Banking | - Part 116

Kenya | Kenya Central Bank Sees Current-Account Gap Narrowing on Inflows

NAIROBI, Kenya, Capital Markets in Africa: Dollar inflows into Kenya will result in a narrower current account gap this year and are among reasons the shilling has a “bias toward strengthening,” Central Bank of Kenya Governor Patrick Njoroge said. The deficit, the broadest measure of trade in goods and services, is expected to shrink to 6.3 percent of gross domestic product this year, Njoroge said in an interview Thursday at the World Economic Forum in Kigali, the…

Kenya | Barclays Leaves Kenya Feeling Like `Flowergirls’ in Africa Exit

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Nairobi, Kenya, Capital Markets in Africa: Central Bank of Kenya Governor Patrick Njoroge urged Barclays Plc and its Johannesburg-based unit to engage with regulators in the countries in which it operates as the British bank plans to exit the continent. “It feels like we are being treated like flowergirls” who have no real role to play in the transaction, he said in an interview at the World Economic Forum’s annual Africa conference in Kigali, Rwanda on Thursday, declining to say…

Angolan President Jose continues central bank shakeup

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LUANDA, Angola, Capital Markets in Africa: Angolan President Jose Eduardo dos Santos replaced two deputy central bank governors on Wednesday, his office said in a statement, the latest round of shake-ups at the bank as the oil-rich African country seeks assistance from the IMF. Dos Santos in March appointed little-known Valter Filipe da Silva as Angola’s new central bank governor after José Pedro de Morais resigned. His office said Gualberto Manuel Amaro Lima Campos and…

Investors Targeting African Banks Despite High Risks, Fitch Says

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LAGOS, Nigeria, Capital Markets in Africa: Fitch Ratings-London-10 May 2016: With the exception of South Africa, sub-Saharan African banks tend to have highly speculative fundamental credit quality, but strategic investors are still looking to expand in the region, says Fitch Ratings. Barclays is progressing with the sale of its African banking franchise, Nigeria’s United Bank for Africa is diversifying into new countries and Morocco’s BMCE Bank is increasing its stake in a Sub-Saharan subsidiary. The…

South Africa | Barclays Unit Rejects South Africa Minister’s Invite to Gupta Talks

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Johannesburg, South Africa, Capital Markets in Africa: Barclays Africa Group Limited’s Absa declined an invitation to meet South African Mineral Resources Minister Mosebenzi Zwane to discuss the closure of bank accounts related to companies controlled by the Gupta family, who are friends of President Jacob Zuma and in business with his son. “We have respectfully declined on account of client confidentiality,” the Johannesburg-based lender said in an e-mailed response to questions on Wednesday. “As a bank we cannot discuss any…

Kenya | Equity Group Pauses Africa Expansion Plans as Economies Slow

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Nairobi, Kenya, Capital Markets in Africa: Equity Group Holdings Ltd., Kenya’s biggest bank by market value, put plans to expand into five other African countries on hold after sliding prices for commodities from oil to copper caused currencies to tumble. The lender, which had prioritized entries into Nigeria, Angola, Ghana, Mozambique and Zambia, will instead focus on deepening its presence in markets in which it already operates by growing branch networks, Chief Executive Officer James Mwangi said. “We…

South Africa | Barclays Sells 12.2% Stake in African Unit for $879 Million

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Johannesburg, South Africa, Capital Markets in Africa — Barclays Plc said it sold about one-fifth of its stake in Barclays Africa Group Ltd. for about 13.1 billion rand ($879 million) as part of Chief Executive Officer Jes Staley’s plan to overhaul the British lender. The bank sold 12.2 percent of Barclays Africa’s shares to money managers, leaving it with a holding of 50.1 percent, it said in a statement on Thursday. The shares were bought for 126 rand each,…

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