Banking | - Part 76

Moody’s affirms ratings of Tanzanian banks; changes outlook to negative

DAR ES SALAAM (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the B1/ Not Prime long and short-term local-currency deposit ratings and the B2/ Not Prime long and short-term foreign-currency deposit ratings of NMB Bank PLC and CRDB Bank Plc. The outlook on the banks’ long-term deposit ratings was changed to negative, from stable. At the same time, Moody’s has affirmed NMB Bank PLC’s b1 baseline credit assessment (BCA), b1 adjusted BCA,…

Central Bank in Top African Bitcoin Market Warns of `Gamble’

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The central-bank governor of Nigeria, where bitcoin trading grew the most in Africa last year, said investing in the cryptocurrency is a “gamble” and hinted it may have to be regulated. “Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful,” Central Bank of Nigeria Governor Godwin Emefiele said in an interview on Wednesday at his office in the capital, Abuja. “We cannot as a…

State Bank of Mauritius (SBM) – Fusion Capital Analysis

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Fusion Capital has carried a detailed analysis of the State Bank of Mauritius (SBM) as we believe this is critical to both depositors and public at large. Following is a summary of the analysis. SBM Holdings ‘SBM’ was founded in 1973 by the Government of Mauritius and was listed in the Stock Exchange of Mauritius ‘SEM’ in 1995. The Bank is engaged in banking, non-banking financial services and non-financial…

Tanzania’s Tough Stance on Banks to Stoke Consolidation: Moody’s

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Central bank’s revocation of five lenders’s licenses and their subsequent liquidation last week signals willingness to let ailing banks fail, which will lead to industry consolidation and smaller number of larger, stronger banks, Moody’s Investors Service says in an emailed note. Move will lead to struggling small banks merging with each other, being acquired by larger competitors or finding strategic shareholders Contagion risks remain for smaller lenders…

IBM, Comcast Ventures Back Fund for Blockchain Business Startups

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – International Business Machines Corp. and Comcast Corp.’s venture arm will become the largest supporters of an investment fund for startups that help corporations use blockchain, the digital ledger that’s become a hot technology. The startup accelerator, called MState, plans to invest $25,000 to $50,000 apiece in five or six companies over the next six months, co-founder Rob Bailey said in a phone interview. MState, with locations in New York and…

Kenyan Central Bank Agrees to SBM’s Offer for Chase Bank

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s central bank said it agreed to a deal in which SBM Holdings Ltd., the second-biggest lender in Mauritius, will purchase some assets of distressed Chase Bank Ltd. The offer will ensure the transfer of 75 percent of the value of deposits that had been locked in receivership and the retention of staff and branches of Chase Bank, which went under in April 2016. The lender has been under the…

Fitch: T-Bill Supply Slowdown May Hurt Nigerian Bank Profits

Posted on by The Editorial Team

LAGOS(Capital Markets in Africa) – Nigerian banks may find it more difficult to sustain profitability given the decline in net treasury bill (T-bill) issuance in Nigeria’s 1Q18 issuance programme, Fitch Ratings says. The slowdown in T-bill issuance marks a change of strategy as the government looks to increase its financing from external sources and longer-dated domestic issuances. Record T-bill issuance in 2017 helped support the Central Bank of Nigeria’s strategy to maintain naira exchange-rate stability….

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