* The EU removed Mauritius from its grey list of tax havens, saying the country was compliant with all of the bloc's commitments on tax cooperation.
* The World Bank cut its 2019 growth projection for Sub-Saharan Africa to 2.6%, 0.2 percentage point lower than its previous forecast in April and compares to a 2.5% growth in 2018. The organization said recovery in Sub-Saharan Africa's three largest economies — Nigeria, South Africa and Angola — remained sluggish and is weighing on the region's prospects.
* A monitoring committee led by global central bank officials said the expansion of central banks' balance sheets on an "unprecedented" scale in response to the 2008 global financial crisis negatively affected the functioning of financial markets, and laid out a nine-point list of best practices in case any such measures need to be used in the future.
* Italian banking group UniCredit SpA named Cédric Derras head of corporate and investment banking for the Middle East and Africa.
EAST AFRICA
* KCB Group PLC CEO Joshua Oigara said the Kenyan bank, which is integrating National Bank of Kenya Ltd. into its operations, will step up efforts to pursue loan defaulters in a bid to reduce the combined group's nonperforming loan ratio to 8% from 12% by 2021, Bloomberg News reported.
* The Bank of Uganda lowered its key lending rate by 100 basis points to 9% in a bid to spur economic activity as inflation remained below target. Meanwhile, the central bank issued commercial licenses to two new banks, Afriland First Bank Uganda Ltd. and Opportunity Bank Uganda Ltd., Reuters reported, citing a statement from the regulator.
* The U.S. has called on Seychelles to counter money laundering risks associated with offshore banking and to put in place legislation to address loopholes in its financial regulation, Seychelles News Agency wrote.
* A Treasury proposal to cap Kenya's debt at 9 trillion shillings was approved by Kenyan lawmakers, National Assembly majority leader Aden Duale told Bloomberg. The debt limit was previously set at 50% of GDP.
* A Kenyan court ordered Trident Insurance Co. to pay Saham Assurance Co. 33.4 million shillings with interest over Trident's failure to compensate a supermarket when one of its branches caught fire in 2015, Business Daily Africa reported.
WEST AFRICA
* The IMF said Nigeria's central bank may have to reconsider new rules to spur lending due to potential unintended consequences on banks' asset quality, maturity structure, prudential buffers and the inflation target. The statement comes after the central bank raised the minimum loan-to-deposit ratio requirement for banks to 65% and fined 12 lenders for failing to meet the previous 60% target.
* The Ghanaian government charged Capital Bank founder William Ato Essien and three other individuals for their misconduct that led to the collapse of the lender in 2017, Joy Online reported.
* The Bank of Ghana ordered the closure of Aero Cash Forex Bureau Ltd. over the failure of the firm's operators to provide documents the central bank requires to verify the legality of its activities, Joy Online reported. The central bank has licensed six companies to engage in the foreign exchange business, Joy Online wrote.
* Banco Angolano de Investimentos Cabo Verde SA is planning a new capital increase through the conversion of subordinated debt, Jornal de Angola reported.
* Shareholders of LASACO Assurance PLC authorized the Nigerian insurer's board to raise additional capital through the issuance of 9,250,000,000 ordinary shares of 50 kobo each at 1.20 kobo per share via a special or private placement.
* South Africa's Standard Bank Group Ltd. launched an investor services business in Côte d'Ivoire, Africa.com wrote.
* Lagos, Nigeria-based Niger Insurance PLC appointed Edwin Igbiti substantive managing director, the New Telegraph of Nigeria reported.
* Kenneth Egbaran resigned as managing director of Nigeria-based Goldlink Insurance PLC. Roland Awoyinfa, group head for technical, took over as acting managing director.
CENTRAL AND SOUTHERN AFRICA
* South African insurer Old Mutual Ltd. told the High Court in Johannesburg that its move to block former CEO Peter Moyo from returning to work was not in contempt of court, saying the second notice terminating Moyo's contract of employment was issued lawfully, Business Day reported, citing court filings. Old Mutual also argued that Moyo's demand to imprison the company's board members if they are found to be in contempt of court for blocking his return would be excessive and inappropriate, Moneyweb wrote.
* S&P Global Ratings said it sees no immediate pressure to change South Africa's sovereign rating in the near term despite the country's weak economic growth and growing debt burden, Reuters reported. The agency currently rates South Africa at sub-investment grade.
* Vera Daves is the new finance minister of Angola, replacing Archer Mangueira. The Luanda-born economist is the first woman to occupy the post, Angola Press wrote.
* South African payments firm Net 1 UEPS Technologies Inc. exercised its option to buy an additional 35% stake in Liechtenstein-based Bank Frick & Co. AG for about $46.4 million.
* South African microfinance firm African Dawn Capital Ltd. named David Simon Danker CEO, with immediate effect. James Slabbert, currently executive chairman of the company's board, will also become nonexecutive chairman.
* Malawi's Finance Minister Joseph Mwanamvekha withdrew a proposed 1% withholding tax on nonbank mobile money transactions after Telekom Networks Malawi CEO Michel Buitelaar warned that the tax would hamper the growth of mobile money, Nyasa Times wrote.
* South Africa-based Capitec Bank Holdings Ltd. said it obtained all regulatory approvals for its proposed acquisition of local peer Mercantile Bank Holdings Ltd. and that all contractual conditions for the deal have been satisfied.
* Botswana's Bank Gaborone Ltd. aims to increase its market share to at least 10% in the medium term from about 7.5%, Mmegi wrote.
* The IMF will consider a short-term financing partnership with the Democratic Republic of Congo within six months, Bloomberg reported, citing Prime Minister Sylvestre Ilunga.
Pádraig Belton and Mariana Aldano contributed to this report.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.
