Banking | - Part 76

IBM, Comcast Ventures Back Fund for Blockchain Business Startups

LAGOS (Capital Markets in Africa) – International Business Machines Corp. and Comcast Corp.’s venture arm will become the largest supporters of an investment fund for startups that help corporations use blockchain, the digital ledger that’s become a hot technology. The startup accelerator, called MState, plans to invest $25,000 to $50,000 apiece in five or six companies over the next six months, co-founder Rob Bailey said in a phone interview. MState, with locations in New York and…

Kenyan Central Bank Agrees to SBM’s Offer for Chase Bank

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s central bank said it agreed to a deal in which SBM Holdings Ltd., the second-biggest lender in Mauritius, will purchase some assets of distressed Chase Bank Ltd. The offer will ensure the transfer of 75 percent of the value of deposits that had been locked in receivership and the retention of staff and branches of Chase Bank, which went under in April 2016. The lender has been under the…

Fitch: T-Bill Supply Slowdown May Hurt Nigerian Bank Profits

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LAGOS(Capital Markets in Africa) – Nigerian banks may find it more difficult to sustain profitability given the decline in net treasury bill (T-bill) issuance in Nigeria’s 1Q18 issuance programme, Fitch Ratings says. The slowdown in T-bill issuance marks a change of strategy as the government looks to increase its financing from external sources and longer-dated domestic issuances. Record T-bill issuance in 2017 helped support the Central Bank of Nigeria’s strategy to maintain naira exchange-rate stability….

Moody’s: Challenging operating conditions keeps 2018 outlook for African banks negative

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LAGOS (Capital Markets in Africa) — Moody’s Investors Service says its negative outlook for the African banking system in 2018 reflects high macroeconomic risks that expose banks to asset quality pressures, reduced government support and sovereign credit risk. Moody’s report, “Banks — Africa, 2018 Outlook”, is available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release. This report does not constitute a rating action. “Although…

Angola Raises Key Rate to Record-High 18% on Inflation Concerns

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Angola’s central bank raised its benchmark interest rate to a record 18 percent as it seeks to counter inflation and support the kwanza. The key rate was increased from 16 percent, Luanda-based Banco Nacional de Angola said on Thursday after a meeting of the monetary policy committee. “The bank paid particular attention to the evolution of prices in the economy, having observed an acceleration in inflation,” the MPC said in a…

Bad Brexit Scenario Mars All-Bank Pass in BOE’s Stress Tests

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LONDON (Capital Markets in Africa) – British banks may have unanimously passed Bank of England stress tests, but that clean bill of health came with concern about a messy Brexit, courtesy of Governor Mark Carney. The central bank told lenders to add another 6 billion pounds ($8 billion) to their capital buffers and may increase their requirements again next year because it’s worried that the combination of a no-deal Brexit without a transition period and a global…

Diamond Bank to Boost Nigeria Loans Upon West Africa Retreat

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Diamond Bank Plc plans to boost lending and its customer numbers in Nigeria as it targets growth in its home market after divesting its units elsewhere in West Africa. The Lagos-based lender sees its loans growing by about 10 percent next year and customers increasing by a third to 20 million by 2019, Chief Executive Officer Uzoma Dozie said in a Nov. 23 interview in the commercial capital, Lagos. “The divestment is…

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