Banking Sector |

UniCredit $21 Billion Bad-Loan Sale Said to Draw ECB Review

LAGOS (Capital Markets in Africa) – The European Central Bank is examining UniCredit Spa’s landmark bad-loan sale of 17.7 billion euros ($20.6 billion) to assess if the price the bank reported is inflated by fees that should be stripped out, according to people familiar with the matter. Some of the commissions the Italian bank will pay to the buyers to manage the loans over coming years could affect the price, the people said, asking not to…

Moody’s Sees Angola as No-Go Zone for U.S. Banks as Risks Remain

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LUANDA (Capital Markets in Africa) – Angola is still a long way off from tempting U.S. banks into resuming dollar-clearing services despite making progress in combating money laundering, according to Moody’s Investors Service. “American banks are unlikely to come back to Angola anytime soon,” Akin Majekodunmi, a London-based senior analyst at Moody’s, said in an interview on Wednesday. “This industry, if you like, doesn’t make much commercial sense for them anymore.” Bank of America Corp….

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…

Selected Capital Markets, Economic and Political News Around Africa

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Ethiopia Devalues Birr by 15%, Increases Interest Rate: Ethiopia devalues birr by 15% from Oct. 11, Fana Broadcasting Corp. reports, citing National Bank of Ethiopia Deputy Governor Yohannes Ayalew. Dollar will exchange for 26.9303 birr. Drop in global commodity prices has hurt nation’s export earnings from coffee, oil seeds, leather, gold. Interest rate will increase to 7% from 5% Mozambique’s Zandamela Says FX Reserves, Exchange Rate Stable: The exchange rate of the Mozambican currency, 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…

SBM of Mauritius Eyes Kenyan Banks, Plans Nigerian Expansion

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PORT LOIUS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-largest lender, plans more acquisitions in Kenya as it seeks to become one of the country’s top 10 banks within the next three years before expanding into West Africa. The bank, which obtained a license to begin operating SBM Kenya Ltd. in May, expects to have its systems and staff in place by December, Advisor to the Board of Directors & Group Lead Executive Moses Harding…

Moody’s takes rating actions on five Tunisian banks

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TUNIS (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) has today downgraded to B1 from Ba3 the long-term local currency deposit ratings of Arab Tunisian Bank (ATB), Banque Internationale Arabe de Tunisie (BIAT) and Banque de Tunisie (BdT) while also downgrading the long-term local currency deposit ratings of Amen Bank (Amen) and Société Tunisienne de Banque (STB) to B2 from B1. Moody’s also changed the outlook on the long-term deposit ratings of ATB to…

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