Banking | - Part 109

Diamond’s Atlas Mara Snared in Nigeria Contagion as Stock Sinks

LAGOS, Nigeria, Capital Markets in Africa: Atlas Mara Limited, the company co-founded by former Barclays Plc Chief Executive Officer Bob Diamond to buy lenders in Africa, fell to a record low as concern over the health of Nigeria’s banking industry spread. Atlas Mara, which owns at least 21 percent of Lagos-based Union Bank Nigeria Plc, dropped for the fourth time in seven days in London trading on Wednesday. That mirrors declines among most Nigerian lenders after the central bank replaced the…

Skye Bank Extends Drop After Management Ousting as Diamond Falls

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NIGERIA, Capital Markets in Africa: Skye Bank Plc tumbled, extending a slide to the lowest level in almost three months, after Nigerian regulators replaced the top management of the country’s eighth-largest bank for consistently breaching cash and liquidity ratios. Diamond Bank Plc fell the most since Jan. 19 even as shares of some the country’s banks rose on the Nigerian Stock Exchange All Share Index on Friday. Gains by FBN Holdings Ltd., the country’s largest lender by assets, Zenith Bank Plc and…

South African Central Bank Champions Choice for Welfare Banking

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South Africa, Capital Markets in Africa: The 16.9 million people receiving welfare payments from South Africa’s government into bank accounts should have the right to choose between financial services companies, according to the country’s central bank. A contract awarded by the South African Social Security Agency to Johannesburg-based Net 1 UEPS Technologies Inc. to pay grants electronically in 2012 has this year been dogged by court battles and criminal charges. Under the contract, which will be taken over by the…

Nigeria: Spectre of Who Is Next Stalks Nigeria After Bank Shakeout

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LAGOS, Nigeria, Capital Markets in Africa: The ousting of top management at one of Nigeria’s largest banks is deepening concern over the health of the industry. The central bank stepped in to replace the chief executive officer, chairman and 10 other directors of Skye Bank Plc on July 4 after the nation’s eighth-biggest lender consistently breached cash and liquidity ratios. The regulator made the announcement before a three-day holiday and after the market had closed. The stock tumbled to a record…

Nigeria Says Its Banks Are Safe, Urges Against Panic Withdrawals

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank said all its lenders are safe, aiming to quell fears after it ousted the management of Skye Bank Plc on Monday for failing to meet capital and liquidity thresholds. “The Central Bank of Nigeria hereby reassures the banking and general public that their deposits remain safe,” Isaac Okorafor, a spokesman for the Abuja-based regulator, said in an e-mailed statement Wednesday. “There is, therefore, no need for panic withdrawals…

Kenya Bank | Capital Injection Gives Fresh-Faced Kenyan Bank Room to Expand

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NAIROBI, Kenya, Capital Markets in Africa: A series of capital injections is giving a small Kenyan bank the space to expand at a time when many lenders in East Africa’s largest economy are struggling to overcome the fallout of three failures in the industry in the space of eight months. Equatorial Commercial Bank Ltd. renamed itself Spire Bank and plans to grow its market share to 1 percent by 2019 from 0.5 percent, Chief Executive Officer…

Nigerian Regulator Ousts Skye Bank Board Over Capital Concerns

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank replaced almost all the members of Skye Bank Plc’s board for repeatedly failing to meet minimum thresholds on liquidity and capital adequacy ratios. Chief Executive Officer Timothy Oguntayo and three of the bank’s eight other executives quit, along with Chairman Olatunde Ayeni and seven other non-executives, Governor Godwin Emefiele told reporters in Lagos on Monday. Alhaji Ahmad was named as new chairman and Adetokunbo Mukhail Abiru, a former Harvard Business School graduate…

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