Nigeria: Deals imminent for four rescued banks Published by Staff Writer on 2 February 2011 Four of the nine Nigerian banks rescued in a bailout in 2009 are expected to sign agreements with new investors over recapitalisation this month, the country’s central bank said on Wednesday.
Nigeria: bailed out banks fail to hold AGMs Published by Staff Writer on 17 January 2011 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 Published by Staff Writer on 3 January 2011 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 Published by Claude Harding on 11 December 2010 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 Published by Imara Africa Securities team on 2 December 2010 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 Published by Imara Africa Securities team on 8 October 2010 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 Published by Imara Africa Securities team on 21 September 2010 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 Published by Staff Writer on 23 August 2010 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 Published by Staff Writer on 18 August 2010 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’ Published by Claude Harding on 9 August 2010 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 Published by Staff Writer on 4 August 2010 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 Published by Staff Writer on 29 July 2010 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 Published by Imara Africa Securities team on 28 July 2010 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 Published by Staff Writer on 7 July 2010 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.