Author: The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Ltd. shut an account belonging to advisory firm Regiments Capital Pty Ltd. when it failed to adequately explain suspicious transactions totaling tens of millions of rand, according to one of the South African lender’s top lawyers. Regiments partnered with McKinsey & Co. to advise Transnet SOC Ltd., South Africa’s ports and freight rail operator, on the acquisition of new locomotives and took 30 percent of the consulting…

JOHANNESBURG (Capital Markets in Africa) – FirstRand Ltd. wants to be the first large South African bank to bring its cost-to-income ratio below 50 percent as pressure mounts on local lenders to manage expenses amid weak revenue growth. South Africa’s largest lender by market value is focusing on its insurance, and wealth and investment management businesses to sell more products to its client base. It’s also spending funds on improving operations in its sub-Saharan Africa units…

JOHANNESBURG (Capital Markets in Africa) – The bottom line is that the top line stinks. That’s the challenge facing South Africa’s biggest banks as they fight to contain costs that are accelerating faster than revenue. The reasons are pretty much the same: South Africa’s economy hasn’t expanded at more than 2 percent a year since 2013 and unemployment is at 27 percent. In addition, consumers are being battered by rising taxes, fuel prices, and higher utility bills. Companies, meanwhile,…