Banking | - Part 109

Mauritius Cuts Rates by Biggest Margin Since 2012 on Brexit in July

Mauritius, Capital Markets in Africa: The Bank of Mauritius reduced its benchmark interest rate by the biggest margin in more than four years, saying Britain’s decision to leave the European Union has damaged the Indian Ocean island nation’s growth outlook. The Monetary Policy Committee unanimously decided to lower its benchmark rate to 4 percent from 4.4 percent, Governor Rameswurlall Basant Roi told reporters Wednesday in the capital, Port Louis. The gauge had remained unchanged since November 2015,…

Nigeria’s Skye Bank Gains on Report Power Firm May Pay Debts

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LAGOS, Capital Markets in Africa: Skye Bank Plc, whose top management was replaced by regulators this month, surged for a second day following a report that a major debtor reached an agreement that may help it repay the Nigerian lender. The stock closed up 9.1 percent to 72 kobo in Lagos, the best performer on the 171-member Nigerian Stock Exchange All-Share Index. Almost 58 million shares were traded, about four times the three-month daily average. Skye plunged…

Ghana May Hold Rate to Aid Economy Growing Slowest Since ’83

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ACCRA, Ghana, Capital Markets in Africa: Slowing inflation could give Bank of Ghana Governor Abdul Nashiru Issahaku room to continue supporting an economy forecast to expand at the slowest pace since 1983. The Bank of Ghana will probably leave its benchmark interest rate unchanged at 26 percent for a fourth consecutive meeting on July 18, all four analysts surveyed by Bloomberg said. The central bank raised the rate four times by a total of 500 basis points last year to prop…

Nigeria’s Emefiele Said to Have Met Bond Investors in U.S., U.K

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank Governor Godwin Emefiele and Deputy Governor Sarah Alade travelled to the U.S. and U.K. this week to try and entice bond investors to buy assets in Africa’s largest economy, according to two people with knowledge of the talks. Emefiele and Alade met investors in Los Angeles, Boston, New York and London, according to the people, who asked not to be identified as the discussions were private. Several investors in London…

Diamond’s Atlas Mara Snared in Nigeria Contagion as Stock Sinks

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LAGOS, Nigeria, Capital Markets in Africa: Atlas Mara Limited, the company co-founded by former Barclays Plc Chief Executive Officer Bob Diamond to buy lenders in Africa, fell to a record low as concern over the health of Nigeria’s banking industry spread. Atlas Mara, which owns at least 21 percent of Lagos-based Union Bank Nigeria Plc, dropped for the fourth time in seven days in London trading on Wednesday. That mirrors declines among most Nigerian lenders after the central bank replaced the…

Skye Bank Extends Drop After Management Ousting as Diamond Falls

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NIGERIA, Capital Markets in Africa: Skye Bank Plc tumbled, extending a slide to the lowest level in almost three months, after Nigerian regulators replaced the top management of the country’s eighth-largest bank for consistently breaching cash and liquidity ratios. Diamond Bank Plc fell the most since Jan. 19 even as shares of some the country’s banks rose on the Nigerian Stock Exchange All Share Index on Friday. Gains by FBN Holdings Ltd., the country’s largest lender by assets, Zenith Bank Plc and…

South African Central Bank Champions Choice for Welfare Banking

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South Africa, Capital Markets in Africa: The 16.9 million people receiving welfare payments from South Africa’s government into bank accounts should have the right to choose between financial services companies, according to the country’s central bank. A contract awarded by the South African Social Security Agency to Johannesburg-based Net 1 UEPS Technologies Inc. to pay grants electronically in 2012 has this year been dogged by court battles and criminal charges. Under the contract, which will be taken over by the…

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