Banking | - Part 69

Barclays Africa Retail Banking CEO Moganwa Leaves Amid Shake-Up

JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Ltd. Chief Executive Officer of Consumer Banking Jan Moganwa is leaving as the South African lender’s retail and business banking division embarks on a reorganization of its top management. The announcement was made in a notice to staff seen by Bloomberg News and confirmed by Johannesburg-based Barclays Africa spokesman Songezo Zibi. Moganwa will pursue other interests after five years at the unit, which he joined as head of products and…

Algeria’s banking sector is adequately capitalised and profitable

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ALGIERS (Capital Markets in Africa) – The International Monetary Fund indicated that Algeria’s banking sector is adequately capitalised and profitable. It noted that the capital adequacy ratio of banks operating in Algeria increased from 18.9% at the end of 2016 to 19.6% at end-2017, while their Tier-One capital ratio declined from 16.3% at end-2016 to 15.2% at end-2017 as a result of higher credit growth. It also pointed out that the banks’ return on assets was at 2% and their return…

Angolan Banking sector resilient to macroeconomic shocks

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LUANDA (Capital Markets in Africa) – The International Monetary Fund considered that the heavy reliance of Angolan banks on the oil sector constitutes a key risk, mainly for state-owned banks, while private banks are better positioned to weather the impact of an oil shock given their initial strong position. It indicated that the main channel of transmission of an oil shock is through fiscal activity, as lower oil prices would contain public spending and weaken non-hydrocarbon sector activity and,…

StanChart Chairman Says Bank Acts `Decisively’ on Misconduct

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JOHANNESBURG (Capital Markets in Africa) – Standard Chartered Plc Chairman Jose Vinals defended the bank’s culture, insisting the emerging markets-focused lender has acted swiftly and “decisively” to root out misconduct. His comments, in an interview in Lagos, Nigeria, come after a number of top executives in charge of policing behaviour at the bank were themselves disciplined or investigated for allegations of harassment or inappropriate conduct, people familiar with the matter said earlier this month. Vinals said any instances…

Morocco Central Bank Holds Rates, Citing Inflation Prospects

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CASABLANCA (Capital Markets in Africa) – Morocco’s central bank kept its benchmark interest rate unchanged despite rising inflation that’s prompted a damaging product boycott. The central bank kept the key rate at 2.25 percent, citing medium-term inflation and growth prospects. Last month the general affairs minister said the economy could withstand annual price growth of as much as 3 percent, above the 2.7 percent reached in April that was near a five-year high. Spurred by temporary…

South Africa May Raise Rate If Weak Rand Boosts CPI, SARB Says

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JOHANNESBURG (Capital Markets in Africa) – The rand’s plunge to the weakest in almost seven months against the dollar may push up South African inflation and require interest-rate increases, central bank Deputy Governor Kuben Naidoo said. While the South African Reserve Bank doesn’t target a specific level of the rand, it responds to second-round effects on prices from currency weakness, Naidoo said in an interview with Bloomberg TV in Sintra, Portugal, on Tuesday. South African Reserve Bank Deputy Governor…

South Africa’s Rand Pares Gain as Inflation Unexpectedly Slows

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand pared an advance against the dollar and benchmark bond yields extended a drop as traders cut bets on an interest-rate increase this year after inflation unexpectedly slowed last month. Growth in the consumer price index eased to 4.4 percent in May, from 4.5 percent the previous month. The median estimate of economists in a Bloomberg survey was for the inflation rate to accelerate to 4.6 percent….

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