Africa > Banking / Investment

Banking / Investment in Africa

  • Algeria develops Islamic finance to attract investment and deepen banking penetration

    ALGERIA, 2017/11/11 Islamic banking is gaining traction in Algeria, with all six national-run banks committing to launching services through the rest of this year and the government announcing the launch of a sharia supervisory board. Speaking in Parliament in late September, the newly appointed Prime Minister Ahmed Ouyahia said three national-owned banks – Banque de l'Agriculture et du Développement Rural, Banque de Développement Local and Caisse Nationale d’Epargne et de Prévoyance – will launch Islamic financial services by the end of the year, with four others set to join them in 2018.
  • Côte d’Ivoire banking sector preparing for Basel II and III

    ABIDJAN, 2017/11/11 Banque d’Abidjan (BDA) became the new lender to open its doors in Côte d’Ivoire, bringing the total number of financial players in the country to 28 on September 5. Its launch took place against a backdrop of sweeping reforms being implemented across the sector as Côte d’Ivoire prepares to meet the capital standards’ requirements of Basel II and III. BDA is a subsidiary of the Société Ivoirienne des Finances Holding, a joint venture for Senegal’s Banque de Dakar Group, which has an 80% stake in the lender, and the country’s national-owned mail carrier, La Poste, which owns the remaining 20%.
  • HSBC 'complicit' in South Africa scandal, House of Lords told

    UNITED KINGDOM, 2017/11/04 HSBC has been accused of “possible criminal complicity” in a money laundering scandal involving South Africa’s wealthy Gupta family. Speaking in the Home of Lords on Wednesday, two weeks next he initial voiced concerns about UK links to the probe, Lord Hain said he had handed new evidence to the chancellor about the alleged involvement of a British bank in the “flagrant robbery” of South African taxpayers. Hain did not mention the name the bank in the Lords but did so in a letter to the Philip Hammond, in which he said the bank should be investigated over “possible criminal complicity” in corruption.
  • Angola's banks look to rise to the challenges

    ANGOLA, 2017/10/31 The fortunes of Angola’s banks are continuing to split nearly three years next commodity prices began their swift collapse. While the larger private lenders are weathering a challenging economic environment relatively well, a lot of of their national-owned peers are being restructured and recapitalised. Meanwhile, smaller banks of all stripes are feeling the pinch from a stalling economy and a tighter regulatory landscape. These challenges are unfolding as Angola’s banking sector braces for full Basel II capital adequacy compliance by the end of 2017. Meanwhile, with dwindling quality increase opportunities, the structure of Angola’s banking sector could change in the coming years, with consolidation a likely (though by no means straightforward) outcome. Diminishing oil receipts, a threat of consolidation, a looming Basel II compliance deadline, a loss of US dollar correspondent banking relationships, a shortage of foreign capital... The challenges facing Angola's banks are many, which makes the strong performances of some in the sector all the more impressive, writes James King.  
  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • South Africa’s central bank says has not instructed banks on ties with KPMG

    SOUTH AFRICA, 2017/10/17 South Africa’s central bank said on Friday it has not instructed banks on how to transaction with KPMG next the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma.
  • Moody’s set to downgrade 3 top banks

    KENYA, 2017/10/17 World ratings agency Moodys has warned of a likely downgrade of credit and deposit scores of three Kenyan banks, citing the country’s deteriorating deficit situation. The agency said it had placed on review for downgrade the B1 world scale long-term local-currency deposit ratings and the b1 baseline credit assessment (BCA) of KCB Bank Kenya Limited (KCB Bank), Equity Bank Kenya Limited (Equity Bank) , and Co-operative Bank of Kenya Limited (Co-op Bank).
  • South Africa: Intra-African investments key for economic growth-Zuma

    SOUTH AFRICA, 2017/10/16 Visiting South African President Jacob Zuma, who ended his national visit to Zambia on Friday, has said that intra-African investments were critical to Africa’s next economic increase, and his country was ready to contribute meaningfully to increase the levels of investments while growing intra-Africa trade.Addressing the Zambia-South Africa Business Forum held in Lusaka in Zambia themed “Towards Increased Trade and Investment Cooperation,” Zuma said his government in 2016, through the Ministry of Trade and Industry, created Trade Invest Africa which, part others, establishes sourcing linkages with African trading partners as its contribution to facilitating the imports of African price-added manufactured products into South Africa.
  • IMF and World Bank members must stop rise of economic non-order

    UNITED STATES, 2017/09/23 Next month, at the same time as finance ministers and central bank governors from additional than 180 nations gather in Washington DC for the annual meetings of the International Monetary Fund and the World Bank, they will confront a world economic order under increasing strain. Having failed to deliver the inclusive economic prosperity of which it is capable, that order is subject to growing doubts – and mounting challenges. Barring a course correction, the risks that today’s order will yield to a world economic non-order will only intensify.
  • GTBank records an increase in Profit Before Tax for the fiscal year

    NIGERIA, 2017/09/09 Guaranty Trust Bank (GTB) has recorded an 18 % increase in Profit Before Tax (PBT) for the fiscal half-year that ended on June 30, 2017. The bank, in a statement, said its PBT rose from N85.69 billion in 2016 to N101.1 billion in 2017. The financial performance presented to the Nigerian and London Stock Exchange showed the bank’s loan book dipped by six % from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 with a decrease in customer deposit by one % to N1.966 trillion from N1.986 trillion in December 2016.