trending Market Intelligence /marketintelligence/en/news-insights/trending/kKR9lkMFBbU180-3q0SLbQ2 content esgSubNav
In This List

H1 profits fall at some of Angola's biggest banks; Zambia holds rate

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


H1 profits fall at some of Angola's biggest banks; Zambia holds rate

GULF COOPERATION COUNCIL

* Goldman Sachs Group Inc. is back in the running for an advisory role on Saudi Arabian Oil Co.'s second attempt at an IPO, insiders told the Financial Times. The U.S. lender is now reportedly conducting preparatory work for the listing ahead of any formal pitching process.

* Saudi Indian Co. for Cooperative Insurance Wafa Insurance said it will delay the release of its second-quarter financial statement to Oct. 31 due to a delay in completing all required procedures and extra time needed to finalize its restructuring, Argaam reported.

* The Saudi Arabian Capital Market Authority approved the request of AlBilad Investment Co. to offer and register units of ALBILAD Saudi Sovereign Sukuk ETF on Tadawul as exchange traded funds.

* United Arab Emirates-based Invest Bank PSC has submitted a proposal to the Securities and Commodities Authority to resume trading of its shares on the Abu Dhabi Securities Exchange, Mubasher reported. The bank's shares have been suspended from trading since Nov. 13, 2018.

* Indian payments processor RuPay is set to launch in the United Arab Emirates over the weekend in conjunction with Indian Prime Minister Narendra Modi's visit to the Middle Eastern nation, WAM news agency wrote, citing Navdeep Singh Suri, India's ambassador to the UAE. During Modi's visit, a memorandum of understanding would be exchanged between the National Payments Corporation of India and the UAE's Mercury Payments Services, paving the way for RuPay's entry.

* Investment Dar is working on regaining its stake at Boubyan Bank KSCP and is currently seeking financing to pay the principal due to one of the banks, where it plans to pay the 94 million Kuwaiti dinar stake, as per the court's ruling. The court ruled in favor of Investment Dar, Al-Jarida reported.

REST OF MIDDLE EAST AND NORTH AFRICA

* Nabih Berri, Lebanon's parliament speaker, said he had no information about a sovereign credit ratings report set to be published later in the week but that he has a "positive sense and impressions" over the report, Reuters reported, citing newspaper al-Joumhouria. S&P Global Ratings is due to release its ratings for Lebanon on Aug. 23, with Fitch Ratings expected to follow soon after.

EAST AND WEST AFRICA

* The government of Sierra Leone and U.S.-based microloan firm Kiva launched Kiva Protocol, a biometric system that links individuals' thumbprint with their identity, paving the way for the unbanked public to set up bank accounts, the Financial Times reported. Kiva Protocol will also allow the West African nation to set up its first universal credit bureau.

* Nigerian President Muhammadu Buhari swore cabinet members into office yesterday, news outlets including Reuters and the Financial Times covered. Finance Minister Zainab Ahmed retained the post and took on additional responsibilities on budget and national planning.

* The Nairobi Securities Exchange Plc plans to begin same-day shares transaction before the end of the year, according to Business Daily Africa. The exchange's newly acquired real-time trading system is currently undergoing regulatory approval process. The bourse has also partnered with U.S. lender JPMorgan Chase & Co. to pave the way for in-depth capacity building programs on derivatives trading, The Punch noted.

* The Nairobi Securities Exchange and China-based Shenzhen Stock Exchange will sign in October a memorandum of understanding on cooperation, Business Daily Africa reported. The deal would enable collaboration between Nairobi stock exchange's Ibuka and Shenzhen ChiNext and allow Kenyan high-growth start-ups to raise funding in the Chinese bourse.

* Skye Bank PLC and Fortis Microfinance Bank PLC were de-listed from the Nigerian bourse yesterday due to the cancellation of their licenses by the central bank, Nigeria's Business Post wrote. Skye Bank's operating license was revoked in September last year.

* Hoda Holdings Ltd., the parent of Unicredit Savings and Loans Co., has sued the Ghanaian central bank and Governor Ernest Addison after the savings and loans firm's license was revoked due to insolvency, Joy Online wrote. In an affidavit filed with the human rights division of the country's High Court, Hoda Holdings claimed that before the central bank's decision to stop Unicredit Savings and Loans' operation last year, its funds of more than 54 million cedis were locked with the firm and it has been seeking to retrieve the amount since then.

* Standard Chartered Bank Ghana Ltd. has named Ebehijie Momoh retail banking head, replacing Henry Baye, who will become head of Standard Chartered Jersey, Ghana News Agency reported. Momoh previously held the same post in Standard Chartered Bank Nigeria Ltd..

CENTRAL AND SOUTHERN AFRICA

* Economists predict that South Africa's central bank will maintain interest rates at 6.50% during its Sept. 19 monetary policy meeting, owing to a volatile exchange rate, a Reuters poll showed. The country's economy is expected to grow 0.6% in 2019 and expand 1.3% in 2020.

* Talks between the IMF and Mozambique about restoring financing to the African country are making "encouraging progress," President Filipe Nyusi told Reuters. The fund halted support to Mozambique in 2016 after the government admitted to some $1.4 billion in previously hidden debt, unleashing a financial crisis and steep devaluation of the metical.

* Mozambique is set to join the African Export-Import Bank, Macauhub reported, citing a statement issued after a cabinet meeting this week.

* Zambia's central bank held its monetary policy rate at 10.25%, with inflation expected to remain on the higher end of the country's target of 6% to 8%.

* The net profits of six of Angola's largest banks fell 28% year over year in the first half, forcing lenders to look for new markets to boost their results, Portugal's Jornal Económico reported, citing a report in the Mercado newspaper. The analysis included Banco de Fomento Angola SA, Banco BIC SA, Banco Económico SA, Banco Sol SA, Banco de Negócios Internacional SA and Banco Angolano de Investimentos SA. Separately, Expansão said Banco BIC SA would top the list of dividends on 2018 profits, when banks posted a sharp increase in net income.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Goldman Sachs China JV; Ping An deal talks; Srisawad Finance fine

Europe: Germany zero-percent 30-year bonds; Italy PM resigns; Facebook Libra scrutiny

Latin America: Grupo Aval's Q2 profit jumps 19.3%; Colombia plans state holding company

North America: Citi named in Huawei CFO extradition case; Goldman seeks to raise China JV stake

Global Insurance: Cigna mulls unit sale; Tony Ursano joins Hamilton; FHCF renews reinsurance

Erin Tanchico, 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.

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