Posts Tagged ‘Banking & Financial Services’

Nigeria: bailed out banks fail to hold AGMs

Eight of Nigeria’s nine banks that received bailout money have failed to hold their annual general meeting (AGM) – one of the financial system statutory requirements for financial institutions – eighteen months after N620 billion was injected.

Kenya Commercial Bank looking to double branches in southern Sudan

Reuters reports that Kenya Commercial Bank (KCB) expects to double its branches in southern Sudan if the region manages to conduct a successful referendum, scheduled for 9 January 2011.

South Africa’s FirstRand unveils Africa growth strategy

South African financial services group FirstRand recently outlined a growth strategy with a strong focus on the rest of the African continent.

Lack of crucial building blocks continue to stifle bank credit growth

Borrowing costs in some of Sub-Saharan Africa’s biggest economies have barely budged even after central banks slashed interest rates.

Kenyan banking sector still has plenty of room for growth

Reuters last week reported that Kenyan banks are set for consolidation to meet a deadline to boost minimum core capital and cut costs in a lower interest rate environment.

Banking sector uncertainty continues to plague Nigeria

The major driver of Nigeria’s stock exchange, the banking sector, has continued to wallow in the doldrums, steadily heading lower and lower.

HSBC close to a deal for controlling stake in South African bank

HSBC is set to win the auction for a controlling stake in Nedbank, South Africa’s fourth-largest lender.

Analysis of bids for four Nigerian banks finalised

Advisors have finished analysing bids received for four of Nigeria’s troubled banks. Analysis of bids for the five remaining banks is expected to be concluded by the end of the month.

Absa’s Nigerian office ‘not a late entry’

South Africa-based bank Absa is opening a representative office in Nigeria in a move CEO Maria Ramos says is not a late entry into Africa’s most populous nation.

Private equity fund invests in three Ecobank subsidiaries

The Ecobank Group has announced that it has reached an agreement with Advanced Finance & Investment Group for an investment of US$14 million in three of its subsidiaries.

Portuguese lender eyeing Mozambique’s Moza Banco

Banco Espirito Santo SA, Portugal’s largest publicly traded bank by market value, has signed a memorandum of understanding to acquire a 25% stake in Mozambique’s Moza Banco SA.

Second round of bank consolidation draws near in Nigeria

As expected, the passing into law of the AMCON Bill in Nigeria, as well as the advent of the reporting season, has seen Nigeria’s All Share Index rally somewhat over the past few days.

Absa’s bid to acquire Namibian bank rejected

The Bank of Namibia, the country’s central bank, has rejected South Africa-based Absa Group’s application to acquire a majority stake in Bank Windhoek.

Possible Chinese investment in Nigerian bank?

A Chinese bank might soon make an equity investment in Nigeria’s First Bank.

Standard Bank Group to provide sharia banking in Tanzania

Stanbic Bank, a member of the Standard Bank Group (SBG), has launched sharia banking products in Tanzania.