Editor's note: Thepublication of this feature was delayed due to technical issues.
* The Organisation for Economic Co-operation andDevelopment said inits latest outlookreport that it expects South Africa's economy to grow 1.9% in 2018 and2.1% in 2019, an upward revision from the OECD's projections in November 2017.The projected growth for Saudi Arabia remains unchanged at 1.6% for 2018 and1.7% for 2019.
* Sunil Kaushal, Standard Chartered Plc's CEO for the Middle Eastand Africa, said the British bank is opening its first online-only in Ivory Coast,where it will test the waters prior to a global launch, the FinancialTimes reported. Kaushal added that the lender intends to expand itsdigital bank operations into Kenya, Nigeria, Ghana and other African countriesafter the Ivory Coast project has bedded in.
* Allianz Africa Financial Services, a unit ofGermany-based insurer AllianzGroup, appointed Arthur Yao as chief underwriting and reinsuranceofficer, effective Sept. 1, accordingto Reinsurance News. Yao was previously acting head of West Africa atSwiss Re AG.
MIDDLE EAST AND NORTH AFRICA
* Moody's downgraded Tunisia's long-term issuer rating toB2 from B1 and revised the outlook to stable from negative, among other ratingactions.
* Banks in Kuwait have stopped allowing customers totransfer money for cryptocurrency trading, Al-Anba reported.
* Ahmed Mohammed Faiz, senior vice president of retailbanking at National CommercialBank, said the Saudi bank's real state finance portfolio exceeds 20billion riyals, Al-Jazirah reported. He alsosaid that the bank's mortgages grew by 18% in 2017.
* Meanwhile, National Commercial Bank said it has completedthe second phase of its repurchase of 1,858,417 of shares for itsexecutive employees stock program after obtaining shareholders' approval in May2017. The shares will be vested within three years under the program.
* AxaCooperative Insurance Co. signed an auto insuranceagreement with National Commercial Bank, Argaam reported.
* KhaleejiCommercial Bank BSC Vice Chairman Abdulkareem Ahmed Bucheerysaid the Bahrain-based bank is studying exiting external investments worth 354million dinars, Al Ayam reported. Healso said the bank has managed to exit some assets and reduced its losses.
* Capital Intelligence Ratings revised to positive from stable the outlook onthe long-term foreign-currency ratings of Egypt-based lendersArab InternationalBank, Arab AfricanInternational Bank (Egyptian JSC), , , ExportDevelopment Bank of Egypt (SAE), National Bank of Egypt (SAE), and .
EAST AND WEST AFRICA
* Moody's expects Tanzania's banking system to remainresilient despite asset quality and profitability pressure,noting improving operating conditions and solid capital and liquidity inthe sector.
* Analysts widely expect the Central Bank of Kenya'smonetary policy committee, which is set to meet March 19, to leave the policyrate unchanged at 10%, Business Daily Africa wrote.
* The IMF's Executive Board approved a request by Kenyanauthorities to extend thecountry's stand-by arrangement by six months to allow additional time tocomplete outstanding reviews that are due to end by September.
* Bernard Kibesse, deputy governor for financial stabilityand deepening at the Bank of Tanzania, said the central bank failed to adoptthe new interest rate-based monetary policy this month as it has not yetreceived board approval, Tanzania's Daily News reported.The policy is now expected to be implemented in May.
* Ghanaian Finance Minister Ken Ofori-Atta said hiscountry plans to increase its eurobond issuance target to as much as $2.5billion from the initial $2.0 billion, Bloomberg News reported.Part of the said amount will use to refinance Ghana's existing dollar debt.
* Bourse Régionale des Valeurs Mobilières CEO Edoh KossiAmenounve said the West African regional stock exchange is aiming for 12 newlistings between 2018 and 2020, including one from the banking sector and twosmall and medium-sized enterprises this year, Reuters wrote.
* Nigeria's Senate said it will consider a report on thecentral bank's monetary policy committee nominees, which would be compiled bythe Senate's banking committee, Reuters wrote.The monetary policy committee is set to meet next week but the meeting could bedelayed again if the said report is not submitted in time. A disagreementbetween the Senate and President Muhammadu Buhari over nominees prompted thecentral bank to cancel a rate-setting meeting in January.
* UnityKapital Assurance Plc has changedits name to Veritas Kapital Assurance Plc.
* OragroupSA received €40 million in funding from the IslamicDevelopment Co., to be used in extending Islamic finance to smallbusinesses, Financial Afrik said.
* The IMF's Executive Board also approved anew three-year arrangement under the extended credit facility for Burkina Fasofor around $157.6 million, enabling an immediate disbursement of roughly $26.3million.
CENTRAL AND SOUTHERN AFRICA
* Mauritian President Ameenah Gurib-Fakim does notintend to resign, saying she is ready to go to court to defendherself against allegations that she misused a credit card provided by aninternational nongovernmental organization, BloombergNews reported. Prime Minister Pravind Jugnauth said last week thatGurib-Fakim plans to step down from her post March 12.
* Mauritius' central bank said the country willoffer 1.6 billion rupees of reopened three-year Treasury notes with acoupon rate of 3.18% through an auction to be held March 21, with settlementexpected March 23.
* UnitedBank for Africa Cameroon SA received permission from the Bankof Central African States to begin issuing mobile money, which it will do inpartnership with mobile operator Viettel Cameroon, Financial Afrik said.
* The African Development Bank handed a $15 million loanto Rawbank SA, whichhas a 24% market share in the Democratic Republic of the Congo, FinancialAfrik said.The loan was significant because foreign direct investment in the country hasslowed due to political instability.
IN OTHER PARTS OF THE WORLD
Asia-Pacific: HK probes 'reckless' IPO sponsors; ICICI Bank sets price range forunit's float
Europe: Pru to demerge UK, European ops; EU banks face new bad loanprovision rules
Latin America: Bank of China gets approval in Chile; Bradesco mulls closing 200branches
North America: JPMorgan invests in London-based fintech startup; CIC divestsBlackstone stake
North America Insurance:
Sheryl Obejera, Henni Abdelghani, Pádraig Belton andMariana Aldano contributed to this report.
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