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U.S. Treasury Keeps Currency Spotlight on Swiss, Germans

BERLIN (Capital Markets in Africa) – The U.S. Treasury once again singled out Switzerland and Germany for the value of their currencies and exports, suggesting the former could cut interest rates further to alleviate deflationary pressures. While the department said no major trading partner was manipulating its currency to gain an advantage, it kept the two on the list of countries it considers to have a big trade surplus with the U.S., a high current-account surplus or to…

Bitcoin’s Rise Happened in Shadows of Finance. Now Banks Want In

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – At first, bitcoin was a way to make payments without banks. Now, with more than $100 billion stashed in digital currencies, banks are debating whether and how to get in on the action. Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein tweeted Tuesday that his firm is examining the cryptocurrency. Other global investment banks are looking into facilitating trades of bitcoin and other cryptocurrencies, according to industry consultants. Bitcoin has surged more than 300…

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…

Morocco’s Attijariwafa Plans Africa Expansions This Year

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RABAT (Capital Markets in Africa) – Attijariwafa Bank, Morocco’s biggest lender, is planning to complete expansions in East and West Africa this year as it focuses on consolidating its new acquisitions to spur growth. The Casablanca-based bank aims to finalize a deal to buy Rwanda’s Cie Generale de Banque, known as Cogebanque, start commercial banking operations in Chad and apply for a banking license in Ghana in 2017, General Manager Ismail Douiri said in an interview in…

South African Banks Fall on S&P Downgrade, Rand Weakness but Resilience

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s banking sector fell by nearly three percent on Thursday after S&P cut the credit ratings of several major financial institutions following a sovereign downgrade. S&P cut South Africa’s credit level to junk status on Monday, citing growing concerns of political and policy instability following President Jacob Zuma’s midnight cabinet reshuffle a week ago. A weak rand following the downgrade compounded the impact on banking shares on Thursday,…

Tanzania central bank asks commercial banks to cut lending rates

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s central bank has asked commercial banks to consider lowering their lending rates to help spark credit growth in east Africa’s second-largest economy. Bank of Tanzania cut its discount rate to 12 percent from 16 percent effectively from March 6, the first time it has lowered borrowing costs since 2013, after a steep drop in private-sector credit growth last year. There were expectations that the move “will enhance…

I&M Holdings acquires Giro Commercial Bank, Kenya

Posted on by The Editorial Team

Kenya (Capital Markets in Africa) – I&M Holdings, which owns of I&M Bank, yesterday announced that it has concluded acquisition of 100 per cent shareholding of Giro Commercial Bank. The bank said it would now convert Giro Bank branches to I&M Bank outlets. The conclusion of the transaction follows regulatory and shareholder approval. “The move underscores I&M Group’s expansion strategy, which seeks for opportunities to expand both locally and regionally by way of acquisitions,” I&M…

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