Banking | - Part 96

Maiden investment into CAL Bank in Ghana by Arise set to advance economic growth

CAPE TOWN (Capital Markets in Africa) — The recent acquisition of a 27.7 % stake in CAL Bank in Ghana by the newly formed investment company, Arise (www.AriseInvest.com) is set to boost the banking sector in the country. The shareholding in CAL Bank was acquired by Arise from DPI, a leading Africa-focused private equity firm with assets in excess of US$1 billion under management. The settlement is to be effected on 14 February 2017. Arise,…

Pan-African Banking Model: Balancing Risk and Reward

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Africa-originated banks are increasingly becoming dominated players across the financial landscape in Africa. This is happening at a time when some western-based banks are scaling back their activities in the region. For the most part, these pan-African banks originate from large African economies (based on income) such as Nigeria (United Bank of Africa), South Africa (Standard Bank), Morocco (Attijariwafa Bank) but also small economies such as Togo where Ecobank…

South Africa Central Bank Opposes Gupta Associate’s Bank Bid

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank has recommended rejecting a bid to buy Habib Overseas Bank’s local unit because of concerns about the source of the two businessmen’s income and tax declarations, according to government officials with knowledge of the matter. The Reserve Bank has written a letter to Finance Minister Pravin Gordhan recommending that the merger between the Habib Overseas Bank unit and a South African company be blocked, said the officials…

Banks Bashed in Battle Over South African Financial System

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JOHANNESBURG (Capital Markets in Africa) – New allegations by President Jacob Zuma’s supporters that South Africa’s biggest banks are frustrating efforts to address racial inequality signal an escalation of a battle for control of the nation’s financial system including the Treasury. Protestors from the ruling African National Congress’s youth wing invaded aBarclays Africa Group Ltd. branch on Jan. 26. Then, on Monday, the ANC’s top leaders said the four biggest lenders can’t be allowed to continue dominating…

Kenya Warns ‘Trump Effect’ Poses Threat to Its Economy

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Uncertainty surrounding U.S. policies on trade and immigration poses a major external threat to East Africa’s biggest economy, Central Bank of Kenya Governor Patrick Njoroge said. The lack of predictability on policy is stoking fears of abrupt changes that may affect trade between the U.S. and Kenya, some of which may end up eroding sources of foreign currency, Njoroge told reporters Tuesday in Nairobi, the capital. While Kenya has sufficient buffers,…

Nigeria Central Bank Hits Out at ‘Unpatriotic’ Policy Critics

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank lashed out at critics of its efforts to prop up the naira and said that weakening the currency would only harm poor people. “Intelligence reports at the disposal of the bank reveal the involvement of some unpatriotic elements funding the push to have the Central Bank of Nigeria and the federal government reverse its foreign-exchange policy,” Isaac Okorafor, a spokesman, said in a statement on the Abuja-based central…

Kenya May Hold Off Further Easing on Weak Shilling, Rate Cap

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s interest-rate cap that has failed to stimulate private-sector lending and the nation’s falling currency may force the central bank to hit the brakes on its loosening monetary policy stance. The Central Bank of Kenya’s Monetary Policy Committee led by Governor Patrick Njoroge may adopt a “wait-and-see approach” at its meeting on Monday in order to further assess the effect of a law passed in August that limits how much banks can…

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