SWIFT system to disconnect some Iranian banks this weekend

SWIFT said that suspending Iranian banks’ access to the messaging system was a ‘regrettable’ step but was ‘taken in the interest of the stability and integrity of the wider global financial system.’ (AFP)
Updated 09 November 2018
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SWIFT system to disconnect some Iranian banks this weekend

  • SWIFT had already stated that it would be suspending some unspecified Iranian banks’ access to its messaging system
  • SWIFT had made no mention of US sanctions coming back into effect on some Iranian financial institutions on Monday

PARIS: The Belgium-based SWIFT financial messaging service will be disconnecting some Iranian banks this weekend, said SWIFT chief executive Gottfried Leibbrandt at an event in Paris on Friday.
Earlier this week, SWIFT had already stated that it would be suspending some unspecified Iranian banks’ access to its messaging system in the interest of the stability and integrity of the global financial system.
In a brief statement issued earlier this week, SWIFT had made no mention of US sanctions coming back into effect on some Iranian financial institutions on Monday, as part of US President Donald Trump’s effort to force Iran to curtail its nuclear, missile and regional activities.
SWIFT’s statement on Nov. 5 said that suspending the Iranian banks access to the messaging system was a “regrettable” step but was “taken in the interest of the stability and integrity of the wider global financial system.”


Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 32 min 53 sec ago
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Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.