Content area
Full Text
MIDDLE EAST AND NORTH AFRICA
* MEDGULF Cooperative Insurance and Reinsurance Co. denied reports that it was looking into putting itself up for sale and that it had appointed Saudi Fransi Capital to help with exploring strategic options for the insurance firm, Bloomberg News wrote. Sources previously told the newswire that international insurers seeking entry to Saudi Arabia could be interested in MedGulf.
* Alawwal Bank chose JPMorgan as an adviser on a potential merger with Saudi British Bank, insiders told Reuters. The two Saudi Arabia-based lenders, which began merger talks in late April, reportedly discussed the principle of the merger and the time frame for its completion with advisers Sunday.
* The Saudi Capital Markets Authority announced the delisting of Weqaya Takaful Insurance and Reinsurance Co.'s shares from the Saudi Stock Exchange for the company's failure to rectify its situation after it accumulated losses of at least 50% of its share capital.
* Kuwait Finance House KSCP is in talks to acquire Bahrain-based Ahli United Bank BSC and its operations in Kuwait, Bloomberg News reported. The Kuwaiti lender was previously reported to have engaged in informal talks to acquire the Kuwait-based unit, Ahli United Bank KSCP.
* The UAE's Securities and Commodities Authority granted investment funds in the country 12 months to adjust their status in line with investment fund regulations, state news agency WAM reported. The decision...