trending Market Intelligence /marketintelligence/en/news-insights/trending/bpOJjmFsQJN27rjj2zyNSw2 content esgSubNav
In This List

SSA news through Dec. 21

Video

S&P Capital IQ Pro | Powering Your Edge

Podcast

Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


SSA news through Dec. 21

EAST AFRICA

* The Central Bank of Kenya has received the green light for the liquidation of Dubai Bank Kenya, Standard Media reported.

* Okapi Finance, a money transfer company based in Sweden, has formally launched its services in Kenya after teaming up with Guaranty Trust Bank (Kenya) Ltd., Business Daily Africa reported.

* Equity Bank Rwanda Ltd., KCB Bank Rwanda Ltd., I&M Bank (Rwanda) Ltd. and Bank of Kigali Ltd. reported aggregate net profit of $32 million in the first nine months of 2017, up from $28.9 million a year ago, according to The East African.

* The Bank of Uganda decided to keep its central bank rate at 9.5%.

* The Tanzanian central bank is poised to introduce a cap on loan interest rates by March 2018, potentially making Tanzania the second country in East Africa to do so after Kenya, according to the Daily News.

WEST AFRICA

* The Nigerian government filed in London a lawsuit against JPMorgan Chase & Co. for $875 million, accusing the lender of transferring money to a company controlled by the country's former oil minister, Dan Etete, who had been convicted of money laundering by French courts, The Sunday Times reported.

* Bank of Ghana Governor Ernest Addison said the central bank is considering not granting new licenses to banks, savings and loans, or microfinance institutions in 2018, Citi Business News reported.

* Belstar Capital Ltd. is planning to sell its stake in Ghana's Agricultural Development Bank Ltd., due to the Ghanaian government's decision to merge the lender with National Investment Bank Ltd., insiders told Joy Business.

* BEIGE Bank, previously BEIGE Capital Savings and Loans, has officially launched in Ghana after obtaining final approval in June from the Bank of Ghana to operate as a universal bank, Joy Business reported.

* Ghanaian Insurance Commissioner Justice Yaw Ofori said the new capital requirement for insurance companies in Ghana is expected to be pegged at 50 million Ghanaian cedi, up from the existing requirement of 15 million cedi, Joy Business reported.

* Issa Fadiga has been appointed new head of Ivory Coast's Caisse Nationale des Caisses d'Epargne, tasked with restructuring the public bank, which is on the verge of bankruptcy, Financial Afrik reported.

* A consortium led by Enko Africa Private Equity Fund has taken a stake in Ecobank Côte d'Ivoire for €68.6 million following the Ecobank Transnational Inc. unit's IPO, according to Financial Afrik.

* Togo-based Ecobank Transnational closed a $200 million, five- to seven-year syndicated debt facility with Dutch development bank FMO.

SOUTHERN AFRICA

* South African Deputy President Cyril Ramaphosa is on course to become the country's next leader after garnering 52% of the vote to win the African National Congress presidency against Nkosazana Dlamini-Zuma with 48% of the vote, Bloomberg News reported.

* The South African central bank rebuffed the demands of the country's ruling party to nationalize the institution, saying that changing the central bank's ownership structure could raise the level of risk and uncertainty for South Africa in both a financial and economic policy sense.

* South Africa's Competition Tribunal approved the merger of Sasfin Holdings Ltd. unit Sasfin Bank Ltd. and Absa Bank Ltd. unit Absa Technology Finance Solutions Pty. Ltd. without conditions.

* Investec, which trades on the Johannesburg Stock Exchange as Investec Ltd., hired Ren Plastina to oversee clean-tech deals in the Americas, insiders told Bloomberg.

* Sanlam Ltd. said the potential impact of its exposure to embattled South African home retailer Steinhoff International Holdings NV on its full-year 2017 and future earnings is not significant and will not affect its ability to pay dividends.

* Bank of America Corp., Citigroup Inc. and Goldman Sachs Group Inc. are among Wall Street banks bracing for possible losses of more than €1 billion as the value of Steinhoff International's shares plummet, the Financial Times reported.

* Banco Société Générale Moçambique SA recently launched a capital injection of 954 million Mozambican meticals to meet demands from the central bank, O País reported.

* MCB Group Ltd. obtained regulatory approval to proceed with the issue of 2 billion Mauritian rupees in floating-rate unsecured notes due 2023.

* The Bank of Botswana maintained its policy rate at 5% and said inflation is expected to stay within the 3% to 6% objective range in the medium term.

* The Reserve Bank of Malawi reduced its policy rate by 200 basis points to 16%.

* First Merchant Bank Ltd. shares were delisted from the Malawi Stock Exchange this week, following the transfer of its shares to parent FMB Capital Holdings Plc, according to The Times of Malawi.

CENTRAL AFRICA

* The Bank of Central African States this week decided to keep its rates unchanged. The central bank also launched an emergency liquidity support system for the six member banks of the Central African Economic and Monetary Community, according to Agence Ecofin.

* The IMF's Executive Board completed the third review under the extended credit facility arrangement for the Central African Republic, enabling the disbursement of around $40.2 million.

* Hervé Kogboma Yogo replaces Yves Dessandé as CEO of Commercial Bank Centrafrique, according to Financial Afrik.

* The IMF said the Republic of the Congo's authorities need to work on restoring debt sustainability, strengthening governance and ensuring adequate program financing, among others, before the fund can propose a possible financial arrangement to support the country's economic financial program. The country's finance ministry acknowledged that "immediate measures" were necessary and said the government intends to open negotiations with its main creditors in a bid to restructure its debt, Reuters noted.

* The IMF's Executive Board completed the first review of the $642 million, three-year extended fund facility arrangement for Gabon, enabling the immediate disbursement of approximately $101.1 million. This brings total disbursements to around $202.3 million.

Sophie Davies and Mariana Aldano contributed to this report.