Banking | - Part 3

Rwandan Bank Mulls First Foreign Listing Outside Country

KIGALI (Capital Markets in Africa) – Bank of Kigali Ltd., Rwanda’s biggest lender by market value, plans to cross-list in Nairobi, Johannesburg or London in 2018, Chief Financial Officer Nathalie Mpaka said. The lender will make a decision by December based on the amount of capital the bank plans to raise, Mpaka said Wednesday in the Rwandan capital, Kigali. It would be the first Rwandan company to list its shares outside the East African nation. “We…

Nigerian Banks Continue To Face Challenges Amidst Foreign Currency Shortage

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Fitch Ratings says Nigerian banks will continue to face challenges this year, following an extremely difficult 2016. Banks faced multiple threats from the operating environment in 2016, including Nigeria sliding into recession, the economy continuing to suffer from low oil prices and severe shortages of foreign currency (FC). Consequently banks struggled with declining operating profitability (excluding translation gains), sluggish credit growth, fast asset quality deterioration, tight FC liquidity and…

Egypt’s CIB completes $40 mln sale of investment banking unit

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s largest listed bank CIB said on Monday it had finalised the sale of a near 75 percent stake in its investment banking arm to a consortium of local and foreign investors in a deal worth 710.2 million Egyptian pounds ($39.5 million). Commercial International Bank (CIB) signed an agreement in December to sell the majority of its shares in CI Capital to a group of Egyptian and Gulf investors. It…

Zimbabwe prints $102 million in bond notes, half its limit

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s central bank has printed half of the ‘bond notes’ quasi-currency it intends to issue under a $200 million scheme, a state newspaper reported on Friday, as the country grapples with a biting shortage of U.S. dollars. The notes are intended to be pegged to the U.S. currency but fears have been raised that the Reserve Bank of Zimbabwe (RBZ) would print more than planned, undermining their value. Long…

Banks in stand-off with Etisalat Nigeria over problem loan

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian banks have opposed a proposal by Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalise it instead, a source said. A banker with knowledge of the negotiations told Reuters that the seven-year syndicated loan, on which Etisalat Nigeria missed a payment, has a dollar portion of $235 million which the…

South Africa rand hits near 19-mth high as Fed signals gradual tightening

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand hovered near a 19-month high against the dollar early on Thursday after the U.S. Federal Reserve raised interest rates on Wednesday, but signalled a gradual pace of rate hikes for the rest of the year. At 0646 GMT, the rand traded at 12.8125 per dollar, flat from its New York close on Thursday, after rallying to 12.77 late on Wednesday in the wake of the Fed’s…

GT Bank to reduce loan growth to focus on bond investment

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s Guaranty Trust Bank (GT Bank) plans to reduce loan growth this year to focus on the increased profit to be had from maintaining domestic bond investment levels, its chief executive said on Wednesday. Nigeria’s government aims to fund half of this year’s forecast budget deficit of 2.36 trillion naira ($7.73 billion)through the domestic debt market and has been selling bonds at yields of about 16 percent. GT Bank’s loan…

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