Banking

LONDON (Capital Markets in Africa): The Bank of England has raised the base rate from 4% to 4.25%. This is the 11th consecutive rise and seven members of the nine-person Monetary Policy Committee supported the quarter of a percentage point increase. Marc Cogliatti, Head of Global Capital Markets at Validus Risk Management: “As widely expected, the Bank of England raised rates by 0.25% at today’s meeting, taking the base rate to 4.25% — its highest…

  LONDON, United Kingdom, March 1, 2023/ — The Co-Financing, Syndications and Client Solutions department of the African Development Bank Group (www.AfDB.org) has met with London-based insurers to galvanize continued support of the Bank’s balance sheet optimization and mobilization ambitions, in line with its 2023 lending program. The Bank held an investor relationship event on 28 February, attended by representatives from over 30 insurance companies from the London, Bermudan and other international markets, including many…

Goldman Sachs anticipated that Ghana will need six to nine months from the start of negotiations with the International Monetary Fund (IMF) to reach a deal on a funded program, as it considered that authorities are not showing a sense of urgency to conclude an agreement with the IMF. It expected the government to rely on foreign currency reserves to meet its external financing needs in the near term given the lack of international market…

LAGOS (Capital Markers in Africa) – Fitch Ratings identified more than 600 reports on banks globally with meaningful cases of governance failure between 2020 and June 2022, out of more than 1,500 reports on banks that were subject to financial crime, governance and regulatory issues, or institutional scandals. First, it indicated that nearly 300 reports fell in the ”regulatory fines” category. It noted that the majority of the fines were minor and consist of small…