Region: Africa & Middle East

Credit Suisse retrenches following Archegos and Greensill debacles

Credit Suisse has announced plans to draw back from its hedge fund financing activities to focus on private banking and wealth management, following a year that has seen it burned by both the Archegos and Greensill collapses and a set of regulatory interventions.

04 November 2021

Turkish bank’s sovereign immunity defence rejected in New York

Turkey’s Halkbank will not avoid criminal charges for allegedly disregarding United States sanctions against Iran, after a US appeals court rejected its argument that it was protected by sovereign immunity.

29 October 2021

Wachtell Lipton and Davis Polk advising on latest US foreign bank sell-off

Tel Aviv-based Bank Leumi has agreed to sell its US arm to Valley National, the second time in the course of a week a regional US lender purchased the local operations of a foreign-owned bank.

27 September 2021

Qatar wins PwC report disclosure in market manipulation conspiracy claim

A report prepared for a regulator’s investigation of alleged market manipulation in aid of the 2017 blockade against Qatar does not have litigation privilege, an English court has ruled, granting a disclosure request from the state in its ongoing dispute with Luxembourg’s Banque Havilland.

19 August 2021

Community round-up: turnover at the FCA, and new leadership in South Africa and Dubai

The FCA’s international executive director and interim COO Nausicaa Delfas has been named to head up the UK’s Financial Ombudsman Service, while South Africa’s FSCA and Dubai’s DFSA have both announced their new leadership.

23 April 2021

Israel’s former top banking supervisor joins Cypriot social trading platform

Tel Aviv-based social trading platform eToro has appointed Hedva Ber, formerly Israel’s leading banking regulator, as its global chief operating officer.

13 April 2021

New Philippine digital bank framework prompts South African entrant

A South African fintech advised by Ashurst may become the first financial institution to be licensed under the Philippines’ new digital banking framework after it was enacted in November.

08 March 2021

Nigerian regulators deny split on crypto policy

Nigeria’s securities regulator has put on hold its recently-unveiled plans for a new regulatory framework for crypto-assets, after the central bank published a blanket ban on their use.

22 February 2021

Lebanese banks sell Egyptian units amid capital requirements push

Freshfields, Baker McKenzie and Dechert are among the firms instructed in a pair of bank acquisition deals prompted by increased capital requirements from Lebanon’s central bank, with local banks Audi and Blom agreeing to sell off their Egyptian units.

25 January 2021

Hire suptech talent, FSB urges regulators

Regulators should focus on attracting talent that can develop tailored suptech tools, according to a new report from the Financial Stability Board.

12 October 2020

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