
Citi and Mastercard launched Smart Subscriptions in the UAE, allowing cardholders to view, identify and manage recurring digital payments directly through Citi’s mobile-banking application.
SAMA announces Tap to Pay on iPhone for Saudi merchants
SAMA said Tap to Pay on iPhone would soon let Saudi merchants accept mada, contactless cards and digital wallets directly on compatible devices through near-field communication.
UAE central bank lifts benchmark rate to 3.9% after Fed increase
The UAE Central Bank raised its base rate by 25 basis points to 3.9%, effective 17 September, after the Federal Reserve increased US interest rates.