Banking

NEW YORK M(Capital Markets in Africa) – The Federal Reserve will probably hint at its meeting next week that it is moving toward scaling back monthly asset purchases and make a formal announcement in November, according a Bloomberg survey of economists. The survey of 52 economists also predicted the U.S. central bank would hold interest rates near zero through 2022 before delivering two quarter-point increases by the end of the following year. The Federal Open…

CAIRO (Capital Markets in Africa) – Egypt left interest rates unchanged Thursday as authorities weigh the potential impact of U.S. Federal Reserve tapering on the local debt market. The central bank maintained the benchmark deposit rate at 8.25% and the lending rate at 9.25%, the Monetary Policy Committee said in a statement. All 13 economists surveyed by Bloomberg predicted what is Egypt’s seventh consecutive hold, after combined cuts of 400 basis points last year. The…

JOHANNESBURG (Capital Martkets in Africa) – Standard Bank Group Ltd.’s goal of adding at least 10 millioncustomers ahead of a 2025 deadline has set the stage for a tug-of-war over Africa’s wealthiest clients. The biggest lender in Africa, with a 160-year history on the continent and a presence in 20 countries, has the advantage of scale over its peers as it looks to grow its customer base to more than 25 million. But persuading the most…

LAGOS (Capital Markets in Africa) – Nigeria’s lenders likely don’t have enough dollars to fund clients seeking to acquire oil assets put on sale by the local unit of Royal Dutch Shell Plc, the country’s biggest lender said.  Guaranty Trust Bank Plc doesn’t see the likelihood of any client raising the estimated $2.3 billion needed to purchase the Shell assets, said Segun Agbaje, CEO of the financial group that owns the lender. Such a deal would require a…