The Editorial Team |

Jobs at Risk as Absa Overhauls South African Retail Bank

JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd. is restructuring its South African retail and business banking unit within months of reducing the division’s management team and rolling out a new strategy. Finance labor union Sasbo was notified to begin consulting staff last week on the potential impact of the move, union representative Philip Landman said by phone Wednesday. About 15 retail-banking executives exited their positions at the Johannesburg-based lender in June, after a similar…

Troika Back to Haunt Standard Bank Long After Lender’s Exit

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JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Ltd., which owned a minority stake in Moscow-based Troika Dialog from 2009 to 2012, said there’s no reason to believe any of its businesses were linked to alleged money laundering involving the Russian lender. None of the entities that the Johannesburg-based company was involved in at the time have been mentioned in reports about the scandal, Alan Bedford-Shaw, the head of corporate development, said on a…

Zimbabwe’s Coltart Says Mnangagwa Acts `in Concert’ With Army

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HARARE(Capital Markets in Africa) – Zimbabwe’s president, Emmerson Mnangagwa, is working with the military to ensure his own survival, an opposition official said, dismissing the leader’s criticism of the army’s heavy handed approach in quelling riots over fuel prices in January. The protests, the worst since 1995, ended after the military was deployed, firing on crowds and killing at least 17 people. Since then the opposition Movement for Democratic Change and human rights groups have said…

Egpyt’s EGPC Is Said to Raise $750 Million Loan With HSBC, FAB

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CAIRO (Capital Markets in Africa): Egypt’s national oil company raised a $750 million loan to fund growth, according to people with knowledge of the deal. Egyptian General Petroleum Corp. secured the five-year loan from HSBC Holdings Plc, First Abu Dhabi Bank PJSC and Mashreqbank PSC, said the people, asking not to be identified because the information is private. The lenders are now also offering the loan to other banks and syndication for the facility is expected to close…

ICBC Standard Bank May Need $200 Million Capital to Back Growth

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JOHANNESBURG(Capital Markets in Africa): Standard Bank Group Ltd. said its London-based venture with Industrial & Commercial Bank of China Ltd. might need a $200 million capital injection over the next 12 to 18 months, of which its share will be $80 million. ICBC Standard Bank’s business plan indicates the need for the cash based on growth in risk-weighted assets, Johannesburg-based Standard Bank said in a statement on Thursday. Beijing-based ICBC owns 60 percent of the venture, which specializes in…

Apollo Is Betting It Can Do GE Capital Better Than GE Could

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LONDON (Capital Markets in Africa): Zelter’s firm, Apollo Global Management, is slowly picking off pieces of the finance arm that nearly brought down General Electric Co. Apollo has already bought billions of investments once managed by GE Capital, and it’s been sizing up GE’s insurance and jet-leasing businesses, people familiar with the matter have said. GE’s new leader, Larry Culp, is working to turn around the embattled conglomerate, which expects negative cash flow this year in its industrial businesses. It’s quite a…

Zimbabwe Hires Trump-Linked Lobbyists in Bid to End Sanctions

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HARARE (Capital Markets in Africa) Zimbabwe hired U.S. lobbyists linked to President Donald Trump’s 2016 election race in a bid to have sanctions it says are hindering its economy scrapped. The southern African nation, where the economy has all but collapsed after a series of disputed elections, took on Ballard Partners Inc. — run by Brian Ballard, a fundraiser for Trump’s campaign — according to Nick Mangwana, Zimbabwe’s secretary for information. Trump renewed sanctions against a number of Zimbabwean individuals and…

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