Banking | - Part 124

Moody’s assigns Counterparty Risk Assessments to five Egyptian banks

Cairo, Egypt (Capital Markets in Africa):- Moody’s Investors Service has today assigned Counterparty Risk Assessments (CR Assessments) to five Egyptian banks. It has assigned CR Assessments of B3(cr) to the government-owned National Bank of Egypt SAE, Banque Du Caire SAE, and Banque Misr SAE; B2(cr) to Commercial International Bank (Egypt) SAE (CIB); and B1(cr) to Bank of Alexandria SAE (Alex Bank). Concurrently Not-Prime (cr) short-term CR Assessments have been assigned to all the banks. This…

Ghanaian bank capital adequacy at 17.9% says IMF

Posted on by The Editorial Team

Accra, Ghana (Capital Markets in Africa):– According to the International Monetary Fund (IMF), the risk-weighted capital adequacy ratio of banks operating in Ghana reached 17.9% at the end of 2014 relative to 18.5% at end-2013 and 18.6% at end-2012; while the banks’ Tier-One capital ratio stood at 15.3% at end-2014, up from 14.7% at end-2013 and down from 16.4% at end-2012. The sector’s core liquid assets were equivalent to 26.8% of total assets at the end of 2014 relative to…

Outlook stable on 74% of bank ratings says Fitch ratings

Posted on by The Editorial Team

London (Capital Markets in Africa):- Fitch Ratings indicated that it upgraded 10 banks globally in the first quarter of 2015, with 90% in emerging markets; while it downgraded 22 banks worldwide, with 64% in emerging economies. It indicated that there were 70 ‘negative’ outlooks on the ratings of emerging market banks in the first quarter of 2015, unchanged from the fourth quarter of 2014 and up from 57 in the third quarter and 59 in the second quarter of 2014. In…

Reserve Bank of Malawi Keeps Policy Rate at 25% as Inflation Ease in April

Posted on by The Editorial Team

LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 29 April 2015 to review recent global and domestic economic developments, and decided to maintain the Policy Rate at 25 percent and Liquidity Reserve Requirement (LRR) at 15.5 percent. The Malawi real GDP growth is estimated at 5.4 percent in 2015 from the previous projection of 5.8 percent. The downward revision has been necessitated by a contraction in…

Nigeria’s Wema Bank raising $100 mln Tier II capital to grow loans

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LAGOS (Reuters) – Nigeria’s Wema Bank aims to complete a $100 million Tier II capital raising exercise by the second quarter of this year to fund its growing foreign currency loan portfolio, its chief financial officer said on Thursday. Tunde Mabawonku said the commercial lender also planned to start the process of raising fresh equity capital of between 30 billion naira ($151 million) to 40 billion naira, from strategic investors by the fourth quarter. Mabawonku…

Bank seeks to raise $10 mln via share sale in war-torn Somalia

Posted on by The Editorial Team

NAIROBI (Reuters) – International Bank of Somalia (IBS), one of only a handful of commercial banks operating in the war-torn country, wants to raise $10 million in a public share offering that would be the first of its kind since civil war broke out in 1991.Somalia does not have a stock exchange and most banking is done on informal basis through money transfer firms, but IBS Chief Executive Hassan Yusuf said those ploughing money into…

Egypt’s CIB eyeing Citigroup’s retail operations

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s Commercial International Bank (CIB) said on Wednesday Citigroup had opened its books for a due diligence process that could lead to the purchase of its retail portfolio.Citigroup said it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently high costs.The third-largest U.S. bank, built with a series of acquisitions spanning back to the 1980s,…

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