DOCSLIB.ORG

Annual Report 2020 | 9 National Bank of Oman 2020 Overview

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2020 | 9 National Bank of Oman 2020 Overview ANNUAL REPORT NBO.OM حضــرة صاحــب الجاللــة الســلطان هيثــم بن طــارق المعظم ‐ حفظه اهلل ورعاه حضــرة صاحــب الجاللــة الســلطان قابــوس بن ســعيد المعظم ‐ طيب اهلل ثراه HIS MAJESTY SULTAN QABOOS BIN SAID HIS MAJESTY SULTAN HAITHAM BIN TARIK CONTENTS 04 88 2020 Overview Statement of Financial Positions at 31 December 2020 10 Chairperson’s Report 2020 200 Muzn Islamic Banking 16 Board Members’ Profiles 205 Muzn Islamic Banking: Basel II & III – Pillar III Report 2020 22 Executive Management 233 Muzn Islamic Banking: 24 Financial Statement Management Discussion and Analysis Report 2020 290 Branch Network 36 Corporate Governance Report 2020 58 Basel II and III – Pillar III Report 2020 1 2020 Overview OUR VISION: TO BE THE BANK OF CHOICE NATIONAL BANK OF OMAN 2020 OVERVIEW NBO BELIEVES IN THE POWER OF INNOVATION AS A CATALYST FOR GREATER CONVENIENCE AND ACCESSIBILITY AND HAVE CONTINUED TO UTILISE TECHNOLOGY TO CREATE MORE SEAMLESS EXPERIENCES FOR ITS CUSTOMERS Amal Suhail Bahwan Chairperson ANNUAL REPORT 2020 | 9 NATIONAL BANK OF OMAN 2020 OVERVIEW We are taking future-driven steps to safeguard and optimise our business and at the same time foster CAPITAL our people, specially our young Omani workforce CHAIRPERSON’S ADEQUACY RATIO 16.4% to reach their full potential. We are confident in the capabilities of the Omani caliber and believe that we have a very talented pool of Omanis that could lead this Fee income for the year 2020 is OMR 26.1 million, organization to greater success during the next phase REPORT 2020 lower compared to last year by 24.1 per cent. The lower of our growth journey. economic activity arising out of COVID-19 and the In July 2020, we welcomed Abdullah Al Hinai as the On behalf of the Board of Directors of National Bank of considerable resilience and its ability to withstand resultant lockdown, coupled with regulatory guidelines new Chief Executive Officer of the National Bank of Oman SAOG, I am pleased to present the 2020 Annual adverse shocks continued to be strong. to waive certain fees have impacted most of our fee Oman and are certain that he will play a critical role in Report for the period ended 31st December 2020. lines from 2019. However with the economic activity the transformational journey of the bank and reinforce As an essential service, the sector was able to continue picking up after the Government eased the lockdown operating through the crisis and played a key role in our nation’s vision in building a system that empowers restrictions, the fee income has started showing national talent. OMAN’S ECONOMY implementing many of the government’s policies to gradual improvement in the fourth quarter. support SMEs and corporates. The Sultanate’s economy is anticipated to make a Total expenses in 2020 were OMR 63.9 million, CORPORATE GOVERNANCE positive recovery with an estimated average four It supported the economy by providing relief to the marginally higher by 0.3 per cent compared to percent of growth over the 2021-2022 timeframe. affected borrowers in the form of deferment of loans corresponding period last year. I am honored to be elected as the Chairperson of NBO According to the World Bank, the recovery will be besides extending additional credit to meet the for a period of three years. The new board includes fueled by the fiscal strategy unveiled by His Majesty financing needs of the economy. We are expecting Net Impairment charge for 2020 is OMR 31.3 million, Sheikh Abdulla Al Thani as Deputy Chairperson, Mr Sultan Haitham bin Tarik, dubbed the ‘Medium Term the sector to begin its recovery by re-accelerating compared to OMR 7.7 million for the corresponding Hamad Al Wahaibi, Ms Najat Al Lawatia, Mr Ghassan Fiscal Balance Plan (2020 – 2024). This provides a across a number of metrics in 2021. Future growth in period last year. In addition to the provisions as per IFRS Al Hashar, Mr Mohammed Ismail Mandani, Mr Rahul Kar, blueprint for achieving fiscal sustainability during this the market will stem from the increasing importance 9, the bank had provided for additional management Mr Fahad Badar, Mr Joseph Abraham, Mr Said Al Habsi period, notably by paring debt, prioritizing spending of Islamic finance, a clear opportunity to leverage for overlays because of stressed macro economic and Dr. Ghazi Al Alawi. towards strategic national objectives, conserving and Muzn Islamic’s performance and growth potential. assumptions and certain collective provisions for potential restructuring, considering the instalment boosting State reserves, and monetizing government KEY ACHIEVEMENTS assets, among other goals. This will also be supported OPERATING PERFORMANCE deferrals sought by customers. by an increase in local consumption and the roll-out of Gross loans and advances as at 31st December 2020 Rounding off a busy 2020, NBO has not only embraced Value-Added Tax (VAT). Given this backdrop, the net profit for the year 2020, are at OMR 3.04 billion, showing growth of 4.2 per the challenges emerging from this disruption but has stood at OMR 18.1 million, compared to OMR 51.4 thrived. Driven by a desire to offer the very best to our In a step towards renewed renaissance of Oman, His cent over last year. Customer deposits correspondingly million for the same period last year, showing a customers, by remaining agile, resilient, and continuing Majesty Sultan Haitham bin Tarik, issued a series of are at OMR 2.5 billion, with the bank continuing to decrease of 64.7 per cent - primarily due to lower to focus on innovation, we have quickly adapted to Royal Decrees in 2020 appointing a new Council of maintain a healthy low cost mix. income and higher loan impairment charge, mainly a rapidly altered landscape and continue to pioneer Ministers, along with a number of undersecretaries, arising out of COVID-19 pandemic. The bank’s core equity and total capital Adequacy service excellence and strengthen our reputation as the governors, and other senior officials. The Royal Decrees Ratio stands at 12 per cent and 16.4 per cent ‘bank of choice’. were a welcome step to decrease capital expenditure Net Interest for the year 2020 is OMR 90.9 million, respectively and is considered adequate, given the at a time of fiscal constraints, with the main aim is to showing a decrease of 3.3 per cent over the economic circumstances. Thanks to our focus on digital, we were able to streamline governmental operations by centralizing corresponding period last year, primarily due to margin smoothly adapt to the challenges posed by COVID-19, decision making, improving speed and flexibility to compression. With more customers opting for deferral seamlessly enabling our employees to work from home benefit the economy, and supporting the private of installments as allowed by regulations, the bank ORGANIZATIONAL UPDATES and continue to offer a superiour customer experience. sector and foreign investment. In addition to the was holding additional deposit buffers to manage the The year 2020 has undoubtedly proven to be full of Enhancing our digital channels to enable customers to above measures, endorsed by His Majesty, aiming at liquidity. In addition to this, the reduction in LIBOR challenges, where we have witnessed economies bank from home, we launched our digital remittance enhancing non-oil revenue and reducing spending during the year, coupled with increase in OMR cost across the globe be impacted by adverse market service, where customers can send funds in real time on government units, leading to fiscal sustainability, of funds due to tightening liquidity in the market conditions caused by the pandemic. It changed the way to seven different countries, without having to set foot the State’s General Budget for Fiscal Year 2021 has have resulted in NII being lower year on year. The NII governments, businesses and people interact and saw outside the door. To promote financial inclusion among been prepared in a way that goes in line with the margin for 2020 registered 2.9 per cent and is lower exponential growth of online banking and e-Commerce all sectors, we also launched our new multi-lingual objectives of Oman Vision 2040 and Tenth Five-Year compared to 3.1 per cent for the corresponding period platforms. But with every challenge, there are mobile banking service, which is part of the bank’s Plan (2021-2025). One more notable achievement saw last year because of above stated reasons. However the opportunities and hope. This is particularly true when award-winning Mobile App. Continuing to open up the Sultanate successfully concluding the issuance of bank continued to support the borrowing needs of its it comes to NBO. more channels of communication with our customers, RO 208 million local sovereign sukuk. Furthermore, the customers in this time of need, and selectively grew the we added a new WhatsApp service allowing customers NBO built a strong foundation to sustain its future 2021 Budget endeavours to enable the private sector loan book during the year. to chat in real time with the bank, and get answers to a and to continue this path and focused on shaping to play a greater role in accelerating economic growth, wide range of queries. an organization structure that is aligned to strategic and to create more job opportunities. priorities, as it is an important part of NBO’s Another key achievement was the expansion of our FORBES transformation and vision, People, Brand, Digital, Asset network of self-service kiosks for debit and Badeel FINANCIAL SECTOR MIDDLE EAST’S TOP Quality, Liabilities, Optimization, and Partnerships. pre-paid cards. We now have 31 kiosks where In order for us to achieve the goals outlined, we are customers can replace and renew their cards, without Oman’s banking and financial services sector has gone undertaking very critical steps that will protect the needing to go into a branch.
Load more

Recommended publications
  • Liquidityframeworkandinterbank
    Central Bank of Oman Occasional Paper: 2019-1 Liquidity Management Framework and Interbank Overnight Interest Rate in Oman: An Empirical Investigation Amal Al Raisi, Sunil Kumar and Razan Al Humaidi* Abstract Oman’s overnight inter-bank rate generally follows the trends in federal fund rate due to currency peg with the US dollar and open capital account, albeit with some intermittent deviations. In our ARDL model, we find federal fund rate along with domestic liquidity conditions as drivers of the overnight inter-bank rate in Oman. Accordingly, intermittent deviations of Oman’s overnight inter-bank rate from the federal fund rate appears to have been caused by evolving domestic liquidity conditions and less than perfect arbitrage due to various prudential limits. Keywords: Overnight inter-bank rate, federal fund rate, monetary policy, liquidity conditions JEL Classification: E43, E52, E58 *Amal Al Raisi is a Manager, Sunil Kumar is an Economist, and Razan Al Humaidi is an Associate Research Analyst in Economic Research & Statistics Department of the Central Bank of Oman. The authors would like to express their sincere thanks to Dr. Mazin Al Ryami for his valuable comments/inputs on the paper. The views expressed in this paper and errors, if any, are strictly of the authors and do not belong the organization they work for. All the usual disclaimers apply. CONFIDENTIAL Central Bank of Oman Occasional Paper: 2019-1 Introduction The Central Banks across a large number of countries have shifted from monetary targeting to interest rate targeting as the main instrument of monetary policy. This shift was mainly necessitated by the weakening of relationship between the monetary aggregates and final objective(s) i.e.
    [Show full text]
  • Advent of Islamic Banks and the Emerging Banking Landscape in Sultanate of Oman
    International Journal of Humanities and Social Sciences (IJHSS) ISSN(P): 2319-393X; ISSN(E): 2319-3948 Conference Edition, July 2014, 85-90 © IASET ADVENT OF ISLAMIC BANKS AND THE EMERGING BANKING LANDSCAPE IN SULTANATE OF OMAN VIBHA BHANDARI Assistant Professor, Department of International Business Administration, College of Applied Sciences, Nizwa, Oman ABSTRACT Islamic banking can be defined as a banking system which is in consonance with the sprit, ethos and value system of Islam and its operations are governed by the rules and principles laid down by Shari'a which means ‘the way to the source of life’. Islamic banks do business just like their counterparts on the conventional side, with the difference that all their operations and businesses are conducted in accordance with the rules and principles prescribed by the Shari'a and the code of behavior called for, by the Holy Quran. Islamic banking has been gaining tremendous popularity over the years, and not just in the Middle East and South East Asia, but even in the UK. Nearly non-existent 30 years ago, the global Islamic finance industry had assets forecast to cross $1.8 trillion in 2013, up from $1.3 trillion in 2011, according to Ernst & Young’s World Islamic Banking Competitiveness Report 2013. Though a late entrant in the field of Islamic banking, the Sultanate’s banking sector is poised to grow. Since, the announcement to open the Islamic Banks in 2011, the banking sphere in Oman has witnessed positive activity with the launch of separate full-fledged Islamic banks as well as new Islamic outlets of the conventional - reputed banks.
    [Show full text]
  • International Directory of Deposit Insurers
    Federal Deposit Insurance Corporation International Directory of Deposit Insurers September 2015 A listing of addresses of deposit insurers, central banks and other entities involved in deposit insurance functions. Division of Insurance and Research Federal Deposit Insurance Corporation Washington, DC 20429 The FDIC wants to acknowledge the cooperation of all the countries listed, without which the directory’s compilation would not have been possible. Please direct any comments or corrections to: Donna Vogel Division of Insurance and Research, FDIC by phone +1 703 254 0937 or by e-mail [email protected] FDIC INTERNATIONAL DIRECTORY OF DEPOSIT INSURERS ■ SEPTEMBER 2015 2 Table of Contents AFGHANISTAN ......................................................................................................................................6 ALBANIA ...............................................................................................................................................6 ALGERIA ................................................................................................................................................6 ARGENTINA ..........................................................................................................................................6 ARMENIA ..............................................................................................................................................7 AUSTRALIA ............................................................................................................................................7
    [Show full text]
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
    [Show full text]
  • Oman Banking Sector
    May 6, 2020 Oman Banking Sector Credit growth to remain low-single digit in 2020 before picking up to an average of 6% over 2021-25e on Bank Rating faster GDP growth Deposit growth likely to remain subdued on Government’s lower oil & gas revenues Net interest margins expected to remain under pressure on falling interest rates Bank Muscat Accumulate (BKMB) Cost of risk to rise in 2020 and remain inflated over our forecast horizon due to the current macroeconomic scenario Bank Dhofar (BKDB) HOLD • We revise our target prices and ratings on the Omani Banking sector as follows: Bank Muscat (BKMB) – National Bank of HOLD Accumulate, Bank Dhofar (BKDB) –HOLD, National Bank of Oman (NBOB) -HOLD, Sohar International Bank Oman (NBOB) (BKSB) –HOLD, Ahli Bank (ABOB) -HOLD and HSBC Oman (HBMO) –HOLD, based on forecast revision on the current covid-19 pandemic and low oil price’s negative implications for Oman’s economy. Bank Sohar (BKSB) HOLD • Oman banks have characteristically high exposure to sovereign credit risk through sizeable holdings of Ahli Bank (ABOB) HOLD sovereign and central bank assets. This close link between the Government and operating environment for banks includes about a large proportion of government and public sector deposits. (at about 33% as at the HSBC Oman HOLD end of Feb’20). Furthermore, Oman banks are heavily reliant on government spending to drive credit growth. (HBMO) Government oil & gas revenues as well as credit growth will be negatively affected under sustained low oil prices amid the ongoing COVID-19 crisis. • We expect credit growth levels to fall to low-single digit for 2020 but beyond that, we expect credit growth to pick up to a CAGR of 6% over 2021-24e on a faster domestic output growth, as forecasted by the World Bank.
    [Show full text]
  • Tax Relief Country: Italy Security: Intesa Sanpaolo S.P.A
    Important Notice The Depository Trust Company B #: 15497-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Intesa Sanpaolo S.p.A. CUSIPs: 46115HAU1 Subject: Record Date: 9/2/2021 Payable Date: 9/17/2021 CA Web Instruction Deadline: 9/16/2021 8:00 PM (E.T.) Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self-certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212-422-1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages.
    [Show full text]
  • Sustaining the GCC Currency Pegs: the Need for Collaboration
    Policy Briefing February 2018 Sustaining the GCC Currency Pegs: The Need for Collaboration Luiz Pinto Sustaining the GCC Currency Pegs: The Need for Collaboration Luiz Pinto The Brookings Institution is a private non-profit organization. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public. The conclusions and recommendations of any Brookings publication are solely those of its author(s), and do not necessarily reflect the views of the Institution, its management, or its other scholars. Brookings recognizes that the value it provides to any supporter is in its absolute commitment to quality, independence and impact. Activities supported by its donors reflect this commitment and the analysis and recommendations are not determined by any donation. Copyright © 2018 Brookings Institution BROOKINGS INSTITUTION 1775 Massachusetts Avenue, N.W. Washington, D.C. 20036 U.S.A. www.brookings.edu BROOKINGS DOHA CENTER Saha 43, Building 63, West Bay, Doha, Qatar www.brookings.edu/doha Sustaining the GCC Currency Pegs: The Need for Collaboration Luiz Pinto1 From June 2014 to January 2018, oil prices This policy briefing examines the fundamentals plummeted from $115 per barrel to $68 per of the GCC currency pegs and the capabilities barrel, a 41 percent decline. Prices reached of monetary authorities to sustain them over a low of $28 on January 19, 2016.2 As a time. It argues that, although fixed exchange result, the oil-exporting countries of the Gulf rate regimes are still optimal for all the GCC Cooperation Council (GCC) faced the longest states, the ability of policymakers to support period ever recorded of monthly consecutive the pegs varies markedly across the region.
    [Show full text]
  • Classification of Accounts Guide Last Updated – January 2018
    Classification of Accounts Guide Last updated – January 2018 Contents Part I: General introduction Part II: Residence Part III: Sector categories Part IV.1 – IV.2: Industrial classification Part IV.3: Relationship between sector and industrial classifications Part V.1: Sector components (ESA 10) and sub components Part V.2: List of countries 1 Part I Classification of Accounts Guide – General Introduction I.1 Foreword This guide is intended for all institutions completing a range of Bank of England statistical returns. It describes the two most important systems of classification used in compiling economic and financial statistics in the United Kingdom – the economic sector classification, and the industrial classification. This guide is intended to serve both as an introduction for newcomers and as a source of reference. The nomenclature in the sector classification is in line with international standards – in particular, the European System of National and Regional Accounts (abbreviated to ‘ESA10’). In addition, the analysis of industrial activity is in line with the 2007 standard industrial classification of economic activities (SIC) introduced by the Office for National Statistics. Those without knowledge of accounts classification are recommended to refer to the ‘Guide to Classification’ (Part I Section 3) which takes the reader through the main questions to be answered to help classify accounts correctly. The system of classification used in this guide is solely for statistical purposes. Parts II to IV of the guide describe the main aspects of the classification system in more detail, including lists of examples of institutions, or a web link reference, for many categories. I.2 An introduction to the classification of accounts Sector and industrial classification To understand the underlying behaviour which is reflected in movements in economic and financial statistics, it is necessary to group those entities engaged in financial transactions into broad sectors with similar characteristics.
    [Show full text]
  • International Directory of Deposit Insurers
    A listing of addresses of deposit insurers, central banks and other entities involved in deposit insurance functions. Division of Insurance and Research Federal Deposit Insurance Corporation Washington, DC 20429 The FDIC thanks the countries listed for their cooperation, without which the directory would not have been possible. Please direct any comments or corrections to: Donna Vogel Division of Insurance and Research, FDIC by phone +1 202 898 8703 or by e-mail [email protected] FDIC INTERNATIONAL DIRECTORY OF DEPOSIT INSURERS ■ OCTOBER 2018 Table of Contents AFGHANISTAN ......................................................................................................................................6 ALBANIA ...............................................................................................................................................6 ALGERIA ................................................................................................................................................6 ARGENTINA ..........................................................................................................................................6 ARMENIA ..............................................................................................................................................7 AUSTRALIA ............................................................................................................................................7 AUSTRIA ................................................................................................................................................7
    [Show full text]
  • Annual Report 2019 | C National Bank of Oman Annual Report 2019 | 01
    National Bank of Oman Annual Report 2019 | C National Bank of Oman Annual Report 2019 | 01 His Majesty Sultan Qaboos bin Said His Majesty Sultan Haitham bin Tarik National Bank of Oman Annual Report 2019 | 03 05 65 Contents 2019 Overview Basel II and III – Pillar III Report 2019 07 97 Our Vision Statement of Financial Positions at 31 December 2019 09 Chairperson’s Report 2019 195 Muzn Islamic Banking 21 Executive Management 199 Muzn Islamic Banking: Basel II & III – Pillar III Report 2019 23 Management Discussion and Analysis Report 2019 227 Muzn Islamic Banking: Financial Statement 37 Corporate Governance Report 2019 279 Branch Network 40 Board of Directors National Bank of Oman Annual Report 2019 | 05 1 2019 Overview National Bank of Oman 2019 Overview 2019 Overview Annual Report 2019 | 07 Our vision: To be the Bank of Choice National Bank of Oman 2019 Overview 2019 Overview Annual Report 2019 | 09 Embarking on a new era of successes, prosperity and welfare Dear Shareholders, On behalf of the National Bank of Oman, represented by its board of directors, we would like to express our deep feeling of sorrow and sadness as we find ourselves in the wake of the passing of our beloved His Majesty Sultan Qaboos bin Said, whose absence has surely left an immeasurable gap in our hearts. Our nation’s late leader has built a solid foundation to advance our beloved country to where it is today. Therefore, the onus is now on us to continue this trajectory and achieve the hopes and aspirations for our great nation with a great sense of pride and responsibility.
    [Show full text]
  • Important Notice the Attached Base Prospectus
    IMPORTANT NOTICE THE ATTACHED BASE PROSPECTUS MAY ONLY BE DISTRIBUTED TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S ("REGULATION S") UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) AND ARE OUTSIDE OF THE UNITED STATES. IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the base prospectus (the "Base Prospectus") attached to this electronic transmission and you are therefore advised to read this disclaimer carefully before reading, accessing or making any other use of the attached Base Prospectus. In accessing the attached Base Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from the National Bank of Oman SAOG (the "Issuer") as a result of such access. Restrictions: NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. ANY SECURITIES TO BE ISSUED HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT). THE ATTACHED BASE PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF THE ARRANGERS (AS DEFINED BELOW) AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER.
    [Show full text]
  • DFSA Signs Mou with Bank Al Maghrib
    Media Release DFSA signs MoU with Bank Al Maghrib Dubai, UAE; March 13, 2019: The Dubai Financial Services Authority ("DFSA") has signed a Memorandum of Understanding ("MoU") with Morocco’s Bank Al Maghrib to cooperate in the authorisation and supervision of banks operating in the Dubai International Financial Centre (DIFC) and the Kingdom of Morocco. The MoU was signed by the Chief Executive of the DFSA, Bryan Stirewalt, and Abdellatif Jouhari, Governor of Bank Al Maghrib, on 13 March 2019 in Rabat. Stirewalt said: “The MoU between the DFSA and Bank Al Maghrib will drive greater transparency in relation to the functioning and operations of banks of mutual interest. By promoting stable and transparent financial services in our respective jurisdictions, the MoU will contribute to strengthening investor confidence and promoting stronger bilateral financial services.” The Governor of Bank Al Maghrib, said: “We confirm our commitment to upholding the highest corporate governance standards as regards activities of credit institutions in Morocco, and to supervising their international banking operations, including in key international financial hubs such as Dubai. The new MoU signed with the DFSA will help adopt the regulatory controls which are necessary to curb financial crimes and to facilitate sound and orderly cross-border banking transactions”. The MoU also provides for coordination and cooperation in relation to applications to establish a branch in either jurisdiction. Additionally, information relating to the financial soundness of the financial or credit institutions, as well as concerns arising from supervisory visits and reports will be duly shared with the other party. Representatives of the two authorities will convene ad-hoc meetings to resolve any supervisory concerns relating to a cross-border establishment in either jurisdiction.
    [Show full text]