Banking

LONDON (Capital Markets in Africa) – Facebook Inc. is once again defending Libra — this time against fears that the envisioned cryptocurrency could replace sovereign currencies from the U.S. dollar to the Euro and threaten central banks’ control over money creation. David Marcus, the executive leading the project, posted a series of tweets the same day members of the Libra Association met with regulators convened by a G-7 working group in Switzerland. He argued that creating Libra isn’t…

LAGOS (Capital Markets in Africa) – The New Development Bank, the multilateral development institution set up by members of the BRICS group of countries, has extended its first loan in local currency by providing 7 billion rand ($477 million) for South African roads. The 15-year loan to the South African National Roads Agency SOC Ltd. will be guaranteed by the country’s government and still needs the approval of the transport and finance ministers. “The loan…

NAIROBI (Capital Markets in Africa) – Equity Group Holdings Plc plans to buy a lender in the Democratic Republic of Congo, its second acquisition in five months, as part of the Kenyan bank’s strategy to expand across Africa. Directors agreed to enter a “non-binding term sheet with certain shareholders of Banque Commerciale du Congo for the purchase for cash of a controlling stake in BCDC with a view to eventually amalgamating the business of BCDC with that of…

NAIROBI (Capital Markets in Africa) – Equity Group Holdings Plc plans to acquire a lender in the Democratic Republic of Congo, the second purchase in four months, as part of the Kenyan bank’s strategy to expand across Africa. “Directors have agreed to the entry into a non-binding term sheet with certain shareholders of Banque Commerciale du Congo for the purchase for cash of a controlling stake in BCDC with a view to eventually amalgamating the business of…

JOHANNESBURG (Capital Marketds in Africa) – Old Mutual Ltd. said first-half profit rose 10% from a year earlier as higher investment returns boosted earnings, offsetting tepid economic growth in its home market. Adjusted earnings before one-time items increased to 5.2 billion rand ($342 million), the Johannesburg-based firm said in a statement on Monday. Results from operations increased 2%, while revenue from premium sales rose 4%. Net income fell 55% to 5.82 billion rand after gains from…

LONDON (Capital Marketds in Africa) – Just weeks before the European Central Bank gets its first-ever female president, another milestone for the institution is being set by Ireland. Gabriel Makhlouf, a Briton who was a top civil servant in New Zealand, becomes the Irish central bank chief this week. He is the ECB Governing Council’s first member who isn’t a citizen of the country appointing him. While Christine Lagarde’s impending ECB presidency is unprecedented, that role has citizenship…