Banking | - Part 81

Bank of England Governor Mark Carney Confirms Rate Hike Is Near

LONDON (Capital Markets in Africa) – Mark Carney reaffirmed that the Bank of England is close to its first interest-rate increase in over a decade, as inflation hit 3 percent and one of his colleagues said the economy is approaching a “tipping point.” In a series of testimonies to lawmakers, the BOE governor and the two newest members of the rate-setting Monetary Policy Committee signalled that the erosion of economic slack is dominating their thinking as they prepare for…

Deutsche Bank Is Said to Drop Spanish Unit Sale Over Price

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LAGOS (Capital Markets in Africa) – Deutsche Bank AG said on Monday that it will keep its Spanish retail operation, dropping plans for a potential sale to shore up capital. “To end all speculations, we confirm that we remain committed to our successful and profitable business in Spain,” a Deutsche Bank spokeswoman said in an emailed statement. The Frankfurt-based bank had planned to sell the business but didn’t get the price it wanted, according to a…

Frankfurt, Germany Doesn’t Want London’s Bankers

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LAGOS (Capital Markets in Africa) – In the scramble to lure financial jobs from London in the wake of Brexit, Frankfurt is leading the pack—at least nine banks have said they’ll move positions there. That could ultimately mean 10,000 new jobs and well over $100 million annually in new tax revenue for the German financial capital, auguring an economic and cultural rebirth. Micha Hintz hates the idea. “Brexit will be very bad for people with a…

Carney’s Countdown to BOE Rate Hike Faces Make or Break Week

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LAGOS (Capital Markets in Africa) – Mark Carney is heading into a crucial week in the countdown to a possible Bank of England rate increase in early November. After the International Monetary Fund meetings where most central bankers fretted about weak inflation even amid robust global growth, the governor returns to an economy that’s almost the mirror opposite. While Brexit is weighing on U.K. businesses, price growth is above target — something for lawmakers to press him on…

Bank of Baroda Is Said to Be Probed in S. Africa Over Guptas

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JOHANNESBURG (Capital Markets in Africa) – India’s Bank of Baroda is being investigated by South Africa’s central bank over money held for companies controlled by the politically connected Gupta family, according to a person familiar with the matter. The South African Reserve Bank’s probe, which comes after it fined the bank in June for not doing enough to combat financial crime, was sparked after the Organisation Undoing Tax Abuse alleged in court papers that mine-rehabilitation funds held for two of…

Nigerian Bank Just Sold Most Expensive Emerging-Market Bond

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LAGOS (Capital Markets in Africa) – Nigeria’s Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher U.S. interest rates push up borrowing costs. The mid-sized Lagos-based lender issued $400 million of five-year securities with a 10.75 percent yield on Wednesday, according to a person familiar with the matter who asked not to be identified. The deal initially had guidance of about 11 percent, said the person. Fidelity is the…

SBM of Mauritius Bids for Second Kenyan Bank in Expansion Drive

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PORT LOUIS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-biggest lender, offered to buy its second Kenyan bank in less than six months in a deal that will enable it to compete for a place among the nation’s top 10 financial institutions. The Port Louis-based bank submitted a non-binding offer for some of Chase Bank Kenya Ltd.’s assets and liabilities, the Central Bank of Kenya said in an emailed statement on Monday. Once acquired, SBM said…

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