Banking | - Part 127

Moody’s change Banco Angolano de Investimentos’ Ba3 deposit ratings to negative from stable

Limassol, March 04, 2015 — Moody’s Investors Service has today changed the outlook to negative from stable on the Ba3 deposit ratings of Banco Angolano de Investimentos, S.A. Concurrently, Moody’s affirmed the bank’s Ba3 deposit ratings and E+ standalone bank financial strength rating (BFSR), which is equivalent to a b1 baseline credit assessment. The E+ BFSR maintains a stable outlook. The rating action on Banco Angolano de Investimentos follows the change in the outlook to…

Nigeria’s bank ratings placed on CreditWatch negative

Posted on by The Editorial Team

Standard & Poor’s placed the ‘BB-‘ long-term issuer credit rating on Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Stanbic IBTC Bank and Zenith Bank on CreditWatch with negative implications, following similar action on Nigeria’s sovereign ratings. It expected the Nigerian banking sector to face difficulties in 2015. Also, it said that low global oil prices, the pressure on the Nigerian naira, the upcoming presidential elections and the regulatory changes are raising credit risks,…

Egypt’s Banks to benefit from improved environment

Posted on by The Editorial Team

Business Monitor International anticipated the Egyptian banking sector to benefit from the continuous improvements in domestic economic activity and political conditions. It said that reforms to the fuel subsidy system, in addition to lower global oil prices, would improve the fiscal outlook and reduce the financing needs of the government, which would encourage lending to the private sector. Further, it indicated that banks in Egypt have subscribed excessively to high-yielding government debt instruments to support…

Reduce the unbanked in Nigeria

Posted on by The Editorial Team

Nigerian banking continues to face significant headwinds – in relation to both revenue and costs. It may seem as though the banking industry shrunk between 2004 and 2014 due to massive consolidation in the market, however, these mergers and acquisitions (M&A’s) actually represented approximately 60% of the organic growth for the remaining (stronger) banks. As a result, the quality of service and customer experience is shaping the competitive landscape – where those clearly ahead of…

Nigerian Central Bank closes RDAS/WDAS Foreign Exchange Window

Posted on by The Editorial Team

The Central Bank of Nigeria (CBN) today published a circular closing down the RDAS Window stating that forthwith, all demands for foreign exchange should be channeled through the Interbank Foreign Exchange Market. The Apex bank also stated that it will continue to intervene in the interbank foreign exchange market to meet genuine/legitimate demands.This is a positive development as we have always clamoured for a one-way quote to reduce speculation and unhealthy malpractices. The development can…

Cross-border expansion of Nigerian banks: has it improved the continent’s regulatory and supervisory frameworks?

Posted on by The Editorial Team

Nigerian banks expanded into other African countries following the 2004 consolidation that increased minimum capital requirements more than tenfold. Most banks expanded their operations domestically and internationally by increasing branch networks in the domestic market and opening subsidiaries abroad. United Bank for Africa (UBA) and Access Bank combined are operating in more than 20 countries on the continent. Cross-border expansion has taken place through the setup of subsidiaries, thus adding to the number of banks…

What’s driving African banking…and what’s stalling it?

Posted on by The Editorial Team

Very few Africans make use of formal financial services. In fact, only 24% of adult Sub-Saharan Africans had a bank account in 2012, while the global average was 50%, says the Global Findex Database. In the following countries less than 10% had an account that year: Sudan, Senegal, DRC, Central African Republic, Chad, Niger, Madagascar and Mali. The main reason for this low level of financial inclusion in Sub-Saharan Africa (SSA) is low income. Closely…

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