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Linda Larbie's Blog (76)

Development bank FMO shows strong semi-annual results

FMO, one of the largest bilateral private sector development banks worldwide, made a profit of EUR 69 million in the first half of 2011, an increase of 34% compared to HY2010.

In HY2011, FMO provided financing totaling EUR 342 million to businesses in developing countries - up more than EUR 100 million from HY2010's EUR 234 million in new investments - helping the private sector create jobs, and strengthen sectors essential for sustainable growth in developing countries, such as the… Continue

Added by Linda Larbie on August 23, 2011 at 4:33pm — No Comments

CAL Bank winners of Best Bank Trade Finance and Best Bank Long Term Loans

At the 10th edition of the Ghana Banking Awards, Ghana’s leading independent bank came up tops in a number of categories. The bank’s operations in the 2010, showed a formidable performance even though there was a general difficulty across the banking industry.

CAL Bank picked up the Best Bank in Long-Term Loan Financing, Best Bank Trade Finance, 1st Runner-up Short Term Loan Financing, 1st Runner-up Product Innovation, 1st Runner Up - Medium Term Loan Financing, 2nd Runner Up -…


Added by Linda Larbie on August 23, 2011 at 4:29pm — No Comments

Standard Bank Group launches its Africa Commodity Index ETN

Standard Bank Group has launched its Africa commodity exchange traded note (ETN) based on the developed Standard Bank Africa Commodity Index. The commodity ETN, which is listed on the Johannesburg Securities Exchange, will give investors access to the underlying Africa Commodity Index and with that the performance of four commodity sub-sectors, namely base metals, precious metals, energy and agriculture.

Retail and institutional investors in the Africa Commodity Index ETN will have… Continue

Added by Linda Larbie on August 19, 2011 at 8:55pm — No Comments

UBA partners Senegalese government to Finance Key Projects

The pan-African financial services Group, United Bank for Africa (UBA) is to partner with the administration of President Abdoulaye Wade of Senegal in furthering the economic growth and development of the West African country. To this end, the bank has made a fresh commitment to fund key projects in energy, agriculture and transportation sectors of the Senegalese economy.

An agreement-in-principle to this end, was reached at a bilateral meeting held in Dakar, Senegal by the…


Added by Linda Larbie on August 16, 2011 at 5:51pm — No Comments

Rand Merchant Bank launches Africa investment guide

Rand Merchant Bank (RMB) is launching a document to help clients with making decisions about investing in Africa, the bank announced on Monday.

The document, titled 'where to invest in Africa?' analyses all 45 countries in sub-Saharan Africa.

"The detailed research answers the question our clients might have on investing in Africa," said Louis Jordaan, RMB's head of fixed income, currency and commodities (FICC) Africa. "Our comprehensive analysis of the African investment…


Added by Linda Larbie on August 16, 2011 at 5:29pm — No Comments

Standard Bank Group facilitates US$250m loan to Tanzanian government

The Government of Tanzania has secured a US$250-million seven-year loan facility from a consortium of local and global financiers, led by Stanbic Bank Tanzania and its parent bank, Standard Bank Group (SBG), to fund development projects such as road and rural electrification.

The deal is a first of its kind for a sovereign government involving local and international commercial banks as well underwriting by multilateral financial institutions and commercial insurers. The loan also…


Added by Linda Larbie on August 10, 2011 at 1:12pm — No Comments

The Egyptian payment processing company MSCC comes on board as Platinum sponsor for African Banker Awards

Mediterranean Smart Cards Company (MSCC), suppliers of smart card payment processing services to banks across Africa's emerging markets, is the Platinum sponsor for the African Banker Awards 2011.

The Egyptian company which celebrates 10 years this year employs over 150 staff and has positioned itself at the forefront of electronic payment technology in Africa. The company currently serves more than 85 domestic and international banks within Egypt and in little time has expanded…


Added by Linda Larbie on August 1, 2011 at 6:35pm — No Comments

Standard Bank Group remains Africa's top bank in new rankings table

Standard Bank Group has again been named as Africa's top bank in the The Banker magazine's 2011 rankings of the world's top banks by their Tier 1 capital. Standard Bank Group rose from 106th place to 94th place in the list of 1 000 top banks in the world.

The Banker is a leading global journal of the banking sector. Its annual top 1 000 world banks survey is to show banks' soundness in relation to the Basel requirement of a minimum ratio of Tier 1 capital to risk-weighted assets…


Added by Linda Larbie on July 15, 2011 at 2:04pm — No Comments

The deVere Group Launches the Alquity Africa Fund

The Alquity Africa equity investment fund targets double-digit returns from Africa’s high-growth economies.

Notably, it achieved a 10% return for investors in its maiden year. In addition, Alquity Investment Management, the fund’s investment manager, has committed to donating a minimum of 25% of its net management fees on an ongoing basis to projects aimed at transforming lives across Africa. As the donation comes from Alquity’s management fees, investors still receive their full…


Added by Linda Larbie on July 14, 2011 at 8:37pm — No Comments

Three awards confirm Standard Bank leadership in Africa banking

Standard Bank’s sustained presence and growing influence in African markets received further recognition today with the announcement that the banking group has been named Best Debt House in Africa, Best Risk Adviser in Africa and Best Investment Bank in Nigeria in the Euromoney Awards for Excellence 2011.

The Euromoney panel of judges took into account key performance indicators including volume of business transacted, innovation and leadership, credit ratings, quality of assets and…


Added by Linda Larbie on July 8, 2011 at 6:44pm — No Comments

Absa sees CashSend transactions pass R500 million

Introduced in late 2008, CashSend enables Absa individual customers – who do not have bank accounts – to send money from our Cellphone Banking platform, any of their 8 963 ATMs, and from their Internet Banking channels to anyone in South Africa, both banked and unbanked.

The receiver only needs to enter a PIN (which the bank SMSes to the customer’s cellphone), along with a secret code to withdraw cash at an Absa ATM. All this is done without an ATM Card or a bank account, but by…


Added by Linda Larbie on July 6, 2011 at 5:20pm — No Comments

Chase Bank, ILO and Enablis Launch Business Plan Competition

The Enablis Entrepreneurial Network East Africa, Chase Bank and the International Labour Organization have today launched the 2011 annual business plan competition aimed at supporting emerging and existing entrepreneurs. The competition will run between July and October 2011.

The competition is a platform for Kenyans with business ideas to realize their dreams. To enter the competition aspiring entrepreneurs have to put their ideas onto paper by preparing a business plan and…


Added by Linda Larbie on July 6, 2011 at 5:17pm — No Comments

Minimum Account Balance: UBA to Migrate Customers to Other Platforms.

Following the introduction of a  minimum account balance of N25,000 by United Bank for Africa, customers whose accounts balances are below the minimum threshold and are not able to upgrade between July 1, 2011 to September 1, 2011 have the option of  migrating to self-service channels provided by the bank.

The migration of customers to self-service e-banking channels and mobile payment platform, U-Mo, is being done through the various business offices of UBA where the respective…


Added by Linda Larbie on July 5, 2011 at 8:22pm — No Comments

ITS Sponsors Retail Banking Africa 2011

ITS is the Gold sponsor of Retail Banking Africa 2011, Johannesburg. ITS Group has been the leading ICT solutions provider for Islamic banks and Islamic finance organisations for over two decades, and is a member of AAOIFI and IFX. The ITS Universal Islamic Banking solution is Shari-ah compliant, and specifically designed to fulfil the needs of the Islamic banking and finance sector. In addition, it is based on Service Oriented Architecture & is adopting IFX Massaging…


Added by Linda Larbie on June 20, 2011 at 5:35pm — No Comments

AfDB approves a financial package of USD 200 million for the Nigerian Export-Import Bank

On May 26th, the Board of Directors of the African Development Bank (AfDB) Group approved a sovereign guaranteed Program, in the amount of USD 200 million, to the Nigerian Export-Import Bank (NEXIM) for financing export-oriented Small and Medium-sized Enterprises (SMEs) in Nigeria. The funds for the Program will be channeled through NEXIM by way of a multi-tranche Line of Credit. A portion of the proceeds of the Program will be used to pay for Technical Assistance for…


Added by Linda Larbie on May 31, 2011 at 3:05pm — No Comments

African Development Bank Wins Africa Energy Award

The African Development Bank (AfBD) has won the “Best Financial Support in the Power Sector” award presented by Terrapinn* in South Africa.  The award recognized the Bank’s range of exceptional financial services for the development of projects. The awards were announced during the Power and Electricity World Africa 2011 conference, which took place in Cape Town from March 28 through April 1.

The AfDB was one of several financial institutions vying for the awards, which are seen as…


Added by Linda Larbie on April 27, 2011 at 3:42pm — No Comments

IFC Supports Malta-based Bank to Finance Trade in Africa

IFC has entered into a loan agreement with Malta-based FIMBank to help ensure that its client companies in Africa can import the production materials and machinery they need to grow their businesses.


The $60 million loan agreement will help FIMBank to finance trade transactions for emerging market firms in consumer goods, small machinery, raw materials and components. It comes at a time when global volumes of trade finance are decreasing and their costs increasing, due mostly…


Added by Linda Larbie on April 21, 2011 at 2:33pm — No Comments

UBA Restates Commitment to Promoting African Businesses, as CEO Tours West Coast.

United Bank for Africa has restated its commitment to the development of Africa through strategic support to businesses and providing the critical financial intermediation necessary in addressing infrastructural gap on the continent. The bank’s commitment to Africa was made during the recent tour of the West Africa coast by Mr. Phillips Oduoza, Group Managing Director and Chief Executive Officer, UBA, while addressing select business leaders in Ghana, Burkina Faso and Benin Republic.  …


Added by Linda Larbie on March 9, 2011 at 1:15pm — No Comments

It is phenomenal growth for Equity Bank

EquityBank bounced back to its reputed impressive growth rate by announcing a Kshs 9 billion profit before tax for the year 2010. The Kshs9 billion profits reflect a growth rate of 71%, up from Kshs 5 billion posted the previous year.

Speaking when he released the results, Equity Bank Group Chief Executive and Managing Director, Dr James Mwangi attributed the Bank’s impressive results to the massive growth in number of customers by 1.5 million and a growth of 50% on customer…


Added by Linda Larbie on March 1, 2011 at 3:00pm — No Comments

Ex-Im Bank Approves $100 Million in Financing for Sale of GE Locomotives to South Africa's Transnet

The jobs of some 600 employees at GE Transportation's facilities in Pennsylvania and its suppliers around the country are being supported by the company's sale of locomotives to South Africa's Transnet, Limited.   The Export-Import Bank of the United States (Ex-Im Bank) has approved a loan guarantee in excess of $100 million as part of the sale.


The Bank has also approved a preliminary commitment for over $200 million for purchases of additional locomotives by Transnet.…


Added by Linda Larbie on February 25, 2011 at 12:45pm — No Comments

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