Banking

NAIROBI (Capital Markets in Africa) – Equity Group Holdings Plc plans to buy a lender in the Democratic Republic of Congo, its second acquisition in five months, as part of the Kenyan bank’s strategy to expand across Africa. Directors agreed to enter a “non-binding term sheet with certain shareholders of Banque Commerciale du Congo for the purchase for cash of a controlling stake in BCDC with a view to eventually amalgamating the business of BCDC with that of…

NAIROBI (Capital Markets in Africa) – Equity Group Holdings Plc plans to acquire a lender in the Democratic Republic of Congo, the second purchase in four months, as part of the Kenyan bank’s strategy to expand across Africa. “Directors have agreed to the entry into a non-binding term sheet with certain shareholders of Banque Commerciale du Congo for the purchase for cash of a controlling stake in BCDC with a view to eventually amalgamating the business of…

JOHANNESBURG (Capital Marketds in Africa) – Old Mutual Ltd. said first-half profit rose 10% from a year earlier as higher investment returns boosted earnings, offsetting tepid economic growth in its home market. Adjusted earnings before one-time items increased to 5.2 billion rand ($342 million), the Johannesburg-based firm said in a statement on Monday. Results from operations increased 2%, while revenue from premium sales rose 4%. Net income fell 55% to 5.82 billion rand after gains from…

LONDON (Capital Marketds in Africa) – Just weeks before the European Central Bank gets its first-ever female president, another milestone for the institution is being set by Ireland. Gabriel Makhlouf, a Briton who was a top civil servant in New Zealand, becomes the Irish central bank chief this week. He is the ECB Governing Council’s first member who isn’t a citizen of the country appointing him. While Christine Lagarde’s impending ECB presidency is unprecedented, that role has citizenship…

LONDON (Capital Marketds in Africa) – London’s outsized role in the global insurance industry is being whittled down by Brexit. As much as 61 billion pounds ($75 billion) of business is shifting to rival financial centers in the European Union as a consequence of Britain’s vote to leave the bloc. And it’s happening regardless of the divorce terms. The EU’s insurance and pensions regulator has ordered every U.K.-based underwriter to transfer policies held by European clients to…

LONDON (Capital Markets in Africa) – Global banks are preparing their staff in the U.K. for big changes as the prospect of a no-deal Brexit in October looms. JPMorgan Chase & Co., Nomura Holdings Inc. and Wells Fargo & Co. are among those taking action as the British government tries to stare downthe European Union on the terms of withdrawal, increasing the chance of a chaotic exit from the bloc that could curb access to talent and certain markets. JPMorgan…

ACCRA (Capital Markets in Africa) – The central bank announced last week it had revoked the licenses of savings and loans companies as well as finance houses and appointed a receiver to manage their affairs. The steps marked the end of an industry cleanse of lenders and second-level financial institutions that started in August 2017 and cost the government at least 12 billion cedis ($2.2 billion) in bonds and cash to cover depositors’ holdings. The…