Posts Tagged ‘Banking & Financial Services’
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.
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 African financial services group FirstRand recently outlined a growth strategy with a strong focus on the rest of the African continent.
Borrowing costs in some of Sub-Saharan Africa’s biggest economies have barely budged even after central banks slashed interest rates.
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.
The major driver of Nigeria’s stock exchange, the banking sector, has continued to wallow in the doldrums, steadily heading lower and lower.
HSBC is set to win the auction for a controlling stake in Nedbank, South Africa’s fourth-largest lender.
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.
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.
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.
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.
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.
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.
A Chinese bank might soon make an equity investment in Nigeria’s First Bank.
Stanbic Bank, a member of the Standard Bank Group (SBG), has launched sharia banking products in Tanzania.