Finance/Money

VENTURES AFRICA – Kenya’s CFC Stanbic Bank posted a pretax profit explosion in the first quarter of this year as lending in Kenya surged exponentially. The Kenya-based financial services firm on Tuesday said pretax profit leapt 79.5 percent to 1.45 billion Shillings ($17.2 million) as Kenya’s booming economy boosted lending by banks. According to Reuters, [...]

VENTURES AFRICA – Zimbabwe’s finance minister, Tendai Biti, has called on South African banks with operations in Zimbabwe to think of listing on the Zimbabwe Stock Exchange or they may be compelled to do so. It is believed that Biti disclosed this shocking news to the government newspaper, The Herald. Biti allegedly said the state [...]

VENTURES AFRICA – Arqaam Capital, the Dubai-based investment bank, is set to enter the South African market in the last quarter of this year, it emerged late Wednesday. This is part of the firm’s strategy to set up shop in sub-Saharan Africa targeting mainly the African countries of South Africa, Kenya and Nigeria. This move [...]

VENTURES AFRICA – Leading South African lender Stanbic Bank has partnered with the Government of Rwanda in the issue of its debut $400-million, 10-year Eurobond, assisting the country to become the latest sub-Saharan country to obtain funding from international capital markets – a first not only for Rwanda, but also for East Africa. Stanbic Bank [...]

VENTURES AFRICA- United Bank for Africa (UBA) Plc. has recorded bullish growth for the year 2012 as its profit surged over 905 percent to N54.8 billion ($370.4 million) from the N6.8 billion ($43.1 million) loss it recorded the previous year. UBA’s audited financial results for the for the year ended December 31, 2012, released at the [...]

VENTURES AFRICA – Nigerian Breweries Plc. has revealed that it has been unable to increase its dividend policy for shareholders for the financial year ended December 31, 2012 because it had to plough back majority of its profits into the acquisition of breweries in the financial year. The company said the dilution in its bottom [...]

VENTURES AFRICA – Standard Bank this week said it has been appointed the “sole lead arranger” for South Africa’s first multi-million renewable energy bond for concentrated photovoltaic (CPV) energy. Africa’s biggest bank by assets said the R1 billion ($110 million), 16-year solar financing bond (closed on 29 April) was raised for French renewable energy firm [...]

VENTURES AFRICA – Global Board of Trade (GBOT), Mauritius’ first international multi‐asset bourse, has launched Contracts for Difference (CFDs), it emerged on Tuesday. This makes GBOT the 1st exchange in Africa and 2nd in the world to introduce CFDs. CFDs are an arrangement made in a futures contract where differences in settlement are made through [...]

VENTURES AFRICA – South Africa banks have been urged to adapt the Chinese currency (the renminbi) as the currency will become a prominent factor in doing business. According to a survey by an international bank HSBC, if the local banks fail to adapt to the rise of the renminbi, they could lose a substantial amount [...]

VENTURES AFRICA – Bello Maccido, the CEO of First Bank, Nigeria’s third biggest bank, on Tuesday said the firm had posted a 14 percent gross earnings surge to N99.5 billion ($630 million) during the first quarter of this year. Maccido said the financial services firm had achieved this robust performance despite a tough operating environment [...]

VENTURES AFRICA – The Nigerian Stock Exchange (NSE) plans to raise its market capitalisation to $1 trillion by 2016. According to a report by Nigerian newspaper, THISDAY, NSE’s Head of Strategy, Ms Yvonne Emordi, made the disclosure over the weekend at a business clinic of the Financial Services Group of the Lagos Chamber of Commerce [...]

VENTURES AFRICA – Former CEO of FirstRand andmember of renowned South African banking triumvirate, Paul Harris, has reduced his stakes in the lender, shedding about R128 million ($14.3 million) of his shares in Rand Merchant Bank (RMB), Rand Merchant Insurance (RMI) and First Rand. Harris, who sold some of his shares in the bank’s businesses last month, [...]

VENTURES AFRICA – Lord Mayor of the City of London, Alderman Roger Gifford, has pledged that the City of London and the London Stock Exchange (LSE) will help the Nigerian Stock Exchange (NSE) attain a leading role among African capital markets. Citing the NSE as the gateway to African capital market, Gifford said the Nigerian [...]

VENTURES AFRICA- In a bid to promote investment and economic development, the Association of National Accountants of Nigeria has tasked the country’s tax authorities to abolish multiple taxation. Speaking at his inauguration as the new president of the association, Sakirudeen Labode said that the multiple taxation in the country distracts and irritates businessmen and potential investors, adding that [...]

VENTURES AFRICA – Shareholders of Diamond Bank Plc have given the financial institution the go ahead to raise $750 million additional capital to enhance its operations in Nigeria’s competitive banking sector. The shareholders, who gave their consent at the company’s 22nd Annual General Meeting in Lagos on Tuesday, said the company could raise the additional [...]