The Institute of Directors – Ghana (IoD – GH) has applauded Republic Bank Ghana, for being the first in the industry to defer loan repayments by six months for its customers in response to the COVID-19 pandemic. The bank, in a statement released on 26 March 2020, said the offer to its staff and customers […]
Category: Banking
I will Retire from Equity Bank at 75, CEO James Mwangi Says
Equity Bank CEO James Mwangi has indicated that he is not about to retire and looks to remain at the helm of the lender for another two decades. This week, 57-year-old Mwangi said he wants to lead the company until he clocks age 75, Business Daily reported. “The earliest may be on my own volition […]
Kenyan Bank regional subsidiaries deliver a 31.5% increase in profits
Kenyan banks registered a 31.52 percent increase in regional subsidiaries’ pre-tax profit to Sh11.57 billion last year supported by increased lending, offering hope for more growth opportunities across the borders. The growth in profit from previous year’s Sh8.79 billion was specifically from subsidiaries in DR Congo, Tanzania, Burundi and Mauritius even as Uganda’s fortunes waned. […]
NCBA (NIC and CBA merger) add shares on Nairobi Stock Exchange
NCBA Group, an amalgamation of NIC Group and Commercial Bank of Africa, yesterday listed 793.8 million new shares at the Nairobi bourse, further cementing the merger. The newly entity officially began operating as one on October 1, after Central Bank of Kenya gave the green light on September 27. Given NIC Group initially had 703.9 […]
Equity Kenya in talks to buy another DR Congo lender
Equity Group Holdings (EGH) has entered negotiations with shareholders of the second largest bank in the Democratic Republic of Congo as it expands its footprint in the mineral-rich region. In a statement, Equity Group said it was looking to purchase a controlling stake in Banque Commerciale du Congo (BCDC) through a cash transaction and merge […]
KCB Group lists more shares at NSE to fundraise for expansion
KCB Group Plc on Friday listed an additional 142,979,717 shares at the Nairobi Securities Exchange (NSE) following the successful acquisition of the National Bank of Kenya (NBK). The additional stock now pushes the lender’s shares to 3,209,043,204, further cementing its position as the biggest bank in terms of market capitalization at the Nairobi bourse. KCB […]
S&P affirms Ecobank B/B rating with stable outlook
We expect Ecobank group’s pan-African reach and stable operating conditions to support its revenue growth prospects. Although we see risk in the group’s high double leverage, there is adequate liquidity at the holding company level. Notwithstanding its weaker financial performance, we continue viewing Ecobank Nigeria Ltd. as core to the group’s strategy. We are therefore […]
Ghana banking sector reforms to continue says Central Bank Governor
Head of Banking Supervision, BoG, Osei Gyasi The Head of Banking Supervision at the Bank of Ghana (BoG) says though the banking sector cleanup can be said to be over, the banking reforms are not over yet. Mr Osei Gyasi said, “ The cleanup is over but that does not mean that we are going […]
Kenya: Small banks hang by a thread as the Big Banks swim in cash
When commercial banks recorded a profit before tax of Sh85.8 billion as of June this year, it was not party time for the entire industry players. For Jamii Bora Bank, Spire Bank, Development Bank and a host of other cash-strapped small banks, it is not just in the first half of this year that profits […]
Kenya Commercial Bank completes NBK takeover
It is now official, National Bank will be part of Kenya’s largest lender by assets, Kenya Commercial Bank (KCB), after the Capital Markets Authority gave the go ahead. This comes a few days after Central Bank of Kenya (CBK) approved the acquisition saying it would strengthen the two institutions. KCB confirmed that it had received […]