LONDON: Global credit rating agency, news publisher and data analytics provider, AM Best has said that from an operational point of view, the United Kingdom’s departure from the European Union on 31 January 2020 will have little immediate impact on insurers in the U.K. and EU that it rates. However, it adds that trade negotiations…
Category: Australian Exchange
Australian Securities Exchange news today and company announcements regarding mergers, acquisitions, appointments, expansion and technology of companies listed on Australian Securities Exchange (ASX).
Klarna launches in Australia with CBA
SYDNEY: Commonwealth Bank customers will be able to benefit immediately from using one of the world’s largest and most innovative buy now pay later online shopping services following Thursday’s official launch of Klarna Australia. By accessing Klarna through the country’s market-leading banking app, CBA customers can quickly register and begin shopping at any online store….
PSC Insurance to acquire Australian Unity for $1.56mn
MELBOURNE: PSC Insurance Group (PSI) has entered into an agreement to acquire the general insurance broking business of Australian Unity (AU). Australian Unity have general insurance broking operations predominantly in Sydney which generates approximately $625,000 of revenue pa. PSI will be purchasing the business of AU for approximately $1.56 million which represents 2.5x revenue. Key…
Nasdaq’s net revenues surge to $2.535bn in 2019
NEW YORK: Nasdaq, Inc. has net revenues of $2.535 billion for the full year 2019, an increase of $9 million from $2,526 million in the prior year. The full year increase in net revenues included a $112 million positive impact from organic growth in the non-trading segments, partially offset by a $29 million organic decrease…
Moody’s assigns an A2 IFS Rating to Oman Insurance
DUBAI: Moody’s Investor Services has assigned an A2 Insurance Financial Strength (IFS) rating to Oman Insurance Company citing its outlook as ‘Stable’. Moody’s, alongside S&P, is the largest credit rating agency worldwide. According to Moody’s, this rating reflects Oman Insurance Company’s strong market position and franchise in the Middle East region, well diversified business profile…
Cabot Square Alternatives seeks to raise £200mn through an IPO on LSE
LONDON: Cabot Square Alternatives PLC has expressed intention to seek admission to the premium listing category of the Official List and to trading on the Main Market of the London Stock Exchange (LSE) through an initial public offering (IPO). As part of the IPO, the Company is seeking to raise £200 million, by way of…
Emirates NBD posts net profit if AED 14.5bn in 2019
DUBAI: Emirates NBD, a leading bank in the region, has posted 44% growth in net profit to AED 14.5 billion for the year ended December 31, 2019 Net interest income increased 26% due to loan growth and non-interest income grew 38% due to higher foreign exchange and credit card related income. Core operating profit grew…
Emirates Islamic’s net profit surpasses AED 1.0bn mark for the first time
DUBAI: Emirates Islamic (EIB), one of the leading Islamic financial institutions in the UAE, has reported a strong set of results with net profit of AED 1.061 billion for the year ended December 31, 2019, surpassing the one billion dirham mark for the first time. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman…
Pauline Blight-Johnston appointed CEO and MD of Genworth Mortgage Insurance Australia
SYDNEY: Genworth Mortgage Insurance Australia Limited announced that Ms. Pauline Blight-Johnston has been appointed Chief Executive Officer and Managing Director; her appointment will take effect on Monday, 2 March 2020. Ms. Blight-Johnston takes over from Mr. Duncan West who was appointed acting CEO effective 1 January 2020. Mr. West will continue to serve as an…
Financial strength rating of Florida Family Insurance Group downgraded with stable outlook
OLDWICK: Global credit rating agency, AM Best has downgraded the Financial Strength Rating (FSR) of Florida Family Insurance Company (FFIC) and its subsidiary, Florida Family Home Insurance Company (FFHIC), while the outlook of the FSR has been revised to stable from negative while the outlook for the Long-Term ICR remains negative. Both companies are domiciled…
First Abu Dhabi Bank intends to acquire Bank Audi Egypt
ABU DHABI: First Abu Dhabi Bank (FAB) has entered into exclusive discussions with Bank Audi to acquire its fully owned subsidiary in Egypt, Bank Audi Egypt. A working group has been formed to assess the potential acquisition. At the current time, no valuations have been announced and there is no certainty that these discussions will…
QSE closes registration for its Financial Education Competition for Universities
DOHA: Qatar Stock Exchange (QSE) has closed registration for its second annual Financial Education Competition for Universities, whose final ceremony will be held and its prizes will be presented on March 17, 2020. Students’ teams from seven universities/colleges are participating in the event including: The second edition of this competition represents Qatar Stock Exchange’s commitment…