The Boards of Saudi British Bank and Alawwal (formerly Saudi Hollandi) have agreed to merge their banks. The new bank is expected to become the third largest in Saudi Arabia, behind National Commercial Bank and Al-Rajhi.
Ramadan was due to begin on Wednesday 16 May and it is due to finish on 14 June. At the end of Ramadan, Muslims celebrate Eid el-Fitr, which is one of the two major festivals of the Muslim calendar (the other is Eid el-Adha, which marks the end of the annual pilgrimage season and is about two months after Eid el-Fitr).
During Ramadan, Muslims fast from sunrise to sunset. The meal which breaks their fast is known as 'Iftar'.
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There are new appointments at First Abu Dhabi Bank in London and British Arab Commercial Bank, while a new appointment is expected at Europe Arab Bank in London.
The Arab Bankers Association extends its condolences to the family and friends of Tirad al-Mahmood, the CEO of Abu Dhabi Islamic Bank, who died in April after a long battle with illness.
The latest firm to join the ABA as a Corporate Member is Belleveue Mortlakes, the London-based property surveyors who are principally involved in property valuation but also manage receiverships and redemptions. The firm works with a core group of about 50 UK and Middle Eastern banks. Shaf Ali will be the firm's key contact with the ABA.
ABA Corporate Member Fieldfisher has published a report on the sanctions recently imposed by the US on Russia, and offers guidance on who is affected, and the range of transactions that are targetted.