Emirates NBD, the UAE's largest bank, yesterday ended its relationship with Standard & Poor's (S&P), increasing tensions between the credit ratings agency and Dubai Government companies.
The bank, formed in 2007 as a combination of Emirates Bank International and National Bank of Dubai, said it would not use S&P for future ratings after the merger was formally completed in November.
"Following the successful completion of the integration and the migration to the Emirates NBD core banking platform, all assets, liabilities and operations of Emirates Bank International and National Bank of Dubai have been assumed by Emirates NBD," the bank said.
"As a result, credit ratings are no longer required for these subsidiary entities."
The merged bank is to be rated by Fitch Ratings, Moody's Investors Service and Capital Intelligence, which the bank said "either have a presence in or long-standing coverage of the UAE".
A source close to Emirates NBD, which is majority-owned by the Government vehicle the Investment Corporation of Dubai, said S&P had less of a physical presence in Dubai. But a source familiar with the negotiations said Emirates NBD's ratings from S&P were lower than those given to the bank by the other ratings agencies.
@Email:afitch@thenational.ae
uharnischfeger@thenational.ae
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The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
UAE currency: the story behind the money in your pockets
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press