LONDON, UK: TBC Bank Group’s subsidiary JSC TBC Bank has signed a loan agreement in the amount of GEL (lari) 90 million with the European Investment Bank (EIB) to finance micro, small and medium size businesses in Georgia and support the development of private enterprise. The funds are available to draw either in EUR, USD…
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EFG Hermes enters insurance business with proposed acquisition of Tokio Marine Egypt
CAIRO, EGYPT: EFG Hermes announced entry into a definitive sale and purchase agreement (SPA) to acquire a 75% stake in life insurance player Tokio Marine Egypt Family Takaful in a deal worth EGP 84.75 million. Under the agreement, which is subject to regulatory approval, EFG Hermes Finance and GB Capital will each own 37.5% of…
SICO becomes issue execution advisor to proposed acquisition of BISB by National Bank of Bahrain
MANAMA, BAHRAIN: SICO BSC has been recently appointed as issue execution advisor, receiving agent, and allotment agent in the proposed voluntary acquisition of Bahrain Islamic Bank (BISB) by National Bank of Bahrain (NBB). SICO BSC is a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB).…
Founders First Limited successfully lists on the Australian Securities Exchange
SYDNEY, AUSTRALIA: Founders First Limited has announced the successful completion of its Initial Public Offer and listing on the Australian Securities Exchange (ASX). Founders First funds many different growth strategies; including acquisitions, sales & marketing, expansion rollouts, exporting and fixed assets. Founders First Limited raised $15.78 million comprising 31.561 million new, fully paid ordinary shares…
EIB announces EUR 60 billion funding programme for 2020
LONDON: The European Investment Bank (EIB) has estimated its funding needs for 2020 at EUR 60 billion.The EIB has completed its 2019 funding programme of EUR 50.3 billion – in line with the funding authorization announced for the year. The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by…
AM Best assigns credit ratings to new members of Westfield Group
OLDWICK: AM Best has assigned the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” to Westfield Champion Insurance Company, Westfield Premier Insurance Company, Westfield Superior Insurance Company and Westfield Touchstone Insurance Company. The outlook assigned to these Credit Ratings (ratings) are stable. These companies are newly…
Oakley to sale its stake in WebPros Group
LONDON, UK: Oakley Capital Investments Limited announced that Oakley Capital Private Equity III and other co-investors have reached an agreement to sell their stakes in WebPros Group, a leading provider of web hosting automation software, to CVC Fund VII. In addition, Oakley Capital IV will invest $200 million alongside CVC Fund VII as a minority…
EFG Hermes successfully concludes advisory on landmark Aramco IPO
RIYADH, KSA: EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), announced that its investment banking team has successfully completed advisory on Saudi Aramco’s USD 29.4 billion IPO on Tadawul, the largest IPO on record. EFG Hermes acted as joint bookrunner on the transaction. “We are incredibly proud to have been a…
Comments on credit ratings of ARABIA Insurance Company
BEIRUT: AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Lebanon based ARABIA Insurance Company (AIC), both with a negative outlook, remain unchanged despite the increased social, political and economic uncertainty in Lebanon. In October 2019, demonstrations spread across Lebanon, rapidly…
AM Best maintains U.S. commercial lines insurance market outlook at stable
NEW YORK: AM Best has maintained a market segment outlook of stable on the U.S. commercial lines industry for 2020, citing factors such as improved market conditions and solid levels of risk-adjusted capitalization that have helped insurers weather short-term profitability challenges. A new Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Commercial Lines,” notes…
FRC imposes sanctions against Grant Thornton UK
LONDON: The Financial Reporting Council (FRC) has announced sanctions against Grant Thornton UK LLP and one of its Audit Engagement Partners in relation to the statutory audit of the 2016 financial statements of a publicly listed company. The sanctions are: A fine of £650,000 for Grant Thornton (discounted for admissions and early disposal to £422,500),…
AM Best upgrades ratings of Petroleum Marketers Management Insurance Company
OLDWICK: AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Petroleum Marketers Management Insurance Company. The outlook of these Credit Ratings has been revised to stable from positive. The ratings reflect PMMIC’s balance sheet strength, which AM Best categorizes…