Banking

LAGOS (Capital Markets in Africa) – Moody’s Investors Service Ltd. placed on review for downgrade Access Bank Plc’s ratings and an upgrade for Diamond Bank Plc’s ratings. The reviews are on Access Bank’s foreign-currency deposit ratings and long-term counter-party risk rating and assessment, among others, Moody’s said Tuesday in an emailed statement. Some of the ratings under review for an upgrade at Diamond include its Caa1 long-term deposit ratings and its Caa3 baseline credit assessment, it said….

JOHANNESBURG (Capital Markets in Africa)) – Absa Group Ltd. Chief Executive Officer Maria Ramos will step down after overseeing the split from Barclays Plc, an alliance blamed for the loss of retail market share at South Africa’s third-largest bank. The stock rallied the most among its Johannesburg-based peers on Tuesday in the wake of Ramos’s pending exit. Absa, once the nation’s largest mortgage lender, fell behind after Britain’s Barclays acquired control in 2005. Now that the U.K. bank has sold…

JOHANNESBURG (Capital Markets in Africa) – Ghana’s central bank unexpectedly cut its benchmark interest rate to a six-year low, bucking the worldwide trend toward tightening and pushing the local currency close to the weakest on record. The Bank of Ghana reduced the rate by 100 basis points to 16 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. All eight economists surveyed by Bloomberg said the rate would be held. “The bank’s latest…

LAGOS (Capital Markets in Africa) –  Significant constraints on banks’ capacity and willingness to absorb potential increases in government financing needs in the event of a shock are intensifying government liquidity risks in Angola (B3 stable), Bahrain (B2 stable), Ghana (B3 stable), Kenya (B2 stable) and Lebanon (Caa1 stable) Moody’s Investors Service said in a report today. The report, “Sovereigns — Africa and Middle East, Domestic banking constraints intensify liquidity risks as global markets tighten”,…

ABIDJAN (Capital Markets in Africa) – Ivory Coast’s president, Alassane Ouattara, plans to seek a third five-year term in next year’s presidential polls as his ruling coalition is set to face stronger competition for votes, according to three people familiar with the matter. Ouattara, 77, has informed his inner circle in the Rally of Houphouetists for Democracy and Peace coalition about his intentions, even though he hasn’t decided when the plan will be announced, said the…