Banking | - Part 86

South Africa Graft Ombudsman Won’t Fight Central Bank Court Bid

JOHANNESBURG (Capital Markets in Africa) – South Africa’s anti-graft ombudsman won’t oppose the Reserve Bank’s court application to review and set aside her instruction to parliament to change the constitution and amend the central bank’s primary role. Public Protector Busisiwe Mkhwebane considered legal advice and decided not to oppose the application the central bank filed on June 28, her office said in an emailed statement on Monday. In a report last month, Mkhwebane instructed the legislature to start…

Barclays Kenya `Open Minded’ on Takeovers as Industry Wilts

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Barclays Bank of Kenya Ltd. is ready to make acquisitions in East Africa’s largest economy as the industry struggles to cope with interest-rate caps that have cut profit and curbed lending and regulators urge the industry to consolidate. “Are we open to acquiring? Absolutely,” Chief Executive Officer Jeremy Awori said in an interview on Wednesday in Nairobi, the capital. “So you’ll either be looking to acquire capabilities you don’t have, which will…

South Africa Central Bank Says Ombudsman’s Actions Risk Economy

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank filed court papers to reverse an instruction by the anti-graft ombudsman that its mandate of protecting the value of currency be changed, saying the “reckless” proposal is harming the economy. Public Protector Busisiwe Mkhwebane in a report earlier this month instructed parliament to start a process to change the nation’s constitution to make the central bank focus on the “socioeconomic well-being of the citizens” rather than inflation….

Rate-Cutting Race Among BRICS Outliers Pits Russia, Brazil

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The race to ease monetary policy in Russia and Brazil may come down to factors neither of the central banks can control. Even after months of rate cuts, the two economies continue to endure some of the world’s highest borrowing costs when adjusted for inflation. While both countries are still consumed by crises as they try to put two years of recession behind them, the political turmoil gripping Brazil leaves its central bank facing a tougher task ahead, according…

Banks Balk at Risk of Funding South Africa Mining Charter Deals

Posted on by The Editorial Team

JOHANNESBURGH (Capital Markets in Africa) – South Africa’s plan to force mining companies to give the black majority a bigger stake in the nation’s mineral wealth faces a major obstacle: convincing banks to back billions of dollars of fresh deals in an industry in decline. Mineral Resources Minister Mosebenzi Zwane said on June 15 that local mines should be at least 30 percent owned by black people, up from the previous requirement of 26 percent. The mining companies need banks to…

Etisalat Nigeria Faces Hunt for New Owner After Talks Fail

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LAGOS (Capital Markets in Africa) Etisalat Nigeria faces a search for a buyer and operator after a consortium of banks seized control of a 45 percent stake from Emirates Telecommunications Corp. following the failure of talks about a $1.2 billion loan. A group of 13 Nigerian lenders ordered the Abu Dhabi-based company to transfer the shareholding to United Capital Trustees Ltd. by June 23, the operator of Nigeria’s fourth-biggest wireless carrier said in a statement Tuesday. Etisalat Nigeria…

Angola’s Biggest Bank to Sell Bad Loans to Restore Profit

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LUANDA (Capital Markets in Africa) – Angola’s biggest bank plans to sell non-performing loans as part of a reorganization to return to profit. Banco de Poupanca e Credito SARL, known as BPC, aims to dispose of 231 billion kwanzas ($1.38 billion) of its unpaid loans to a state-owned company created earlier this year to recover bad debt and free the nation’s banks to lend again, according to Chairman Ricardo Viegas D’Abreu. The lender has also been…

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