Banking

LAGOS (Capital Markets in Africa) – An ex-Barclays Plc trader in court on allegations that he conspired to rig a key benchmark says his former employer should be the one on trial. During the cross examination of Carlo Palombo, a prosecutor for the U.K. Serious Fraud Office said that Barclays didn’t want its traders making requests for submissions to Euribor that would benefit their own positions.  “They wholly disapproved of this practice in 2019 in a courtroom,”…

ACCRA (Capital Markets in Africa) – A regulatory spring-clean that’s cut the number of Ghanaian banks by almost a third is strengthening the industry, brightening prospects for lending growth and easing the pain of unpaid debts. The expanding economy is also helping lenders put behind them years of challenges weighing on the West African nation — including daily power outages, poor banking regulation and an inflation rate that has averaged 14 percent since 2013. Flush with cash after…

JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd. poached a team of bankers from cross-town rival Nedbank Group Ltd. to begin financing aircraft deals in Africa. South Africa’s third-largest bank late last year hired Morne Visagie, who spent 13 years at Nedbank, to head its structured finance and aircraft funding businesses, said David Renwick, head of global finance and trade at Absa’s corporate and investment bank. He brought three other members of his team with him….

NAIROBI(Capital Markets in Africa) – After agreeing to Kenya’s biggest banking merger in at least a decade, Commercial Bank of Africa Ltd. and NIC Group Plc, are ready to take on regional rivals that have outsized them until now. The combined entity will have assets of 415 billion shillings ($4.1 billion) — about double what they each hold individually in the country — catapulting it past Co-operative Bank of Kenya Ltd. as the East African nation’s third-largest lender….

NAIROBI (Capital Markets in Africa) – Commercial Bank of Africa Ltd. and NIC Group Plc agreed to combine their operations to create Kenya’s third-largest lender in the biggest banking tie-up in at least a decade. Privately-held CBA will get 53 percent of the merger entity, while NIC Group will hold the balance, NIC’s Chief Executive Officer John Gachora told investors at a briefing in the Kenyan capital, Nairobi. The merged bank will have a combined asset base…