Sep. 2--BANKS TOP 150 LISTED GCC COMPANIES: Banking and finance companies account for more than 40 percent of the top 150 listed companies in the GCC region, according to research conducted for Gulf Business magazine by Shuaa Capital. The companies were ranked based on their market capitalisation. Overall third-ranked Al-Rajhi Bank topped the sectoral listings with a market cap of more than $32bn while Kuwait Finance House came in second (overall rank: 7), with a market cap of $21.68bn, followed by National Bank of Kuwait at $18.7bn.

BLOM EGYPT TO RAISE $140M CAPITAL: Egypt's Capital Market Authority has given preliminary approval to Blom Bank Egypt to raise its capital to $140m, Reuters has reported. The bank would offer 25 million new shares to existing shareholders at a par value of 10 pounds each. The bank has currently 50 million total number of shares. Blom Bank Egypt is a subsidiary of Lebanon's Blom Bank.

DUBAI BANK EYES GLOBAL REACH: Dubai Bank is aiming to become a major global Islamic lender over the next five years, and is eyeing through acquisitions, Reuters has reported. The bank has set up a $5bn financing programme to its aid expansion. As a unit under Dubai Banking Group, a unit of Dubai Holding, the group is looking into further expansions in Asia and Africa through the Dubai Bank brand.

BANKMUSCAT TO AUCTION CDS: BankMuscat has announced the issuance of 1, 3 and 5-year Certificates of Deposits (CDs) by way of auction process. The bank targets to issue OR250m of CDs in a year, while the OR20m first issue will be given to 'eligible investors' and can be held by Omani or non Omani individuals, corporate bodies and institutions, including banks established in Oman or otherwise.

AL KHALIJI BUYS INTO BLC BANK: Qatar-based al khaliji bank has bought the UAE-based assets of a French bank, BLC Bank as part of its move to expand operations outside its home market, Khaleej Times has reported. Through the acquisition of four branches of the bank, al khaliji would have presence in Abu Dhabi, Dubai, Sharjah and Ras Al Khaimah, where BLC has one branch each.

ADIC TO OFFER GLOBAL SHARES: The Abu Dhabi Investment Company (Adic), the government-owned investment bank said it is planning to sell shares to international investors within the next five years, The National has reported. The company is targeting aims to complete an initial public offering by 2013.

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