FINANCE - Unicorn changes name to Bank Alkhair (Bank Akhtiar Turkey)

Unicorn Investment Bank, a Bahrain-based Islamic investment bank, today changed its name to Bank Alkhair with the launch of a new brand identity.

The bank’s subsidiaries in Saudi Arabia, Malaysia and Turkey will now officially operate under the names Alkhair Capital Saudi Arabia, Alkhair International Islamic Bank Malaysia and Alkhair Capital Turkey, respectively. (source)

ARTICLES - Forbidden fruit: Turkey’s tempting Islamic banking sector

IFN.COM - Cover Story - 29-Aug-2011 - Volume8.Issue34

Forbidden fruit: Turkey’s tempting Islamic banking sector economic powerhouse

Turkey has been one of the few economic success stories emerging from the recession, with the highest economic growth rate in the world (11%) in Q1 2011. Despite a dip in 2008 with GDP contracting 14.6%, the economy rapidly returned to growth and GDP grew by 8% in 2010 with a 5% expansion predicted for 2011. Turkish banks were largely unaffected by the global financial crisis, with limited exposure to toxic securities and high retail deposit levels providing a liquidity buffer. The regulator maintains firm control with a focus on preventing excessive credit growth and a ban on foreign currency retail lending, meaning that banks have experienced little funding stress.  Fitch Ratings recently changed Turkey’s ‘BB+’ sovereign rating outlook from stable to positive suggesting that a future upgrade could be on the cards, which will only enhance Turkey’s attractiveness to foreign investors. (source)

FINANCE - Unicorn announces successful exit from investment in US electronics manufacturing (focus on GCC, MENA and Turkey)

Manama, 24 August 2011> -Unicorn Investment Bank (Unicorn) announces the successful sale of its investment in Victron, Inc. (Victron), a specialty provider of high-mix, complex electronics manufacturing services (EMS) based in Fremont, California.

Unicorn acquired an 80% equity stake in Victron in December 2007. The Bank has sold its stake to OnCore, a prominent US-based EMS company. (source)