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Kenya's Family Bank to shed jobs; Mozambican banks 'in good health'

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Kenya's Family Bank to shed jobs; Mozambican banks 'in good health'

PEtransactions on the rise: Private equity transactions in Africa reacheda level of $900 million in the first half, with 83 deals and $1.1 billion offunds mobilized, Agence Ecofin reports.For full year 2015, transactions were at $2.5 billion, with $4.3 billion ofcapital raised.

* Algeria's Compagnie Centrale de Réassurance, with $236 million ofpremiums written in 2015, is seeking to extend its services to the rest ofAfrica, Financial Afrik reports.

* U.S.-based Och-Ziff Capital Management Group LLC agreed asettlement of more than $412 million for the alleged bribery of top officialsin several African nations by its former employees, City A.M. reports.

MIDDLEEAST AND NORTH AFRICA

Saudi bankstold to restructure certain loans: The Saudi Arabian Monetary Agency askedlocal banks to reschedule the payment of consumer loans at no cost or penaltiesfor clients affected by a government decision to cut bonuses and freeze thesalaries of public sector workers, Argaam writes. Thepay cut is meant to help curb a budget deficit caused by low oil prices.

* Point-of-sale transactions in Saudi Arabia, including ATM,debit and credit cards, declined 6% to 15.3 billion riyals in August from 16.3billion riyals a year earlier, Argaam reports,citing central bank data. As many as 46 million transactions were carried outin 266,000 points of sale including, shopping malls, pharmacies and retailstores.

* Gulf Cooperation Council member states intend to raise $50billion in bonds to cut deficits, which are expected to expand as a slump inoil prices persists, the Times of Oman writes,citing a study by Fisch Asset Management.

* Arab Petroleum Investments Corp. issueda $300 million, five-year floating-rate note in Taiwan, the first so-calledFormosa bond launched outside Saudi Arabia.

* The Qatar Stock Exchange will introduce regulated margintrading this week in a bid to improve liquidity on the stock market and providenew financing channels for investors, Reuters reports,citing Qatar Stock Exchange CEO Rashid al-Mansoori.

* Qatari funds Paramount Services Holdings and SupremeUniversal Holdings, which have owned a combined stake of 6% in since mid-2014, haveincurred a €1 billion loss on their investments, as the German bank's stockprice has plummeted 60% since they backed its €8.5 billion capital increase twoyears ago, The Daily Telegraph writes.

* UAE insurers posted profits in the first half, showingsigns of recovery after recording aggregate losses in the year-ago period,despite economic pressure on the GCC from sustained low oil prices, CPIFinancial notes,citing an S&P Global Ratings report.

* Al Sagr Cooperative Insurance approveda 20% cash dividend, or 2 riyals per share, for fiscal year 2015.

* Kuwait's banking association said recent regulations setby central bank do not affect the operations and activities of local banks,adding that the measures were issued following discussions with banks, Al Rai reports.

* UnionNational Bank - PJSC priced a $600 million five-year seniorunsecured bond at a spread of 170 basis points over the U.S. dollar five-yearmidswap rate and a coupon of 2.750% per annum, Thomson Reuters' Zawya reports.The issue was 3x oversubscribed.

* In Algeria, 11 banks are launching e-payments this week incoordination with the central bank, ElWatan reports.

* IMF conditions for an Egyptian bailout deal will includesubsidy reform, flotation of the pound and an introduction of VAT, Daily News Egypt reports.Arqaam Capital believesthe government will avoid a fully liberalized system, instead introducing ahybrid system combining some traits of a managed exchange with a free float.

EAST ANDWEST AFRICA

Family Bank tocut jobs: Kenya-based FamilyBank Ltd. intends to lay off several staff in the next two weeks tocut costs and boost its overall performance, The Star says.The bank has offered a voluntary early retirement program to certain employeesas of Oct. 1.

* Central Bank of Nigeria Governor Godwin Emefiele told The Banker that the central bank willprioritize price and financial system stability to boost economic growth andentice foreign investors as the country tries to get out of recession, Reuters notes.

* Nigerian deposit money banks have yet to allow checkpayments into savings accounts two months after the central bank told them todo so, The Nation reports.The lenders said they were still upgrading their systems to comply with thecentral bank's directive.

* Nigerian bankers, entrepreneurs and foreign investorscautioned that the government's "fixing" of the foreign exchangesystem is fueling corruption, the FinancialTimes writes.Nigeria shifted to a "purely market-driven" forex system three monthsago, dropping the naira's peg to the U.S. dollar.

* The Bank of Ghana will renounce its ownership inNational Investment BankLtd. and AgriculturalDevelopment Bank Ltd., where it holds stakes of 44.06% and 48.17%,respectively, The Ghanaian Times writes,citing Millison Narh, first deputy governor at the central bank. The centralbank is seeking to transfer its shares in both banks to the government, whowill then become their majority shareholders.

* Liberia will launch a stock market, Agence Ecofin reports,with President Ellen Johnson Sirleaf introducing two bills creating aregulatory framework.

* The Central Bank of Egypt announced a $3 billion rise innet foreign reserves last month, EgyptIndependent says.The reserve level is up at $19.59 billion, still down from $36 billion beforeits 2011 revolution.

CENTRALAND SOUTHERN AFRICA

Mozambique saysbanks 'in good health': Joana Matsombe, head of banking supervision at theBank of Mozambique, said the country's banking system is "in goodhealth," after Moza BancoSA was put under emergency administration, Reuters notes.The bank ran into difficulties after its solvency ratio fell below the 8%minimum requirement due to an incomplete recapitalization and a quick expansionof its branch network. Authorities plan to stabilize the bank and then sell itin a process expected to last for at least six months, Bloomberg News says.

* Angolan President José Eduardo dos Santos announced a fullrestructuring of the administrative board of Banco de Poupança e Crédito SA. Dos Santos appointedCristina Florência Dias Van-Dúnem nonexecutive president of the board and ZinhoBaptista Manuel executive president, AgênciaAngola Press notes.

* The South African Reserve Bank may concludeits policy tightening cycle should conditions develop in line with currentforecasts. The central bank, however, noted that loosening monetary policywould require a substantial, sustained improvement in forecast inflation tobetween the 3% and 6% target range.

* South Africa's Financial Services Board fined 's Sanlam CollectiveInvestments 10,000 rand after failing to carry out a quarterly incomedistribution as dictated by two funds' supplemental deeds, accordingto Independent Online. The FSB, meanwhile, fined Lion of Africa LifeAssurance Co. 200,000 rand for canceling several funeral insurance groupschemes without notifying the Registrar of Long-term Insurance or policyholders.

IN OTHERPARTS OF THE WORLD

Asia-Pacific: Australian banks to face probe; Canadian fund manager to buy stakein Edelweiss unit

Europe: Maysets Article 50 date; ING downsizes; no Deutsche US deal yet

Latin America: Colombians reject FARC peace deal; MAPFRE Chile gets new CEO

North America: Janus, Henderson to merge; Illinois ready to suspend business withWells

North America Insurance: Wisconsin health co-op gets capital infusion; health insurers preferHMO over PPO plans

SherylObejera, Henni Abdelghani, Pádraig Belton and Mariana Aldano contributed tothis report.

The DailyDose Middle East and Africa has an editorial deadline of 5 a.m. London time.Some external links may require a subscription.