QIIB net profit rises 5.1% to QR927m

QFC Regulatory Authority and CHSS of HBKU

sign MoU

BUSINESS | 07BUSINESS | 06

EU tells UK it will 'never, never, never' compromise on single market

WEDNESDAY 29 JANUARY 2020

BUSINESS

QIIB net profit rises 5.1% to QR927m in 2019; total assets at QR56.8bnTHE PENINSULA — DOHA

QIIB recorded a net profit of QR927m for the fully-year 2019, reflecting a solid growth of 5.1 percent, compared to 2018. The bank’s earnings per share stood at QR0.58.

QIIB Chairman and Managing Director, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, commented: “The 2019 results underscore QIIB’s ability to move forward, benefiting from the strength of the Qatari economy, which is performing excep-tionally well across various sectors.”

The results were announced after a meeting of the QIIB Board of Directors, chaired by Sheikh Dr. Khalid. The Board of Directors recommended the Annual General Assembly of share-holders to distribute cash dividends equivalent to 42.5 percent of the capital (QR0.425 per share) subject to Qatar Central Bank’s approval.

Sheikh Dr. Khalid said: “The results of QIIB for 2019 indicate that we were able to keep pace with the momentum and growth of the Qatari economy and its ability to overcome various challenges and accomplish greater achievements in all sectors, thanks to the support and patronage of the Amir His Highness Sheikh

Tamim bin Hamad Al Thani.”“In 2019, the Qatari economy

continued its positive performance and all indications are that it is at the forefront of the region’s economies, which drew the attention of investors in various countries who sought to take advantage of the opportunities it provides. Qatari economy’s dynamics positively reflects on the local economic sectors, namely banking, which is reckoned as a key driver of growth and one of the most

important factors for economic sta-bility”, QIIB Chairman said.

“During 2019, QIIB continued to focus on the local market as part of its strategy, especially with the availability of great opportunities that contribute to the development of the country and the achievement of Qatar National Vision 2030, some of whose goals have already been achieved while others are being realised. We are honoured to take part and actively contribute to achieving some of the goals of QNV 2030,” Sheikh Dr. Khalid added.

In 2019 and in the previous years, the Qatari banking sector was full of vitality, activity and competitiveness. The bank participated in the financing of numerous large projects, such as the ones related to infrastructure and small and medium-sized enterprises (SMEs).

Sheikh Dr. Khalid bin Thani noted: “Our focus on large projects did not diminish our interest in small and medium-sized enterprises, which we continued to support during the past year, not to mention our distinguished partnership with Qatar Development Bank to support and finance SMEs. This partnership is in fact a bright spot that we seek to continuously focus on so as to contribute to comprehensive devel-opment that will potentially impact the

widest segment of society.”In parallel with QIIB’s focus on the

local market, the bank did not fail to strengthen its partnerships globally, building on the strength and solid rep-utation of the Qatari economy and the bank’s long history of growth and sta-bility, which made it one of the most important institutions for Islamic banking in Qatar and the region as whole. There is no doubt that 2019 was a good year for our foreign part-nerships that we seek to develop in

order to enhance returns to share-holders and strengthen the bank’s financial position, Sheikh Dr. Khalid added.

QIIB Chief Executive Officer, Dr. Abdulbasit Ahmad Al Shaibei, high-lighted the Bank’s financial indicators for the year 2019 and said, “the bank’s total assets at the end of 2019 amounted to QR56.8bn compared to QR50.3bn from a year ago, with a growth rate of 13.1 percent. The financing activities portfolio increased to QR37.0bn from QR28.0bn, repre-senting a growth rate of 32.2 percent. QIIB’s operating revenues reached QR2.4bn in 2019, compared to QR2.1bn at the end of the previous year, with a growth rate of 14.6 percent.”

The bank’s total equity stood at QR8.2bn at the end of 2019 while its Capital Adequacy under Basel III reg-istered 18.5 percent reflecting the strength of QIIB’s financial position amid various risks. �P6

Dr. Abdulbasit Ahmad Al Shaibei, QIIB Chief Executive Officer

Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, QIIB Chairman

The 2019 results underscore QIIB’s ability to move forward, benefiting from the strength of the Qatari economy, which is performing exceptionally well across various sectors.”

‘Made in Bangladesh Exhibition’ in Qatar begins at DECCMOHAMMAD SHOEB THE PENINSULA

Nearly 60 Bangladeshi companies from a wide-range of sector, including food & beverage, IT, apparels and others, are showcasing their products and services at the ‘Made in Bangladesh’ expo in Qatar, a single country trade fair, which kicked off yesterday at Doha Exhibition & Convention Centre (DECC).

These prominent Bangla-deshi companies supply high-quality products and services which are exported to over 100 countries around the world, including Qatar and other GCC countries, where a large number of Bangladeshi communities work and live.

The three-day long trade and investment event is jointly

organized by Bangladesh Forum Qatar (BFQ) in collaboration with Bangladesh Embassy in Qatar, under the patronage of Export Promotion Bureau of Bangladesh. The exhibition is sponsored by Qatar Financial Center (QFC) and supported by Qatar Chamber and Qatari Busi-nessmen Association.

Sultan Al Khater, Undersec-retary of Ministry of Commerce and Industry along with Sheikh Faisal bin Qassim Al Thani, Chairman of Qatari Busi-nessmen Association (QBA), and Salman F Rahman, Advisor to Prime Minister of Bangladesh, Sheikh Hasina Wazed, inaugu-rated the event.

Rahman, a member of Bang-ladesh’s parliament and a prom-inent businessman, who is advising to Prime Minister on for Private Industries and

Investment related issues, is leading the delegation from Bangladesh, bringing with him different government agencies like Bangladesh Industrial Development Authority, Export Promotion Bureau, Bangladesh Economic Zones Authority, Bangladesh High Tech Parks Authority and industry leaders from different sectors; and more than 60 participating Bangla-deshi companies.

The event is expected to give companies from both countries opportunity to interact through business-to-business meetings at the venue. The event opened with focusing on how to foster Bangladesh-Qatar partnership, by way of a seminar with Rahman, Yousuf Al Jaida, CEO and Board member of QFC, and Dr R Seetharaman, Group CEO of Doha Bank. �P6

SAP financial results Christian Klein (right) and Jennifer Morgan, Co-CEOs of German software and cloud computing giant SAP, and the group’s CFO Luka Mucic (left) pose for a picture before a press conference to present SAP’s financial results for 2019 yesterday in Walldorf, southwestern Germany. German software giant SAP reported a bottom line undermined by heavy restructuring costs, but lifted forecasts for the year ahead.

Qatar’s AML/CFT regulations toughest in the region: ExpertLANI ROSE R DIZON THE PENINSULA

Qatar’s regulations on anti-money laundering and combating financing of terrorism (AML/CFT) are the toughest in the region, an international expert on Governance, Risk and Compliance (GRC) said yesterday.

However, the effectiveness of compliance towards these regulations will be assessed this year, as Qatar is scheduled for evaluation by the Financial Action Task Force (FATF), an inter-governmental policy-making body considered to be the global standard-setter in the fight against money laundering and terrorist financing.

“FATF will publish a report

on how effective they found the implementation of anti-money laundering and anti-terrorism finance policy and regulation of the Qatar Central Bank (QCB). Based on that, they will set a

rating which will immediately affect how the country is per-ceived internationally. And Qatar is largely in advanced stage in fight against money laundering and terrorist financing com-pared to other countries in the region. I’m sure it will get a good rating. It has the toughest AML/CFT regulations in the region, which are updated on a regular basis. What the country needs to do now is to increase AML/CFT awareness in the non-financial sector, and make sure that those sectors are in full compliance with international regulation,” Mohamed Daoud, Director of Business Development of Ref-initiv, a global provider of financial markets data and infra-structure, said while talking to The Peninsula on the sidelines

of a seminar. The seminar titled ‘The

Development in the Fight Against Money Laundering & Financing of Terrorism’ was

organised by the International Chamber of Commerce Qatar (ICC Qatar) and Refinitiv, with the support of the Qatar Chamber (QC), to discuss best practices in AML/CFT policies.

During the event, QC Board Member and ICC Qatar Secretary General Dr Khalid Klefeekh Al Hajri, reiterated that Qatar recently issued the Law No. 20 of 2019 to combat money laun-dering and terrorist financing.

He added: “Money laun-dering was an existing problem, which has led Qatari firms to update their strategies based on international standards adopted by main international organisa-tions, such as the FATF. The State of Qatar is a leading country in the fight against money laun-dering and terrorism financing.

And the year 2020 will be an important year for Qatar as the country will be going through evaluation by the Financial Action Taskforce, the interna-tional regulator that helps combat money laundering and terrorist financing across the globe”. �P6

Mohamed Daoud, Director of Business Development of Refinitiv, and Governance, Risk and Compliance expert

Dr Khalid Klefeekh Al Hajri, QC Board Member and ICC Qatar Secretary General

“Year 2020 will be an important year for Qatar as the country will be going through evaluation by the Financial Action Taskforce, the international regulator that helps combat money laundering and terrorist financing across the globe.”

02 WEDNESDAY 29 JANUARY 2020BUSINESS

03WEDNESDAY 29 JANUARY 2020 BUSINESS




QFC Regulatory Authority and College of Humanities & Social Sciences of HBKU sign MoUTHE PENINSULA — DOHA

The Qatar Financial Centre Regulatory Authority (Regu-latory Authority) and the College of Humanities and Social Sciences (CHSS), Hamad Bin Khalifa University, have entered into a Memorandum of Understanding (MoU) for sharing information on 13 January, at a signing ceremony held at the Regulatory Authority offices in Doha.

The MoU was signed by Eisa Ahmed Abdulla, Chief Operating Officer and Man-aging Director, Corporate Services of the Regulatory Authority and Dr Amal Mohammed Al Malki, Founding Dean, College of Humanities and Social Sciences, Hamad Bin Khalifa University.

The agreement will

promote cooperation and an affiliation between the two organisations. Together, the Regulatory Authority and CHSS will cooperate on the trans-lation of projects of mutual interest through HBKU’s Trans-lation and Interpreting Institute (TII). The Regulatory Authority will also provide internship

opportunities for TII students, with CHSS providing cus-tomised trainings for Regu-latory Authority staff.

Eisa Ahmed Abdulla wel-comed the signing of the MoU, saying: “The QFC Regulatory Authority is keen to grow and expand its cooperation with other Qatari organisations and work together in achieving common goals.

We have a solid bilingual programme at the Regulatory Authority, and this relationship with HBKU will only strengthen it.” Dr Al Malki expressed her delight with the signing of the MoU, saying: “The College of Humanities and Social Sciences at Hamid Bin Khalifa University is pleased to join hands with the QFC Regulatory Authority, which plays a key role in enhancing the business

environment in the country.” She also said that this agreement is an important step to boost cooperation between

two influential entities in the Qatar higher education and finance sectors, noting that it will help both sides transfer

information between them to the advantage of the national economy and the private sector.

Eisa Ahmed Abdulla (sitting, left), Chief Operating Officer and Managing Director, Corporate Services of the Regulatory Authority and Dr Amal Mohammed Al Malki, Founding Dean, College of Humanities and Social Sciences, Hamad Bin Khalifa University, exchanging documents after the signing ceremony.

The Regulatory Authority and CHSS will cooperate on the translation of projects of mutual interest through HBKU’s Translation and Interpreting Institute (TII).

Ahlibank Silver Sponsor for Compliance and Combating Financial Crime ConferenceTHE PENINSULA — DOHA

Ahlibank yesterday announced its Silver Sponsorship of the Compliance and Combating Financial Crime Conference, organised by the Union of Arab Banks (UAB) and World Union of Arab Bankers (WUAB) and in collaboration with the Qatar Central Bank (QCB).

The conference taking place on 29th and 30th January 2020 will cover topics ranging from combating financial crime, global developments, cyberse-curity & transaction mentoring

to awareness on Compliance Data Protection and Fraud Cyber Security in the age of dig-itization and new approaches for compliance.

Ahlibank’s Acting CEO Mohamed Al Namla said: “We are proud to sponsor the Com-pliance and Combating Financial Crime Conference organised by UAB and WUAB and in collaboration with the QCB. As an integral part of the community, the security of our customers and Financial Crime awareness is our top priority and we ensure customer data

stays secure and safe.Al Namla added: “With

advancing Financial Crime and Cybercrime, customers are con-stantly facing increased cyber threats and at Ahlibank, we are always at the forefront helping our customers be aware and alert about the dangers of Cybercrime which can cause financial losses to individuals and our economy. We would like to thank the QCB, UAB and WUAB for their efforts in implementing key initiatives in Compliance and Combating Financial Crime to protect cus-tomers against Cybercrime.”

‘Made in Bangladesh Exhibition’ in Qatar begins at DECC

Sheikh Faisal bin Qassim Al Thani (third left), Chairman of Qatari Businessmen Association, cutting a ribbon with Salman F Rahman (centre) Adviser to Bangladesh Prime Minister for Private Industries and Investment, Sultan Al Khater (second right), Undersecretary of Ministry of Commerce and Industry, and other officials at the opening of Made in Bangladesh 2020 Trade and Investment Exhibition at DECC yesterday. PIC: ABDUL BASIT/ THE PENINSULA

FROM BUSINESS PAGE 1

Speakers were welcomed by Ashud Ahmed, Ambassador of Bangladesh to Qatar and Iftekhar Ahmad, of BFQ, while concluded by Yusuf Saeed, President of Bangladesh Forum Qatar.

The event is more than a trade exhibition. Visitors can enjoy fashion shows, cultural events and delightful Bangla-deshi food. The event is a perfect showcase of Bangladesh in the form of sights, sounds and savory.

“I hope that the ‘Made in

Bangladesh’, which is essen-tially a single country trade fair, will undoubtedly go a long way in showcasing the Bangladeshi products and services not only in Qatar but also in the whole of Middle East and North Africa (Mena) as Qatar is increasingly becoming a conference and cultural hub of the region largely because of its unusual economic strength and diplo-matic clout,” Ambassador Ashud said in his address at the seminar, organized parallel to the expo.

He added: “Apart from

showcasing our exportable goods and tourism attractions, the exhibition is expect to promote our rich cultural her-itage and positive image in a region which has a traditional perception of Bangladesh as a labour sending country only.”

He also said that on the sidelines of the expo, Bangla-deshi business leaders, both from public and private sectors will have the opportunity of meeting prospective Qatari investors, including QBA and Qatar Investment Authority.

QIIB net profit rises 5.1% to QR927m in 2019; total assets at QR56.8bn

FROM BUSINESS PAGE 1“QIIB results for 2019 are

encouraging, even as we aspire to achieve better results. But in general, they reflect the positive atmosphere that the Qatari economy is witnessing in various sectors, in terms of favourable opportunities, stimulating and encouraging competition for work, innovation and multi-lateral partnerships that con-tribute to achieving good growth figures,” Dr. Al Shaibei said.

“Through these results, we are happy to note that QIIB con-tributed to the growth of the Qatari economy, as we strived during the past year to implement the interim and stra-tegic plans laid down by the Board of Directors. The results were satisfactory for us, as most of the bank’s financial indicators improved and most of of the bank’s financial indicators improved,” Dr. Al Shaibei added.

Credit rating agencies affirmed QIIB’s high ratings with a stable outlook based on a number of factors, namely the strength of the bank’s position among other Islamic banks, quality of its assets, strong prof-itability, and quality of financing portfolio, growth in operational income and overall improvement in operational efficiency.

Dr. Al Shaibei noted great efforts were made during 2019 to improve the bank’s response to customers’ requirements and upgrade its services and products in line with the best global standards. The bank has already witnessed an improvement in customers’ satisfaction and an expansion in our customers’ base, which we are responding to with more innovation and dealing appropriately with market competition.”

QIIB continues to pay special attention to the modern cus-tomer service trends, providing alternative channels such as online banking services, mobile banking, phone banking and the call centre. The bank made great strides in this field as it facilitates communication with its cus-tomers and saving them time and efforts and reduce the bank’s operating expenses.

“Our efforts to improve the quality of services received great attention and much appreci-ation, as QIIB won the ‘Best Islamic Bank in the State of Qatar award for year 2019’ in the field of banking products and financing solutions during the awards ceremony of Excellence and Achievement Banking organised by the International Union of Arab Bankers,” Dr. Al Shaibei added.

QIIB also won the ‘Strongest Islamic Retail Bank Award’ and the ‘Most Innovative Islamic Retail Bank Award’ in Qatar Awards 2019 granted annually by the Islamic Retail Banking Awards Committee in cooper-ation with the University of Cam-bridge, which are two of the most prestigious awards granted annually to leading banks in the Islamic finance sectors.

The bank also won the ‘Best Islamic Bank Qatar Award’ during the annual IFN Awards ceremony organised by Red Money and held last year in the Malaysian capital, Kuala Lumpur”.

In parallel with its interest in developing services and products, the CEO explained that “The bank remained interested in enhancing its technological infrastructure in line with the latest trends in global banking development and so as to increase the bank’s immunity in the field of cybersecurity. QIIB received ISO 27001, one of the world’s most prestigious accred-itations in Information Security, which reflects its high standing in the protection of the bank’s and customers’ data. The bank also obtained, for the fourth time in a row, the highest certification in the protection of payment card data (PCI-DSS).

In terms of foreign investment, Dr. Al-Shaibei noted, “QIIB kept interacting with global markets and strength-ening its various partnerships. 2019 was a special year for the bank as it successfully issued sukuks twice during the same year with a very competitive pricing and very strong inter-national allocation. Both Sukuks were listed on the London Stock Exchange.

QIIB head office

Qatar’s AML/CFTregulationstoughest in theregion: Expert

FROM BUSINESS PAGE 1

Mohammed Ali Al Ghamdi, Chief Gov-ernance Officer at Qatar Charity, added that the organisation started its restructuring three years ago, not just to prepare for the upcoming FATF evaluation, but as part of its global capacity building programme.

“We started a part-nership with World Check in 2015, and last year we have fully integrated our data with World Check system. We have more than 24 global field offices, and we work mostly with high risk countries such as Syria, Somalia, and Yemen among others. We needed to have an active system to show us the risks (for money laundering and terrorism financing) and how to deal with them. We operate with high standards and try to be a good model for charity works. Last year we made more agreements with the United Nations, and the upcoming FATF report will prove that to the world,” he added.

In his presentation, Daoud highlighted the latest developments in global compliance and regulation in the fight against money laun-dering and financing of terrorism in the non-banking sectors. Citing an Arab Monetary Fund report, he added that more than 200,000 bank accounts by small and medium-sized enter-prises (SMEs) in the local currency have been closed in the last two years, for failure to comply with banks’ AML/CFT policies. Currently, there are more than 300 blacklists issued by dif-ferent international bodies and regulations with different categories and overlapping data, he added.

Doha Metro enhances urban mobility with ThalesTHE PENINSULA — DOHA

Thales Group has successfully delivered a full suite of solutions on the fully operational Doha Metro that will span across Hamad International Airport, Lusail City, Al Wakra, Education City and the old district.

The initial Preview Service of the first section of Phase 1 of the Doha Metro Project was suc-cessfully launched by Qatar Railways Company on 8 May 2019. The second successful preview service was the Gold Line, covering 11 stations, including Ras Bu Abboud,

National Museum, Sport City and interchange station, Msheireb. On the 10th December 2019, the Green Line, which runs from Al Mansoura to Al Riffa, entered into revenue service.

Thales is supplying advanced Communications Based Train Control (CBTC) sig-nalling, communications & security, passenger services, a fully integrated operational control centre as well as auto-matic fare collection systems including ticket vending machines, access gates and transaction management systems for the Doha Metro.

Thales is part of a consortium with Mitsubishi Heavy Indus-tries, Ltd.; Mitsubishi Corpo-ration; Hitachi, Ltd.; and Kinki Sharyo Co., Ltd., that is respon-sible for delivering the systems package for the Doha Metro.

Thales brings its cutting-edge technology solutions for the Doha Metro project, which will significantly enhance urban mobility and uphold the highest standards of environmental sustainability.

“An efficient metro is essential for the commercial success and growth of any great city. Being part of this

consortium, at the heart of one of the most ambitious infra-structure development pro-grammes in the world, is a sig-nificant achievement for Thales’ operations in the country. Qatar Rail and our partners in the consortium are truly trans-forming urban mobility in the country. The programme fulfils the goals of Qatar National Vision 2030 and Thales is com-mitted to continue supporting the State of Qatar in its future goals for smart mobility and urban transportation,” said Fre-deric Sallet, Thales Country Director in Qatar

Launch of the Tata Nexon EV electric car


Britain backs new body to boost financial sector recruitmentREUTERS — LONDON

Britain will lose out to rival financial centres and other economic sectors unless action is taken to create a more skilled and diverse workforce, a review commissioned by the finance ministry said.

With Britain’s departure from the European Union hitting recruitment and the technology sector luring away talent, the ministry backed calls for a new financial industry body dedi-cated to filling the skill shortages.

At present, 90 percent of workers in the sector are white, and only a third of senior man-agers are women, said the review, which was presented yesterday.

Restoring public trust in finance was also critical to attracting skilled staff, it said.

“The industry lacks the over-arching vision, coordination and focus needed to weather the megatrends transforming global business,” said Mark Hoban, chair of the task force that authored the report.

An employer-funded and managed Financial Services Skills Commission could lead real change, it said. It would identify what skills were needed, how to increase training for employees, and “champion the sector as a great place to work”.

The report found that financial services has a growing skills gap, up 30 percent between 2015 and 2017, and only a third of senior managers are women.

About nine out of 10 financial services workers are white, failing to reflect the mix of people in urban centres where many people who work in the sector are based, the report said.

The sector is also facing fun-damental changes as automation eliminates clerical and

administration jobs.Demand for specialist skills in data and tech is growing in a sector that has a high reliance on imported talent, with more than 12 percent of Britain’s banking and finance workforce from the EU. The unfettered ability to hire talent from the EU will end after Brexit.

“In the short term, changes to our ability to access overseas talent, as a result of Brexit, will present an additional challenge as investment in our domestic talent will take time to manifest,” the report said.

Britain’s financial services minister John Glen said the sector had an image problem and needed to “up its game”.

“The government is abso-lutely committed to supporting the long-term needs of the sector,” Glen told te review’s launch event. The government welcomed the creation of a new commission and will engage closely with it on a regular basis, Glen said.

Glen said Britain was con-sidering a new points based immigration system from 2021 that would help recruitment.

“This is a competitive world and we must never lose sight of where our own competitive strengths lie,” Glen said.

UK should lower planned salary threshold for migrants

REUTERS — LONDON

Britain should cut a salary threshold for migrants to £25,600 ($33,650) a year to help fill jobs after Brexit, a government commissioned report said, while warning a planned overhaul of the immi-gration system could hit economic growth.

With Britain leaving the European Union on Friday, the government is introducing the biggest shake-up of Britain’s border controls in decades, ending the priority given to migrants from the bloc over those from other countries.

The proposed changes would make it harder for EU nationals to work in Britain after Brexit while benefiting those outside the bloc by lowering the amount they have to earn.

The Migration Advisory Committee (MAC), an inde-pendent body which gives the government advice, recom-mended lowering the minimum general salary threshold for skilled migrants by £4,400 a year from £30,000.

“Our recommendations are likely to reduce future growth of the UK population and economy compared to freedom of movement, by using skill and salary thresholds,” MAC chairman Alan Manning said.

“No perfect system exists and there are unavoidable dif-ficult trade-offs,” he added in a statement.

The recommendations are intended to help guide Prime Minister Boris Johnson’s new immigration policy, which will be implemented from the start of next year.

The MAC was tasked with drawing up new salary thresholds for migrants and devising a points-based immi-gration system, based on that used in Australia, to be put into place once freedom of movement for EU nationals ends.

If the government wanted to bring in a points-based system, then it should also allow a route for skilled workers who did not have a job offer, the committee said.

There should be different minimum salary requirements for certain highly paid profes-sions, the report said. Teachers and healthcare workers should benefit from lower salary thresholds based on national pay scales, it added.

Manning said the proposals would lead to a very small increase in GDP per capita and productivity, and slightly improved public finances.

But while demands on the state-run health service, schools and housing would slightly ease, there would be increased pres-sures on social care.

For highly skilled migrants - those described as having exceptional talents such as musicians and scientists - the advisers recommend a more open system, saying the current cap on visas is too restrictive.

UBS to hire 20 managing directors to boost investment bankingBLOOMBERG — ZURICH/ NEW YORK

UBS Group AG plans to bolster the most senior ranks of its investment bank to drive growth of coverage areas where it’s seeking to be more competitive.

The addition of 20 managing directors – who sit near the top of the unit’s hierarchy – will pri-marily be in the US and take place over the next two or three years, people with knowledge with the plans said, asking not to be identified discussing a private matter.

UBS is hiring after deciding to narrow the focus of the investment bank on the con-sumer, industrial, TMT, and financial institutions industries, the people said. Co-heads Robert Karofsky and Piero Novelli are also tying the unit more closely to the wealth management business and seeking to boost cooperation between regions after cutting lower-ranking jobs and reshuffling management.

The bank declined to

comment. The securities unit, which relies on equities trading and deal advisory for Europe and Asia, has under-performed its peers in the last few quarters, prompting Chief Executive Officer Sergio Ermotti (pictured) last week to say that the per-formance of the business has been unacceptable.

The bank is building the top ranks of the investment bank even as it removes managing directors from its key wealth management business as part of a broad overhaul instigated by new co-head Iqbal Khan.

While UBS sees the US as a strong growth opportunity, it’s also a region where the bank has struggled to keep up with peers with bigger balance sheets to strengthen their pitches. The Swiss bank ranks 25th among advisers for deals in the country in 2019, according to data compiled by Bloomberg. Former UBS investment chief Andrea Orcel had focused the bank on the retail, software and aerospace

sectors in the US during his tenure. UBS to Name Stephenson, Oficialdegui to Lead Dealmaking Unit

UBS last year split its investment bank to two seg-ments: global banking and global markets. The new hires would be spread across newly-created teams in the banking division, the people said. Under the new structure, the teams report to global heads, in an attempt to encourage bankers from dif-ferent regions to work together on cross-border deals that can generate the biggest fees.

With Britain’s departure from the European Union hitting recruitment and the technology sector luring away talent, the ministry backed calls for a new financial industry body dedicated to filling the skill shortages.

EU tells UK it will ‘never, never, never’ compromise on single marketREUTERS — BELFAST/DUBLIN

The European Union will “never, never, never” compromise on the integrity of its single market, its chief Brexit negotiator warned Britain on Monday, saying London must now face reality after underestimating the costs of leaving.

Some British politicians have suggested Brussels might be flexible on its rules in order to protect trade flows in talks due to begin in the coming weeks after Britain’s formal exit from the bloc on Friday.

But Michel Barnier (pic-tured), speaking in the British region of Northern Ireland widely seen as most at risk from Brexit, warned negative c o n s e q u e n c e s w e r e unavoidable.

“There will be no com-promise on the single market.

Never, never, never,” Barnier told an audience at Queen’s University Belfast, describing the single market as the foun-dation of EU’s international influence.

“Leaving the single market, leaving the customs union will have conse-quences. And what I saw... in the last year, is that many of these consequences have been underestimated in the UK,” he said. “Now we have to face the reality.” Barnier said that while Brussels was willing to be flexible and pragmatic in trade talks, Brit-ain’s choices have made fric-tionless trade with the EU impossible.

If no trade agreement is reached, Britain still faces the risk of a cliff-edge Brexit in 2021 when an 11-month status quote transition ends, he added.

“If we have no agreement, it will not be business as usual and the status quo, we have to face the risk of a cliff edge, in particular for trade,” Barnier said.

The EU has repeatedly said the level of access UK products can continue to enjoy will be proportionate to the commit-ments London makes on EU rules, particularly in relation to state aid.

“It is not clear to me whether, when the UK leaves the EU and the Single Market, it will also choose to leave Europe’s societal and regu-latory model. That is the key question, and we are waiting for an answer.” Barnier said.

Irish Prime Minister Leo Varadkar earlier yesterday said there would have to be some checks on goods going from Britain into Northern Ireland, despite British Prime

Minister Boris Johnson’s repeated insistence that these will not be needed.

Johnson’s willingness to allow some EU regulations to apply in Northern Ireland to prevent the need for a border on the island was the crucial concession he offered last year to obtain a withdrawal deal with the bloc.

Barnier was asked

repeatedly by journalists in Belfast whether trade talks could avoid the need to have checks, but he would only say the text of the withdrawal agreement that governs it was binding and could not be revisited.

“ T h e W i t h d r a w a l Agreement must be applied with rigour and discipline by all sides. It cannot be re-opened under the guise of implementation,” Barnier said. Implementation will be crucial in building trust for the trade talks, he added.

Varadkar earlier on Monday told Britain’s BBC the European Union would have the upper hand in trade talks, having the “stronger team” due to its larger population and market.

Johnson’s aim of getting a deal by the end of 2020 “will be difficult,” Varadkar added.

Renault poised to name De Meo as CEOREUTERS — PARIS

Renault’s board is to approve the nomination of Luca de Meo (pictured), the former head of Volkswagen’s Seat brand, as its next chief executive, two sources familiar with the matter said.

The Italian-born executive, who stepped down from Seat earlier this month, is not due to take up his post at the French carmaker until towards July, due to negotiations around his con-tract, according to one of the sources.

Renault declined to comment. De Meo is not expected to face any last minute hurdles in his nomination, and has already won tacit backing from parties including the French government, a Renault shareholder.

His appointment fills one of the major gaps left at the firm as it tries to move past a year of turmoil following the 2018 arrest in Tokyo of former boss-turned-fugitive Carlos Ghosn, and reset its strained alliance

with Japan’s Nissan.Ghosn, who forged and

oversaw the Renault-Nissan partnership for almost two decades, has since fled Japan and resettled in Lebanon, from where he has contested the financial misconduct charges against him and said the alliance was at risk of collapse.

De Meo, along with Renault Chairman Jean-Dominique Senard, brought in last January from tyre maker Michelin, will have his work cut out to turn around the firm.

Like rivals, Renault is grap-pling with a downturn in demand, and has said it expects a slight decline in the car market in Europe, Russia and China this year. The firm has also pre-sented 2020 as a make-or-break year for the alliance with Nissan and is under pressure to deliver on cost savings and joint industrial projects.

Automakers face pressure to meet stringent new emissions targets with less polluting models, and are also competing

to produce innovations such as self-driving cars, which require large investments.

De Meo, who speaks French, will be one of a growing handful of outsiders in senior company jobs in France. The 52-year-old started his career at Renault and has worked at Fiat and Audi among other brands.

He is credited with revital-ising sales at Barcelona-based Seat, imbuing it with a more sporty image, though his port-folio will be markedly larger at Renault, whose brands include Dacia and Lada.

Natarajan Chandrasekaran (left), Chairman of Tata Sons, and Ratan Tata, Chairman of Tata Group, pose during the launch of the Tata Nexon EV electric car, in Mumbai yesterday.

Annual Financial ResultsNordic-Baltic Banking Group CEO Jens Henriksson speaks during a press conference to present the company’s fourth quarter and 2019 full year results yesterday at the Swedbank headquarters in Stockholm, Sweden.

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QIIB net profit rises 5.1% to QR927m