Banking | - Part 125

Africa Finance Corporation receives US$50 million from the Islamic Development Bank for project financing

LAGOS, Nigeria (Capital Markets in Africa) — Africa Finance Corporation (AFC) is pleased to announce its acceptance of a US$50 million 15 year line of financing, with a 13 year six month repayment period, from the Islamic Development Bank (IDB). The funds will be used to finance projects located across the numerous African IDB member countries. The projects will be structured in a way that is compliant with Islamic Finance, focusing particularly on infrastructural and agricultural…

Moody’s changes Egypt’s banking system outlook to stable

Posted on by The Editorial Team

CAIRO, Egypt (Capital Markets in Africa) — Moody’s Investors Service has today changed the outlook for Egypt’s banking system to stable from negative, reflecting its expectation that banks’ funding and liquidity positions will remain strong amid improving operating conditions over the next 12-18 months. “We expect that Egypt’s banking system will benefit from improved operating conditions, resulting in rising consumer confidence and business investments, which in turn will support loan growth and asset quality”, says…

Moody’s Assigns First-Time Ratings to Nigeria’s Sterling Bank

Posted on by The Editorial Team

LAGOS, Nigeria (Capital Markets in Africa) —- Moody’s Investors Service has today assigned first-time ratings to Sterling Bank plc (Sterling): B2/Not Prime Local and Foreign Currency issuer and deposit ratings, which are underpinned by a b3 Baseline Credit Assessment (BCA). The outlook on all ratings is stable. Moody’s also assigned a Counterparty Risk Assessment (CRA) of B1(cr)/Not Prime(cr). Sterling Bank’s b3 BCA reflects (1) solid asset quality metrics and provision coverage; (2) improvements to the…

The Lafferty rating rates Nigerian banks ahead US, S/Africa, Europe, Australia, Canada in quality

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — In terms of their overall quality, Lafferty Bank Ratings reports that Nigerian banks rank well among banks across the world. A cross-border comparison shows that Nigeria ranks about 34.0, higher than South Africa which ranks 30.0, Canada 23.0, United States 20.0, Australia 22.0, and Europe 18.0. Nigerian banks’ financial ratios are particularly good and Michael Lafferty, chairman, Lafferty Group, reckons that the banks’ overall ratings will improve considerably…

Moody’s affirms BMCE’s deposit ratings; changes the outlook to stable from negative

Posted on by The Editorial Team

Casablanca, Morocco (Capital Markets in Africa) — Moody’s Investors Service has today affirmed and changed the outlook to stable from negative on the Ba1 long-term local-currency deposit rating and senior unsecured debt rating of BMCE Bank. Concurrently, Moody’s affirmed BMCE’s ba3 baseline credit assessment (BCA), its Ba2 long-term foreign currency deposit rating, the short-term local and foreign-currency Not-prime ratings and its B1 foreign subordinate debt rating. In light of the revised bank rating methodology, published…

Moody’s confirms African Bank’s Caa2 global scale deposit ratings; negative outlook

Posted on by The Editorial Team

Johannesburg, South Africa (capital Markets in Africa) — Moody’s Investors Service has today confirmed African Bank Limited’s Caa2 global scale long-term deposit and senior unsecured ratings, and the Caa2.za national scale issuer ratings. The global scale ratings continue to capture the implied losses of 10% that SARB’s restructuring plan will impose on both senior debt and wholesale deposits. Today’s rating action concludes the review for downgrade on African Bank’s ratings, initiated on 12 August 2014….

Wealthy Africans boost need for niche financial services

Posted on by The Editorial Team

Johannesburg, South Africa (Capital Markets in Africa) :- UBS Group AG, the Swiss company that says it banks more billionaires than any other, said wealthy Africans are rapidly adding to the ranks of the rich on the continent and this rise has seen them needing more specialised financial services. Key markets on the continent for UBS include Nigeria and South Africa, plus an East African block covering Kenya, Tanzania and Uganda, Martin Emodi, the bank’s…

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