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SSA news through March 21

* The world's largest banks will need to plug a larger total capital shortfall to meet final regulatory requirements fully taking effect in 2027, according to the Basel Committee on Banking Supervision.

* Kenyan lender KCB Group PLC is planning to launch units in Somalia and the Democratic Republic of the Congo to expand its regional foothold to 10 countries.

* Insurers in the 15-country Francophone Conférence Interafricaine des Marchés d'Assurances zone have three months to raise their capital to 3 billion CFA francs, Financial Afrik wrote.

* Stuart McMurdo will become CEO of Scor SE unit Scor Specialty Insurance's operations in Europe, the Middle East and Africa, effective Sept. 1.


* Co-operative Bank of Kenya Ltd. posted full-year 2018 audited group profit after tax and exceptional items of 12.7 billion shillings, up from the year-ago 11.4 billion shillings.

* Diamond Trust Bank Kenya Ltd.'s full-year 2018 group profit after tax and non-controlling interests rose to 6.69 billion shillings from 6.45 billion shillings in 2017.

* Commercial Bank of Africa Ltd.'s shareholders accepted the share swap terms of a merger with fellow Kenyan bank NIC Group PLC.

* Barclays Bank of Kenya Ltd. suspended its safety deposit box service after authorities raided a branch of the bank and found up to 2 billion shillings in fake money, Standard Digital reported.

* Noordin Haji, Kenya's Director of Public Prosecutions, is considering negotiating a plea deal or deferred prosecution with five banks — Standard Chartered Bank Kenya Ltd., KCB Group, Equity Bank (Kenya) Ltd., Diamond Trust Bank Kenya and Co-operative Bank of Kenya — and their officials in relation to the 8 billion shilling theft at the country's National Youth Service, Daily Nation reported.

* Rwanda's BK Group has launched a fourth subsidiary, BK Capital, that will offer advisory and investment services, The New Times wrote.

* Ethiopia-based Debub Global Bank SC has partnered with British payments firm WorldRemit Ltd. to offer digital money transfer services in the country. Andrew Stewart, WorldRemit's managing director for the Middle East and Africa, said the linkup will support the firm's local expansion efforts.


* The proposed merger of Nigerian lenders Access Bank PLC and Diamond Bank PLC came into effect March 19, after the deal received court sanction the same day. Nigeria's central bank and Securities and Exchange Commission approved the merger March 18.

* A Nigerian Federal High Court ordered O&O Networks Ltd., a special purpose vehicle owned by Togo-based Ecobank Transnational Inc., to repay the 22.5 billion naira it gained from the alleged wrongful sale of shares in Airtel Networks Ltd. by Ecobank to Bharti Airtel, Proshare Nigeria reported. O&O Networks dismissed the report, saying there has been no material development in the case, ThisDay wrote.

* Nigeria's Jaiz Bank PLC inaugurated five more branches as the lender seeks to intensify its expansion efforts in the country, The Punch reported.

* S&P Global Ratings affirmed Nigeria's B/B long- and short-term sovereign credit ratings, with a stable outlook. The country's long- and short-term national scale ratings were also affirmed at ngA/ngA-1.

* S&P Global Ratings affirmed the B/B long- and short-term foreign- and local-currency sovereign credit ratings of Ghana, with a stable outlook on the long-term ratings. Fitch Ratings also affirmed the country's B/B long- and short-term foreign- and local-currency issuer default ratings, with a stable outlook on the long-term ratings.


* Standard Bank Group Ltd. appointed former Absa Bank Ltd. Deputy CEO David Hodnett as its chief risk officer, replacing Neil Surgey.

* South Africa-based asset manager Alexander Forbes Group Holdings Ltd. appointed Bruce Bydawell CFO, effective April 1.

* Carel Vosloo, Rand Merchant Bank's co-head of investment banking, is resigning at September-end, the South African bank told Bloomberg News.

* South African sovereign wealth fund Public Investment Corp. (SOC) Ltd. received an extension in recovering irregular investments made to Ayo Investment Technology amounting to approximately 4.3 billion rand, Mail & Guardian wrote. The period was extended to 60 days from an initial 15 days beginning Feb. 21.

* Meanwhile, Public Investment Corp.'s former Chief Risk Officer Paul Magula was banned from the financial services sector after he was deemed unfit to work in the industry under South Africa's Financial Advisory and Intermediary Services Act, Mail & Guardian reported.

* Zimbabwe is looking to raise up to $350 million from divestment of its stocks in several state-owned companies, including People's Own Savings Bank, Reuters wrote, citing Finance Minister Mthuli Ncube.

* Angola plans to privatize state-run insurance company ENSA – Seguros de Angola, Macauhub reported, citing Angolan newspaper Mercado. South Africa's Sanlam Ltd. is reportedly among the potential buyers.

* Mozambican insurance company Empresa Moçambicana de Seguros, or EMOSE, is leading a push for local insurance companies to help cover international energy firms conducting natural gas projects in the Rovuma basin, O País reported, citing EMOSE Chairman Joaquim Langa.

Helen Popper and Pádraig Belton contributed to this report.

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.