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FirstRand, Sanlam post results; Japan's Tokio Marine sets eyes on South Africa

Southeast Asian broadband providers report varying performance amid COVID-19

Cable networks react to pandemic by cutting SG&A, programming costs

CUSIP Requests for Municipal Securities Continue to Rise

Infographic: 2020 Global Mining Exploration Trends


FirstRand, Sanlam post results; Japan's Tokio Marine sets eyes on South Africa

* Credit Suisse Group AG CEO Tidjane Thiam said he will not leave the Swiss lender to run for president in his native Côte d'Ivoire, the Financial Times reported.

GULF COOPERATION COUNCIL

* Invest Bank PSC named Lloyd Maddock its new CEO, effective Sept. 9. He replaces Sami Farhat.

* Al-Ahli Takaful Co. appointed Khalid al-Ghalib al-Sharif chairman of its board of directors, effective Sept. 5.

* Wafa Insurance Inc. said its shareholders must vote on its planned capital hike before Sept. 11 to prevent the dissolution of the company.

* The Saudi Arabian Monetary Authority issued a final warning to Al Rajhi Co. for Cooperative Insurance over the company's noncompliance to regulations, and gave it 20 days to address its issues or face suspension.

* Capital Intelligence Ratings affirmed Saudi Arabia-based National Commercial Bank's ratings and assigned negative outlooks to the lender's long-term foreign-currency and financial strength ratings.

* Al Baraka Banking Group BSC CEO and Bahrain Association of Banks Chairman Adnan Yousif urged banks in the GCC to collaborate on sharing more data on major lenders' credit exposures to help reduce bad loans in the region, Thomson Reuters' Zawya reported.

* CI Ratings affirmed Bahrain-based Al Baraka Islamic Bank BSC's BB financial strength rating. The outlook is negative.

REST OF MIDDLE EAST AND NORTH AFRICA

* Israel-based online trading platform operator Plus500 Ltd. said its founders will sell a combined stake of approximately 8% in the company, following significant demand from a small number of institutional investors. The sale is expected to raise gross proceeds of roughly £145 million for the founders, who will continue to hold around 8% of the company following the sale.

* Christophe Buso replaced Mohamed Elalamy as director general of Morocco's Saham Assurance SA, Financial Afrik wrote. Buso previously worked at French insurer Groupama Group.

* Egypt secured a $1 billion financing from the International Islamic Trade Finance Corp. to support the country's provision of basic goods to citizens, Reuters reported, citing Egypt's investment ministry. The amount is part of a larger $3 billion agreement with ITFC.

EAST AND WEST AFRICA

* The Central Bank of Nigeria debited Standard Chartered PLC and Citigroup Inc. 2.4 billion naira and 1.2 billion naira, respectively, in fines for allegedly assisting South African telecommunications firm MTN Group Ltd. in transferring funds abroad, insiders told Reuters. Standard Bank Group Ltd. unit Stanbic IBTC Bank Plc said it was also debited by the central bank for its 1.89 billion naira fine over the matter.

* Maurice Phido, former CEO of Union Bank of Nigeria PLC unit Union Bank UK Plc, was arrested last year by the U.K. National Crime Agency over suspicions of bribery, insiders told the Financial Times. The matter is reportedly not directly related to the Nigerian lender, and Phido's arrest did not imply any wrongdoing by the bank, which clarified that it has not been or is currently under any bribery probe.

CENTRAL AND SOUTHERN AFRICA

* South African financial services firm FirstRand Ltd. reported headline earnings of 26.51 billion rand for the year ended June 30, up 12% from 23.76 billion rand a year ago. Headline EPS increased year over year to 4.727 rand from 4.237 rand. FirstRand declared a final dividend of 1.45 rand, up from 1.36 rand a year earlier, bringing the total dividend for the 2018 financial year to 2.75 rand.

* South African insurer Sanlam Ltd. reported normalized headline earnings of 4.92 billion rand for the first half, up from 4.48 billion rand a year earlier. The company also posted headline earnings of 5.13 billion rand, up from 4.57 billion rand during the first half of 2017.

* Japan's Tokio Marine Holdings Inc. is reportedly set to enter the African insurance market by acquiring 22.5% stakes in South Africa-based insurers Hollard Holdings (Pty) Ltd and Hollard International. The Japanese insurer is in the final stage of talks to invest about $359 million capital in the South African companies and plans to complete the transactions by the end of the year.

* Moody's said it now projects that South Africa's economy will expand 0.7% to 1% in 2018, compared to its earlier estimate of 1.5%, following reports that the nation entered a recession in the second quarter, Bloomberg News noted. South African President Cyril Ramaphosa recently made assurances that the country will recover from recession soon, saying its current economic setbacks were temporary, Reuters reported, citing Eyewitness News.

* A World Bank study of transactional and fixed deposits identified shortcomings in South African retail banks' treatment of customers, citing overly complicated banking products, unfair charging of bank fees and inappropriate disclosure of terms and conditions, Mail & Guardian reported.

* South African financial technology startup Yoco Technologies (Pty) Ltd. raised $16 million in a private funding round with investors, Reuters reported.

* South African private equity firm Harith General Partners Pty Ltd. will invest in a fiber-optic cable network in Malawi in a deal that will make it the majority shareholder in fiber network provider Open Connect Ltd., Bloomberg reported, citing Harith Director Emile Du Toit.

* A new bank called Banco Mais SA has launched operations in Angola and is opening its first branch today, O País reported.

* Banque Marocaine du Commerce Extérieur SA is interested in investing in Gabon, Financial Afrik reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Tokio Marine in South African deal; Chinese i-bank moves closer to Hong Kong IPO

Europe: Deutsche may have stalled illicit Danske money; Commerzbank falls out of DAX

Latin America: Akaan Lombard to buy Principal Mexico's life business

North America: AmEx's forex payments unit under FBI, OCC probe; Citi overhauls investment bank

Global Insurance: 'Huge potential' for ILS at AIG; quake hits Japan; DOJ to OK healthcare deals

Deza Mones, Henni Abdelghani, Sophie Davies and Helen Popper 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.