Banking | - Part 88

Uganda Cuts Key Rate to Record Low to Boost Sluggish Growth

KAMPALA (Capital Markets in Africa) – Uganda’s central bank reduced its benchmark rate to the lowest since it was introduced in 2011 to boost an economy that’s projected to grow at the slowest pace in four years. The Monetary Policy Committee cut the key rate by 100 basis points to 10 percent, Bank of Uganda Governor Emmanuel Tumusiime-Mutebile told reporters Monday in the capital, Kampala. The central bank has reduced the rate by 700 basis points since the start of last…

Kenyan Lender CBA Agrees to Acquire Crane Bank’s Rwanda Unit

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NAIROBI (Capital Markets in Africa) – Commercial Bank of Africa Ltd., a closely held Kenyan lender, agreed to acquire the Rwandan unit of Crane Bank Ltd., Uganda’s fourth-largest lender. An agreement on the purchase has been signed, the Nairobi-based lender said in an emailed statement on Thursday. The transaction is subject to regulatory approval, it said. “The acquisition signals CBA’s strategic intentions to expand its existing business operations in Rwanda and participate meaningfully in Rwanda’s economic growth…

Moody’s assigns first-time ratings to Union Bank of Nigeria Plc

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London (Capital Markets in Africa) – Moody’s Investors Service has today assigned first-time ratings to Union Bank of Nigeria plc (Union Bank): long- and short-term Local and Foreign Currency Deposit and Issuer Ratings of B2/Not Prime, and a b3 Baseline Credit Assessment (BCA). Moody’s also assigned long- and short-term Counterparty Risk (CR) Assessment of B1(cr)/Not Prime(cr), long- and short-term National Scale Local Currency Ratings of Aa3.ng/NG-1, and long- and short-term National Scale Foreign Currency Ratings…

Biggest Kenyan Bank Makes Takeover Bid for State-Owned Rival

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NAIROBI (Capital Markets in Africa) – Kenya’s biggest bank by assets offered to buy a state-owned lender as the industry struggles to cope with interest-rate caps that have cut profits and curbed lending. KCB Group Ltd. provided an expression of interest to the Treasury to acquire a controlling stake in National Bank of Kenya Ltd., Judith Odhiambo, a spokeswoman for Nairobi-based KCB, said in an emailed response to questions on Monday. “Further details will, however, be provided in…

Barclays Rejected Zimbabwe Management-Buyout Bid in Favor of FMB

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JOHANNESBURG (Capital Markets in Africa) – An offer for Barclays Plc’s Zimbabwe unit by its management and backed by funds from the country’s social security agency lost out to Malawi’s First Merchant Bank Ltd. It’s a “shame” that Barclays Bank of Zimbabwe Ltd. didn’t stay with local investors, National Social Security Authority Chairman Robin Vela said by phone from the capital, Harare, on Monday, confirming that the agency was willing to fund the deal. “Barclays…

Barclays Africa Purchase Said to Spur PIC Into Selling Sappi

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JOHANNESBURG (Capital Markets in Africa) – The Public Investment Corp. sold a stake in Sappi Ltd., the world’s biggest maker of dissolving wood pulp, to help fund its purchase of shares in Barclays Africa Group Ltd., according to a person familiar with the matter. Africa’s biggest money manager has also sold shares in other companies to help it finance the Barclays Africa stake acquisition, said the person, who asked not to be named because the transactions are still confidential….

Barclays Sells Zimbabwe Bank to Malawi’s First Merchant

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JOHANNESBURG (Capital Markets in Africa) – Barclays has announced the sale of its Zimbabwe bank to Malawi-listed First Merchant Bank on Friday as the British lender continues its exit from Africa. In March Barclays announced it was in talks on the sale of its stake in Barclays Bank of Zimbabwe as part of a broader exit from Africa to refocus on the United States and Britain. Barclays said the deal would remove 292 million pounds ($375.69 million)…

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