Banking | - Part 127

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

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,…

South Africa’s Standard Bank posts flat 2014 earnings

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – Standard Bank, Africa’s largest bank by assets, reported a 1 percent rise in full-year profits on Thursday, roughly in line with expectations, thanks to increases in lending, fees and trading. Stripping out its London-based division, in which Standard Bank is selling a controlling stake to China’s ICBC, headline earnings rose 20 percent. Standard Bank raised its dividend 12 percent to 598 cents per share. The lender said headline earnings per share (EPS)…

Moody’s change Banco Angolano de Investimentos’ Ba3 deposit ratings to negative from stable

Posted on by The Editorial Team

Limassol, March 04, 2015 — Moody’s Investors Service has today changed the outlook to negative from stable on the Ba3 deposit ratings of Banco Angolano de Investimentos, S.A. Concurrently, Moody’s affirmed the bank’s Ba3 deposit ratings and E+ standalone bank financial strength rating (BFSR), which is equivalent to a b1 baseline credit assessment. The E+ BFSR maintains a stable outlook. The rating action on Banco Angolano de Investimentos follows the change in the outlook to…

Nigeria’s bank ratings placed on CreditWatch negative

Posted on by The Editorial Team

Standard & Poor’s placed the ‘BB-‘ long-term issuer credit rating on Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Stanbic IBTC Bank and Zenith Bank on CreditWatch with negative implications, following similar action on Nigeria’s sovereign ratings. It expected the Nigerian banking sector to face difficulties in 2015. Also, it said that low global oil prices, the pressure on the Nigerian naira, the upcoming presidential elections and the regulatory changes are raising credit risks,…

Egypt’s Banks to benefit from improved environment

Posted on by The Editorial Team

Business Monitor International anticipated the Egyptian banking sector to benefit from the continuous improvements in domestic economic activity and political conditions. It said that reforms to the fuel subsidy system, in addition to lower global oil prices, would improve the fiscal outlook and reduce the financing needs of the government, which would encourage lending to the private sector. Further, it indicated that banks in Egypt have subscribed excessively to high-yielding government debt instruments to support…

Reduce the unbanked in Nigeria

Posted on by The Editorial Team

Nigerian banking continues to face significant headwinds – in relation to both revenue and costs. It may seem as though the banking industry shrunk between 2004 and 2014 due to massive consolidation in the market, however, these mergers and acquisitions (M&A’s) actually represented approximately 60% of the organic growth for the remaining (stronger) banks. As a result, the quality of service and customer experience is shaping the competitive landscape – where those clearly ahead of…

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