Access Bank officially launches its operations in South Africa

SOUTH AFRICA – Access Bank has marked the official launch of Access Bank South Africa and another step in furthering Access Bank Plc’s footprint across the continent. Access Bank Chief Executive Officer Herbert Wigwe said in a statement that the Southern African Development Community represented the strongest economy in Africa. The Nigerian multinational commercial bank acquired agricultural bank Grobank in March 2021 and officially launched its entry into the South African market this week. While Grobank, previously Bank of Athens, didn’t have retail banking operations as it was only focused…

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Africa Finance Corporation membership hits 31, aims to bridge the continent’s infrastructure gap

AFRICA – Africa Finance Corporation (AFC), a pan-African multilateral development financial institution established in 2007, has announced that it has now reached 31 member states constituting more than half the continent. In the first quarter of the year 2021, membership by Burkina Faso, the Democratic Republic of Congo, and Morocco added up the number to 31 member states.    “This is a landmark achievement for AFC as we continue to expand our footprint across the continent,” said Samaila Zubairu, President and CEO of AFC. “It is my pleasure to welcome…

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Mobile tech company Africell secures US$105m loan facility from international financial institutions

AFRICA – Africell, a mobile technology company, has announced the successful closing of US$105 million syndicate loan facility from a group of blue-chip international financial institutions. The move validates Africell’s long-term expansion strategy in Africa and gives the Group the financial strength required to maintain its growth across the continent. The syndicate consists of a mix of new and existing lenders to Africell, all distinguished by their experience and track record of investing successfully in emerging markets. The facility was structured and anchored by Gemcorp Capital, with Gramercy Funds Management…

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Equity Group injects US$31.6m in Tanzania and Uganda subsidiaries

KENYA – Financial services group Equity Group injected an additional US$31.6 million in its Ugandan and Tanzanian subsidiaries in the year ended December 2020 to boost the regional units’ capital. The Nairobi Security Exchange listed lender’s stakes in the subsidiaries remained unchanged at 100 percent. The capital support from the parent company came amid economic disruption brought by the Covid-19 pandemic that has seen lenders restructure a substantial part of their loan books. “On March 17, 2020, additional capital of 226,000 new shares with a par value of US$43 was issued…

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Access Bank Rwanda appoints Faustin Rukundo as new Managing Director

RWANDA – Access Bank Rwanda Plc. Has announced the appointment of Mr. Faustin Rukundo Byishimo as Managing Director, effective May 1, 2021. He succeeds Mr. Jean-Claude Karayenzi who has been deployed to the Access Bank Group. Mr. Faustin Rukundo Byishimo has a wealth of experience of over 20 years of which 18 in the Banking industry and joins Access Bank from another financial institution where he was, in his last assignment and for the past 5 years, the Executive Director for Business Development. In this role, he led and oversaw…

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Jubilee Life Insurance Tanzania appoints Hellena Mzena as CEO

TANZANIA – The Board of Jubilee Life Insurance Corporation of Tanzania Limited has announced the appointment of Ms Helena Christopher Mzena as the insurer’s Chief Executive Officer. Ms Mzena has been the company’s; Chief Financial Officer having joined the underwriter in 2011 and has held various senior management positions in both Jubilee Insurance Company of Tanzania and Jubilee Life Insurance Corporation of Tanzania Limited. She is considered a highly experienced professional with an extensive background in strategy and leadership. She has over ten years of experience in the insurance industry.…

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I&M Holdings completes acquisition of Ugandan lender Orient Bank

UGANDA – I&M Holdings Plc. has completed the acquisition of 90 percent shareholding in Uganda’s privately-owned lender Orient Bank Ltd (OBL) as part of its regional expansion plan. In a press statement, I&M said the acquisition was completed on April 30, 2021 after the transaction received the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the Common Market for Eastern and Southern Africa (COMESA). The agreement for the deal priced at US$26.93 million was made in July 2020. “I&M Group aspires to…

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Absa Bank appoints Punki Modise as interim financial director

SOUTH AFRICA – Financial services group Absa has appointed Punki Modise as an interim financial director and as an executive director on the boards of Absa bank. The announcement made by the financial institution comes after Jason Quinn who held the position of financial director was appointed interim Group Chief Executive. Quinn replaced Daniel Mminele who stepped down due to ’divergent professional views and approaches’ with Absa board. Commenting on his departure, the former CEO said: “It is indeed regrettable that we should have had to part ways so soon…

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Equity Group unveils EquityBCDC in the Democratic Republic of Congo

DRC – Kenya’s President Uhuru Kenyatta, has unveiled the new brand of EquityBCDC, a subsidiary of Kenya’s Equity Group Holdings Plc located at the towering 18 floor Equity Centre building in Kinshasa. The head office of Equity BCDC which will also serve as the head office for the Central Africa region where Equity is looking for its next phase of regional expansion. Speaking during the unveiling ceremony, President Uhuru congratulated Equity for the milestone of its successful acquisition, integration and merger to create EquityBCDC which is now the second largest…

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Absa Group confirms the departure of CEO Daniel Mminele

SOUTH AFRICA – Absa Group’s chief executive officer Daniel Mminele is set to step down just 16 months in the position. The financial services group has officially confirmed. Daniel Mminele was Absa Bank first black Chief Executive Officer. Confirming the reports, Absa bank announced, through the Johannesburg Stock Exchange  sent statement, that it was working on a separation agreement with group chief executive Daniel Mminele. The bank said: “In response to press speculation, shareholders are advised that the boards of directors of Absa Group and Absa Bank (“Boards”) and their…

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