trending Market Intelligence /marketintelligence/en/news-insights/trending/4ckav9rmyb200q3kqlz_iq2 content esgSubNav
In This List

Barclays Africa to ax top retail bank jobs; Sudanese central bank chief dies


Banking Essentials Newsletter May 29th Edition


Managed Services Insights: The client lifecycle management solution


Technology & Automation Insights: Elevating KYC and onboarding efficiency


Banking Essentials Newsletter: May 15th Edition

Barclays Africa to ax top retail bank jobs; Sudanese central bank chief dies


* One of Abraaj Group Ltd.'s creditors, Auctus Fund Ltd., has asked the embattled Dubai-based private equity company to accept its choice of Grant Thornton as an independent provisional liquidator to carry out a full audit of it, insiders told the Financial Times. Abraaj last week filed for provisional liquidation in the Cayman Islands, where it is registered, requesting the court to appoint PricewaterhouseCoopers as provisional liquidator. The court is set to meet today on matters regarding the appointment.

* The United Arab Emirates pledged $3 billion in support of Ethiopia, including a $1 billion deposit to the Ethiopian central bank to help ease a foreign-currency shortage in the African country, Reuters reported.


* Hazem Abdelqader, governor of the Central Bank of Sudan, has died from a heart attack while on a visit to Turkey, Reuters wrote.

* Clal Insurance Enterprises Holdings Ltd. appointed Yoram Naveh CEO, effective July 1, Globes reported. Naveh, who currently serves as deputy CEO of the Israeli insurance firm, has also been the company's head of resources since January 2014.

* Bank Saderat Iran CEO Hojjatollah Seyyedi said the Iran-based lender has recently been connected to the eurozone's payment settlement system, TARGET2, and successfully conducted several transactions using this system, according to the Financial Tribune.

* Tunisian holding company Al Karama Holding, which is selling its 69.15% stake in Banque Zitouna SA and its 70% stake in Zitouna Takaful, unveiled a list of seven potential buyers that have submitted expressions of interest in acquiring the stakes, Il Boursa reported. The list included Tunisia's Arab Tunisian Bank and Morocco's Banque Centrale Populaire.


* Tanzanian Finance Minister Philip Mpango said the government plans to amend the tax bill to grant 100% amnesty on interest and penalties for six months, beginning July 1 until Dec. 31, in a bid to improve tax compliance and increase revenues, Reuters reported.

* Singapore opened a regional bureau for East Africa in Nairobi while also signing a bilateral investment treaty and tax treaty with Kenya, Financial Afrik reported.

* S&P Global Ratings raised the outlook on Senegal to positive from stable and affirmed its B+/B long-term and short-term foreign and local currency sovereign credit ratings.

* The Bank of Ghana said financial technology firms in the country have until the end of the year to meet the new cyber security standards, Citi Business News wrote.

* Private equity firm LeapFrog Investments Pty. Ltd. said it is investing in Nigerian pensions fund administrator ARM Pensions Managers Ltd. Financial terms of the deal were not disclosed. Bloomberg News covered.

* S&P Global Ratings affirmed Uganda's B/B' foreign- and local-currency long- and short-term sovereign credit ratings, with a stable outlook.

* The IMF's Executive Board completed the second review under the extended credit facility arrangement for Togo, enabling the disbursement of around $35.5 million. This brings total disbursements under the current arrangement to about $106.5 million.


* Barclays Africa Group Ltd. plans to streamline the management structure of its retail and business bank in South Africa by reducing the number of executive positions at the unit to 12 from 27, an insider told Bloomberg News. Arrie Rautenbach, CEO of the retail and business bank, is said to be among executives who will keep their jobs.

* Liberty Holdings Ltd. confirmed that its IT infrastructure has been breached, with an external party claiming to have seized data from the South African insurer and demanding compensation for this. Liberty CEO David Munro said the company engaged with the involved external parties to determine their intentions but made no concessions to them, according to Bloomberg News.

* Fitch Ratings affirmed South Africa's BB+ long-term local- and foreign-currency issuer default rating, with a stable outlook, among other affirmations.

* Banco Central de São Tomé and Príncipe Governor Hélio da Almeida said the central bank has cancelled Banco Privado de São Tomé e Príncipe's operation after successive breaches of provisions governing the country's financial system, according to Macauhub. Almeida added that the firm's regular portfolio will be transferred to other banking institutions in the country.

* Zambian Finance Minister Margaret Mwanakatwe said the government intends to indefinitely delay all borrowing plans as part of measures to bring the country's debt risk to moderate from high currently, Reuters reported. As of March 31, Zambia's debt pile amounted to $9.3 billion, up from $8.7 billion at 2017-end. The new debt management plan could pave the way for the African nation to agree a $1.3 billion loan agreement with the IMF, which previously rejected the country's borrowing plans.


Asia-Pacific: 2 Japanese banks to merge in 2019; Australian regulator takes Westpac to court

Sheryl Obejera, Henni Abdelghani, Pádraig Belton and Mariana Aldano contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 5 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.