Brookfield Nets 18% on Colombia Asset Sale to Affiliate, Qatar - Bloomberg
A Brookfield Asset Management infrastructure fund is generating a return of 18% by selling a stake in a renewable power company in Colombia to investors led by an affiliate of the New York-based investment firm, according to people familiar with the matter.
Managers at Brookfield Infrastructure Fund III told investors Friday they had reached an agreement to exit the asset via a sale to a consortium led by Brookfield Renewable Partners and the Qatar Investment Authority, in a deal that will deliver about $1.4 billion or 3.3 times gross multiple of invested capital, according to the people, who asked not to be identified discussing private information.
Brookfield Renewable in a statement said that it would invest as much as $1 billion to increase its stake in Isagen to roughly 38%. QIA, an existing co-investor, will contribute around $500 million to boost its equity interest to approximately 15%. Given the related-party nature of the transaction, the deal required approval from BIF III’s Limited Partners Advisory Committee, the people said.
The transaction is expected to close in the third quarter of 2025. A representative for Brookfield declined to comment.
The move allows Brookfield to recycle capital from its 10-year private vehicle into a publicly traded, perpetual capital platform. The investment, which will contribute to the funds from operations of Brookfield Renewable, will be structured through a combination of non-recourse financing at the business level and available liquidity, it said.
Brookfield acquired control of Isagen in 2016 through BIF III, shortly after holding the final close on the fund that same year. With $14 billion in equity commitments, BIF III was the largest private infrastructure fund in the industry at the time, Brookfield said. BIF III is exiting Isagen after Moody’s Ratings and S&P Global Ratings downgraded Colombia’s credit rating following a move by the government to suspend the nation’s fiscal rule for three years in a bid to avoid spending cuts.
Brookfield committed $4 billion of its own capital to BIF III through its infrastructure and renewable platforms, ensuring alignment with over 120 institutional investors, including pension funds, sovereign wealth funds, endowments, and family offices. The fund surpassed its original $10 billion target.
Headquartered in New York, Brookfield manages more than $1 trillion in assets across infrastructure, renewable power, private equity, real estate and credit. The firm invests through public and private vehicles and often commits alongside clients.
Wednesday, 23 July 2025
Citi Targets Middle East Money in Private Banker Hiring Push - Bloomberg
Citi Targets Middle East Money in Private Banker Hiring Push - Bloomberg
Citigroup Inc.’s private bank is planning a hiring drive for the Middle East region as part of the Wall Street giant’s global expansion of its services to the ultra-wealthy.
James Holder, who assumed leadership of the unit’s Middle East operations this year, said in an interview that he aims to recruit private bankers to serve territories including Dubai, Saudi Arabia and Abu Dhabi.
Citi has made a series of internal leadership changes to its Middle East private bank since Holder took the reins, including appointing 25-year veteran Carmen Haddad as vice chair in April. For his next steps, Holder is sniffing out opportunities to poach from rivals, while also keeping an eye on talent in other parts of the bank.
“We are in growth mode, but going to be hiring in a disciplined way,” Holder, 54, said recently in an interview in London, declining to specify hiring targets. “And the Middle East is a great place for us to start.”
Citi is among a growing number of Wall Street firms and other global business seeking to expand their presence in the Middle East, where many countries are undergoing multibillion-dollar investment programs in an effort to remake their economies and reduce dependence on oil.
The region has also ranked as one of the world’s hottest markets for stock listings in recent years and is welcoming an influx of well-heeled individuals from overseas often seeking lower taxes and a better lifestyle. Citi ranks among the world’s top lenders for advising on initial public offerings in the Middle East and Africa region, according to data compiled by Bloomberg, and Holder’s unit is looking to build on that record.
“What’s going on in the region is a great opportunity for us,” said Holder, who also oversees Citi’s UK and Europe private-banking units. “With our existing presence there, it’s a recipe for us to invest further and gives us the infrastructure and opportunity to scale.”
The private bank is one of three core units of the wealth business at Citigroup, which has revamped its strategy under Bank of America Corp. veteran Andy Sieg. He joined Citi in 2023 and revenue for the bank’s wealth unit has since risen amid a focus on increasing investment volumes from clients, who include about a quarter of the world’s billionaires. The wealth business recently posted second-quarter revenue of $2.2 billion, up 20% from a year earlier.
Holder, a University of Manchester economics graduate who joined Citi in 2005 from Barclays Plc, took on responsibilities for the US lender’s Middle East private bank in addition to the UK and Europe through a January 2025 shake-up that saw the division’s global head Ida Liu depart.
He’s since recruited Philippe Hatzopoulos from UBS Group AG to join as head of the Greece market for the private bank in September and named 20-year Citi veteran Jonathan Leach in May as a new leader for its UK branch.
This month, Mohannad Sleiman was also appointed as market head of the Middle East and Omer Bayatli for the same role in Turkey, Israel and Africa after the pair previously held the positions on an interim basis, according to a memo Holder sent to staff, a copy of which was seen by Bloomberg.
“I will certainly be spending more time in the Middle East,” he said. “I could make a case to invest everywhere, but the reality is we have to be focused about how we deploy.”
Citigroup Inc.’s private bank is planning a hiring drive for the Middle East region as part of the Wall Street giant’s global expansion of its services to the ultra-wealthy.
James Holder, who assumed leadership of the unit’s Middle East operations this year, said in an interview that he aims to recruit private bankers to serve territories including Dubai, Saudi Arabia and Abu Dhabi.
Citi has made a series of internal leadership changes to its Middle East private bank since Holder took the reins, including appointing 25-year veteran Carmen Haddad as vice chair in April. For his next steps, Holder is sniffing out opportunities to poach from rivals, while also keeping an eye on talent in other parts of the bank.
“We are in growth mode, but going to be hiring in a disciplined way,” Holder, 54, said recently in an interview in London, declining to specify hiring targets. “And the Middle East is a great place for us to start.”
Citi is among a growing number of Wall Street firms and other global business seeking to expand their presence in the Middle East, where many countries are undergoing multibillion-dollar investment programs in an effort to remake their economies and reduce dependence on oil.
The region has also ranked as one of the world’s hottest markets for stock listings in recent years and is welcoming an influx of well-heeled individuals from overseas often seeking lower taxes and a better lifestyle. Citi ranks among the world’s top lenders for advising on initial public offerings in the Middle East and Africa region, according to data compiled by Bloomberg, and Holder’s unit is looking to build on that record.
“What’s going on in the region is a great opportunity for us,” said Holder, who also oversees Citi’s UK and Europe private-banking units. “With our existing presence there, it’s a recipe for us to invest further and gives us the infrastructure and opportunity to scale.”
The private bank is one of three core units of the wealth business at Citigroup, which has revamped its strategy under Bank of America Corp. veteran Andy Sieg. He joined Citi in 2023 and revenue for the bank’s wealth unit has since risen amid a focus on increasing investment volumes from clients, who include about a quarter of the world’s billionaires. The wealth business recently posted second-quarter revenue of $2.2 billion, up 20% from a year earlier.
Holder, a University of Manchester economics graduate who joined Citi in 2005 from Barclays Plc, took on responsibilities for the US lender’s Middle East private bank in addition to the UK and Europe through a January 2025 shake-up that saw the division’s global head Ida Liu depart.
He’s since recruited Philippe Hatzopoulos from UBS Group AG to join as head of the Greece market for the private bank in September and named 20-year Citi veteran Jonathan Leach in May as a new leader for its UK branch.
This month, Mohannad Sleiman was also appointed as market head of the Middle East and Omer Bayatli for the same role in Turkey, Israel and Africa after the pair previously held the positions on an interim basis, according to a memo Holder sent to staff, a copy of which was seen by Bloomberg.
“I will certainly be spending more time in the Middle East,” he said. “I could make a case to invest everywhere, but the reality is we have to be focused about how we deploy.”
#UAE's biggest bank FAB beats quarterly profit estimates on strong revenue growth | Reuters
UAE's biggest bank FAB beats quarterly profit estimates on strong revenue growth | Reuters
First Abu Dhabi Bank (FAB.AD), opens new tab reported a 29% increase in second-quarter net profit driven by strong revenue growth, lifting its shares on Wednesday.
The UAE's largest lender by assets reported a net profit of 5.51 billion dirhams ($1.50 billion) in the quarter ended June 30, beating analysts' expectations of 4.35 billion dirhams, according to estimates compiled by LSEG.
The shares were up around 4%, lifting gains since the start of the year to over 30%.
UAE banks have benefited recently from rising credit demand as regional governments invest in sectors such as tourism and infrastructure to diversify their economies beyond oil.
FAB, whose top shareholder is $330 billion sovereign wealth fund Mubadala, said its net interest income came in at around five billion dirhams in the second quarter, up one percent from a year earlier, while non-interest income jumped more than 60% to 4.5 billion dirhams, boosted by fees and commissions.
"We achieved broad-based growth with all divisions delivering double-digit revenue expansion," CFO Lars Kramer said in a statement, noting that "prudent risk management" and investments in technology and AI also supported second-quarter profit.
Loans, advances and Islamic financing advanced 11% to 568 billion dirhams in the first half of 2025, while customer deposits were up six percent at 813 billion dirhams.
The bank said its results were boosted by its international franchise, which reported more than 20% growth in both loans and deposits, driven by markets including Saudi Arabia, the United Kingdom and France.
The bank's total assets climbed 14% to 1.34 trillion dirhams, as of end-June.
FAB, led by Group CEO Hana Al Rostamani since 2021, said in April it had reorganised its operating segments.
The restructuring is intended to strengthen FAB's business in the Gulf and boost shareholder returns, sources previously told Reuters, and comes after a series of senior management departures in recent years.
First Abu Dhabi Bank (FAB.AD), opens new tab reported a 29% increase in second-quarter net profit driven by strong revenue growth, lifting its shares on Wednesday.
The UAE's largest lender by assets reported a net profit of 5.51 billion dirhams ($1.50 billion) in the quarter ended June 30, beating analysts' expectations of 4.35 billion dirhams, according to estimates compiled by LSEG.
The shares were up around 4%, lifting gains since the start of the year to over 30%.
UAE banks have benefited recently from rising credit demand as regional governments invest in sectors such as tourism and infrastructure to diversify their economies beyond oil.
FAB, whose top shareholder is $330 billion sovereign wealth fund Mubadala, said its net interest income came in at around five billion dirhams in the second quarter, up one percent from a year earlier, while non-interest income jumped more than 60% to 4.5 billion dirhams, boosted by fees and commissions.
"We achieved broad-based growth with all divisions delivering double-digit revenue expansion," CFO Lars Kramer said in a statement, noting that "prudent risk management" and investments in technology and AI also supported second-quarter profit.
Loans, advances and Islamic financing advanced 11% to 568 billion dirhams in the first half of 2025, while customer deposits were up six percent at 813 billion dirhams.
The bank said its results were boosted by its international franchise, which reported more than 20% growth in both loans and deposits, driven by markets including Saudi Arabia, the United Kingdom and France.
The bank's total assets climbed 14% to 1.34 trillion dirhams, as of end-June.
FAB, led by Group CEO Hana Al Rostamani since 2021, said in April it had reorganised its operating segments.
The restructuring is intended to strengthen FAB's business in the Gulf and boost shareholder returns, sources previously told Reuters, and comes after a series of senior management departures in recent years.
Most Gulf stocks rebound on earnings, US-Japan trade deal | Reuters
Most Gulf stocks rebound on earnings, US-Japan trade deal | Reuters
Most Gulf stocks rebounded on Wednesday, buoyed by corporate earnings announcements and optimism following U.S. President Donald Trump's trade deal with Japan, which raised hopes for additional agreements before an impending tariff deadline.
Trump said on Tuesday that the U.S. and Japan had reached a trade deal that includes a 15% tariff on U.S. imports from Japan. It followed an agreement with the Philippines by which the U.S. will collect a 19% tariff rate on imports from there.
While the increasing imposition of tariffs around the world poses risks to global economic growth and oil demand, the recent U.S.-Japan deal helped ease investor concerns and supported oil prices.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1.3%, led by a 1.1% gain in Al Rajhi Bank (1120.SE), opens new tab and a 2.3% increase in Saudi National Bank (1180.SE), opens new tab, the country's largest lender by assets. Earlier this week, the duo reported a rise in quarterly earnings.
The Abu Dhabi index (.FTFADGI), opens new tab jumped 1.2%, with First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab, the United Arab Emirates' largest lender, surging 5% - its biggest intraday gain in a month - after beating second-quarter profit estimates on strong revenue growth.
Elsewhere, Bank of Sharjah (BOS.AD), opens new tab soared 10%, a day after posting a sharp rise in half-yearly profit.
Among other gainers, Space42 (SPACE42.AD), opens new tab advanced 1% after securing a $695.5 million facility to fund next-generation UAE satellites.
Dubai's main share index (.DFMGI), opens new tab finished 1% higher, snapping a three-day losing streak, led by a 2.9% jump in top lender Emirates NBD (ENBD) (ENBD.DU), opens new tab, as the bank is slated to report its quarterly earnings on Thursday.
Qatar stock index (.QSI), opens new tab edged 0.4% higher, touching a fresh two-and-a-half-year high, with most sectors closing in the green.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 1%, continuing its ascent to record highs, with Commercial International Bank (COMI.CA), opens new tab rising 1.5% following an increase in quarterly profit.
Trump said on Tuesday that the U.S. and Japan had reached a trade deal that includes a 15% tariff on U.S. imports from Japan. It followed an agreement with the Philippines by which the U.S. will collect a 19% tariff rate on imports from there.
While the increasing imposition of tariffs around the world poses risks to global economic growth and oil demand, the recent U.S.-Japan deal helped ease investor concerns and supported oil prices.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1.3%, led by a 1.1% gain in Al Rajhi Bank (1120.SE), opens new tab and a 2.3% increase in Saudi National Bank (1180.SE), opens new tab, the country's largest lender by assets. Earlier this week, the duo reported a rise in quarterly earnings.
The Saudi stock market may experience a solid rebound if earnings releases continue to be positive and external pressures diminish, said Milad Azar, market analyst at XTB MENA.
"A potential trade deal with the European Union, with the August 1 deadline approaching, could also provide a boost."
"A potential trade deal with the European Union, with the August 1 deadline approaching, could also provide a boost."
The Abu Dhabi index (.FTFADGI), opens new tab jumped 1.2%, with First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab, the United Arab Emirates' largest lender, surging 5% - its biggest intraday gain in a month - after beating second-quarter profit estimates on strong revenue growth.
Elsewhere, Bank of Sharjah (BOS.AD), opens new tab soared 10%, a day after posting a sharp rise in half-yearly profit.
Among other gainers, Space42 (SPACE42.AD), opens new tab advanced 1% after securing a $695.5 million facility to fund next-generation UAE satellites.
Dubai's main share index (.DFMGI), opens new tab finished 1% higher, snapping a three-day losing streak, led by a 2.9% jump in top lender Emirates NBD (ENBD) (ENBD.DU), opens new tab, as the bank is slated to report its quarterly earnings on Thursday.
Qatar stock index (.QSI), opens new tab edged 0.4% higher, touching a fresh two-and-a-half-year high, with most sectors closing in the green.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 1%, continuing its ascent to record highs, with Commercial International Bank (COMI.CA), opens new tab rising 1.5% following an increase in quarterly profit.
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