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Country Risk Weekly Bulletin 524

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February 15, 2018
Country Risk Weekly Bulletin 524
Global Venture Capital Activity
Source: Preqin

  • Venture capital deals up 28% to $182bn in 2017
    Research provider Preqin indicated that the aggregate value of venture capital (VC) investments worldwide reached a record-high of $182.4bn in 2017, constituting an increase of 27.6% from $143bn in 2016. It noted that VC deals in North America totaled $77bn and represented 42.2% of global VC investments, followed by China with $64.8bn (35.5%), Europe with $17.7bn (9.7%) and India $10.4bn (5.7%). It pointed out that the value of VC investments in the Internet industry reached $43.6bn in 2017, or 24% of the total, followed by the telecommunication sector with $41.8bn (23%), the software industry with $26.9bn (14.8%) and the healthcare sector with $25.9bn (14.2%). In parallel, it pointed out that 11,144 VC deals took place last year, which constitutes a decline of 6.7% from 11,944 transactions in 2016.
    Source: Preqin

  • Agency affirms ratings of five banks
    Fitch Ratings affirmed the long-term Issuer Default Ratings of First Abu Dhabi Bank (FAB) and HSBC Bank Middle East (HBME) at 'AA-' and those of Emirates NBD (ENBD), Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) at 'A+'. It attributed the affirmation of the ratings of FAB, ENBD, UNB and ADCB to the extremely high probability of government support, while it said that HBME’s rating reflects a very strong institutional support from its parent, HSBC Holdings, in case of need. It added that the government’s strong capacity to support banks is underpinned by large sovereign wealth funds, the government's stake in a number of banks and the moderate size of the sector relative to the country's GDP.
    Source: Fitch Ratings

  • Higher funding costs and deteriorating asset quality are key bank weaknesses in 2018
    S&P Global Ratings expected the profitability of Turkish banks to weaken in 2018 despite their strong performance in 2017, due to a contraction in their net interest margin from higher funding costs, a slowdown in lending activity and an increase in the corporate income tax rate from 20% to 22%. It noted that lower credit support from the government's fiscal stimulus package, including the Credit Guarantee Fund, as well as tighter monetary policy to reduce inflationary pressure and limit the depreciation of the Turkish lira, would weigh on the banks' activity. Overall, it considered that rising funding costs and deteriorating asset quality remain key weaknesses for the banks in 2018.
    Source: S&P Global Ratings

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Byblos Bank S.A.L., Byblos Bank Headquarters, Elias Sarkis Ave., Ashrafieh, Beirut

List of Banks No.39, CRB:14150, BDL Authorization No. 11/231 Dated 14 May 2005

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