Banking

ACCRA (Capital Markets in Africa) – Ghana is seeking to prosecute a former finance minister, industry regulator and deputy central bank governor in a bid to stamp out alleged collusion with company executives that helped contribute to the West African nation’s biggest banking crisis. The former officials are being charged along with nine other banking executives on charges ranging from money laundering to defrauding depositors in the aftermath of a three-year industry clean-up — the costs of…

LAGOS (Capital Markets in Africa)- The Central Bank of Seychelles expects to keep its key interest rate unchanged this year as prices are likely to climb at a slow pace on the Indian Ocean archipelago. “The monetary policy rate is expected to remain at 5% in 2020, a rate that would support an interest-rate level conducive to a level of credit to the private sector that boosts economic activity, but does not introduce inflationary pressure,”…

ACCRA (Capital Markets in Africa): Ghanaian prosecutors charged a former finance minister for alleged crimes that contributed to the collapse of one of the West African nation’s biggest local lenders during a banking crisis. Kwabena Duffuor, who served as finance chief from 2009 to 2013, and seven other individuals were named in a filing Wednesday at the Accra High Court on counts that include theft and money laundering. Duffuor is accused of receiving 663.3 million…

LONDON (Capital Markets in Africa): For HSBC Holdings Plc’s frustrated shareholders, time is running out on Chairman Mark Tucker’s mission to deliver. The former insurance executive, who arrived in 2017 after making his mark in Asia, is set to roll out a top-to-bottom overhaul of the sprawling lender after two post-crisis resets and his first pick as chief executive officer flopped. Costs remain too high, red tape is too thick and not enough businesses generate…

CAIRO (Capital Markets in Africa) – A profit bonanza for Egyptian banks is ripening the industry for acquisitions. If only there were more willing sellers. One buyer found a way in. First Abu Dhabi Bank PSJC is in talks for the Cairo-based unit of Lebanon’s Bank Audi SAL, which needs cash to cope with an economic crisis back home. The bid is the first for an Egyptian bank by a Gulf lender in seven years, as companies…

LAGOS (Capital Markets in Africa): The U.K. Financial Conduct Authority said it’s examining the spike in the British pound about 15 seconds before Thursday’s Bank of England’s interest-rate decision. Sterling shot up toward $1.31 just before BOE officials surprised markets by announcing that they had voted 7-2 for no change to the policy, even though many analysts and investors had expected a closer decision or a rate cut. The move prompted traders and analysts to…

JOHANNESBURG (Capital Markets in Africa) – The bank, which has offices in Johannesburg and London, is readying a spinoff of its asset-management business in March and also plans to sell some private-equity investments. The lender wants to reduce its 25 billion rand ($1.7 billion) of private-equity holdings to 15 billion, Richard Wainwright, the chief executive officer of Investec’s South African bank, said in an interview at the lender’s local headquarters. “If we are successful in releasing…