EzRemit (EzR), part of Bahrain's BFC Group Holdings, has signed a strategic partnership with United Bank of Egypt (UBE) to offer remittance services in the North African country. The expansion is part of EzRemit's growth plan, with UBEs large branch network adding 38 locations throughout Egypt. The partnership is being formed due to the growth potential projected for the local remittance industry.

Money transfers to Iran have been stopped by the majority of lenders in the UAE after the latest round of sanctions on the Islamic republic, AFP has reported, citing banking sources. "We stopped transfers to Iran in all currencies in July," an executive from an international bank, who spoke on condition of anonymity, told the news service. "Transactions by Iranian clients are closely monitored," the banker said.

 Qatar Exchange has reached a major mile-stone in its drive to develop in Doha a world class financial center by launching UTP, with the system successfully going live at the start of trading today.

Reem Investments PJSC is pleased to announce the signing of a partnership agreement with Manchester United Soccer Schools to run its programmes exclusively in the UAE for 2 years with effect from 1 September 2010. Under the terms of the agreement Reem also have the option to expand into the GCC.

Beltone Financial, the Egyptian investment bank has announced its shares listed on the Egyptian stock exchange would start trading before the end of 2010, Reuters has reported. The merger plans with Pioneers Holding were scrapped in July after the companies failed to agree on strategy for the merged firm. "The (merger plan) with Pioneers delayed the issue, but after the end of the talks, we decided to activate our shares," Beltone head of investor relations Osama Rashad said.

M.V. Nair, chairman and managing director of Union Bank of India, has announced plans to open a branch in Dubai to meet the funding needs of Indian corporates in the Middle East, Khaleej Times has reported. UBI already has a representative office in Abu Dhabi since 2007, but the forthcoming branch in the Dubai International Financial Centre (DIFC) will mainly focus on foreign currency funding and trade finance requirements of non-resident Indians in the region, he said. "In [the] DIFC, we are permitted to do wholesale business and here [Dubai] the purpose would be... supporting the UAE and India trade that will be major focus," Nair told the daily.

Abu Dhabi-based Xpress Money has announced commencement of instant money transfers to Thailand-based Government Savings Bank, the Gulf Today has reported. The announcement follows an agreement between the two brands marking Xpress Money's extended reach to all 76 provinces of Thailand.

Emirates NBD has become the first UAE-based bank and the only non-Saudi bank to offer customers in the kingdom electronic bill payment facilities for utilities and government services. The provision of the utility bill payment facility is mandatory for all banks operating in Saudi Arabia, but the inclusion of government services has only been adopted by major lenders, the bank said.

 Stockholm: Swedish bank Carnegie said yesterday it was buying HQ Bank, which was closed by authorities last weekend for breaking risk rules, for 268 million crowns ($37 million) in a deal cleared by the financial watchdog.

Standard and Poor's Ratings Services has warned of future challenges facing the Gulf lenders it rates, but said they appear to be showing signs of improvement, after spending more than $20bn on loan loss provisions and investment impairments since 2008. "We believe the asset quality of Gulf banks should improve from 2011 and that their good margins and efficiency will provide a solid foundation for their return to high profitability," S&P's credit analyst Mohamed Damak said. However, improving liquidity, funding future growth, and refinancing the stock of existing debt are the next hurdles facing Gulf banks, the rating agency said.