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Libyan Banks in Restart Mode

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Libya is trying to get its feet of the ground when it comes to the economy.  Post-conflict, already banks have eased withdrawal rules.  The new administration in Libya is titled towards Islamist principles. Mustafa Abdel Jalil who heads the country’s National Transitional Council (NTC) says that Libya’s banking industry will be made Shariah-compliant. Libya is in restart financial mode and making a substantial move towards creating an Islamic banking industry. The Central Bank of Libya is in preparation to permit lenders and issuers to sell Islamic bonds. Local citizens have issues with conventional banks.

With regards to Libya’s assets abroad, foreign governments have begun to lift sanctions on them with France, Switzerland, and the United Kingdom leading the way.

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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