Banking | - Part 86

Etisalat Nigeria Faces Hunt for New Owner After Talks Fail

LAGOS (Capital Markets in Africa) Etisalat Nigeria faces a search for a buyer and operator after a consortium of banks seized control of a 45 percent stake from Emirates Telecommunications Corp. following the failure of talks about a $1.2 billion loan. A group of 13 Nigerian lenders ordered the Abu Dhabi-based company to transfer the shareholding to United Capital Trustees Ltd. by June 23, the operator of Nigeria’s fourth-biggest wireless carrier said in a statement Tuesday. Etisalat Nigeria…

Angola’s Biggest Bank to Sell Bad Loans to Restore Profit

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Angola’s biggest bank plans to sell non-performing loans as part of a reorganization to return to profit. Banco de Poupanca e Credito SARL, known as BPC, aims to dispose of 231 billion kwanzas ($1.38 billion) of its unpaid loans to a state-owned company created earlier this year to recover bad debt and free the nation’s banks to lend again, according to Chairman Ricardo Viegas D’Abreu. The lender has also been…

Atlas Mara Sells Stake to Revive Nigerian Ambitions

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LAGOS (Capital Markets in Africa) – Atlas Mara Ltd., which has dropped almost 80 percent since an initial public offering led by co-founder Bob Diamond, plans to raise more than its market value by selling a 35 percent stake to Fairfax Africa Holdings Corp. The firm expects to get $200 million from selling new stock to existing shareholders and Fairfax Africa and will also issue a fresh convertible bond to the Toronto-based investment company, the company said in…

South Africa Central Bank to Fight `Unlawful’ Mandate Proposal

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank accused the graft ombudsman of overreaching her powers and promised to fight a proposal to change the institution’s primary objective of protecting the value of the currency. “The Reserve Bank has consulted its legal team and has been advised that the remedial action prescribed by the Public Protector falls outside her powers and is unlawful,” the Pretoria-based central bank said in a statement on its website. Public…

Bank of England Governor’s Brexit Worries Mean BOE Chief in No Rush to Tighten

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LONDON (Capital Markets in Africa) – Mark Carney is still worried about the impact of Brexit on the economy and signalled he won’t be rushing to raise interest rates anytime soon. In his first major comments in six weeks, the Bank of England governor addressed weaknesses in the economy, saying that domestic inflation pressures remain subdued and wage growth is anemic. He also highlighted the level of uncertainty surrounding the U.K.’s talks to exit the European Union, saying he…

South Africa Graft Ombudsman Proposes Changes to SARB Objective

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JOHANESBURG (Capital Markets in Africa) – South Africa’s graft ombudsman has suggested changes to the nation’s constitution to amend the Reserve Bank’s primary objective of protecting the value of the currency. The chairman of parliament’s justice committee should start a process to change the law’s section 224 that sets out the central bank’s primary objective, Public Protector Busisiwe Mkhwebane said in a report handed to reporters in the capital, Pretoria, on Monday. The proposed amendments remove the…

Barclays Africa Faces $88 Million Payout to State Over Bankorp

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Limited, the South African lender formerly known as Absa, may have to pay the government an amount equivalent to 8 percent of its annual profit after the country’s anti-graft ombudsman said the bank unduly benefited from state support when it bought ailing Bankorp before the end of apartheid. “The illegal gift granted to Bankorp and Absa is in the amount of 1.125 billion rand,” Public Protector Busisiwe…

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