Acorn Holdings sees oversubscription of final tranche of its Green Bond

KENYA – Property developer Acorn Holdings Limited has closed the final tranche of its Medium-Term Green Note Programme under which the first Green Bond was launched. In a statement, the company says the bond has raised KSh2.096 billion (US$19.4 million) against a target of KSh1.438 billion (US$13.3 million) representing a subscription rate of 146 percent. The green bond was launched in October 2019 for KSh5 billion (US$46.2 million), becoming the first of its kind in Kenya. In the process, the first tranche of the issue raised KSh4.262 billion (US$39.4 million)…

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Stanbic reaffirms its commitment to Uganda on oil and gas financing

UGANDA – Stanbic Bank has revealed that it will give capital for oil and gas developments in Uganda amidst growing opposition against fossil fuels including oil and gas in favour of renewable energy. Stanbic, part of Standard Bank Group says it can offer up US$70 million to a single company investing in the oil and gas sector in Uganda. The Bank’s Head Of Power and Infrastructure Henry Kamuntu says it is crucial that Ugandan companies get prepared to participate the upcoming developments as oil companies prepare for the flow oil from…

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Standard Bank granted more time to buy Stanbic Bank Kenya shares

KENYA – Standard Bank of South Africa has been given more time to buy an additional 14.8 million shares with a current market value of US$10.95 million in its Kenyan subsidiary Stanbic Holdings . The multinational started accumulating more shares in the Nairobi Securities Exchange (NSE) listed firm in July 2018 and had raised its stake in the lender to 71.16 percent as of November last year. Standard Bank has been buying the shares in the open market through its investment vehicle Stanbic Africa Holdings Limited (SAHL). It is targeting to…

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Joshua Tapambgwa steps down as Stanbic Bank Zimbabwe boss after 12 years at the helm

ZIMBABWE – Stanbic Bank Zimbabwe’s long-serving chief executive Joshua Tapambgwa has stepped down effective December 31, 2020 after 12 years at the helm. Stanbic Bank Zimbabwe, a subsidiary of the South African-headquartered banking group, Standard Bank, has been one of the few consistently performing banks in the Southern Africa country during economic upheavals. “Tapambgwa joined Stanbic Bank on September 1, 2002 as head of finance and rose through the ranks to become CEO in 2008. It is the softly spoken Tapambgwa’s sterling work that saw him being promoted first to…

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Stanbic bank shuts two more branches in Zimbabwe

ZIMBABWE – Stanbic Bank Zimbabwe says it is closing branches in Hwange and Westgate, Harare, in line with its digitisation strategy. Early this year Stanbic discontinued operations at two branches in Zimbabwe. “In line with this digitisation journey, Stanbic Bank is set to discontinue its physical operations at Hwange and Westgate branches with effect from December 31, 2020,” the bank said in a statement release to the press. The bank said customers would continue accessing services on the bank’s various digital banking platforms. “Stanbic Bank’s digitisation exercise kicked off in…

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Stanbic Bank Ghana appoints Kwamina Asomaning as new Chief Executive

GHANA – The board of directors of Stanbic Bank, with approval from the Bank of Ghana, has selected Kwamina Asomaning, currently the Executive Director of Corporate and Investment Banking, as the new Chief Executive. He takes over from Alhassan Andani who has steered the affairs of the bank for 14 years. A key member of Mr Andani’s team for the past 10 years, Mr. Asomaning begins his term of office on December 1, 2020. “I am very happy to have worked with an amazing team for close to a decade…

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Stanbic Bank records a 37% decline in earnings for the first half of 2020

KENYA – Stanbic Bank Kenya, a financial services organization, has announced a 37 per cent decline in its half year earnings to KSh2.6 billion (US$24m) down from KSh4.1 billion (US$37.85m) last year. The sharp decline in earnings is attributable to a decline in operating income along with higher provisioning on expected credit losses from customer defaults. The lender’s net operating income in the period fell by 11.7 per cent to KSh11.3 billion (US$104.32m) from KSh12.8 billion (US$118.17m) from a shrink in both interest income and non-interest funded income (NFI). Net…

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Stanbic Bank posts a US$14.04m profit for the first quarter of 2020

KENYA – Stanbic Bank Kenya, a financial service provider, has announced a reduced KSh1.5 billion (US$14.04m) profit for the period running January 1 to March 31 ,2020 (first quarter-Q1).  The 35 percent slack in earnings from KSh2.3 billion (US$21.54m) over a similar period is largely attributable to falling income during the period as both interest and non-interest funded income heads eased.  The bank’s non-interest funded income fell by 30.3 percent to KSh2.3 billion (US$21.54m) while interest earnings eased by 7.7 percent to KSh4.8 billion (US$44.94m) from KSh5.2 billion (US$48.69m) last…

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Stanbic’s net profit hit US$63.8m supported by a jump in revenue

KENYA – Stanbic Bank has reported a growth in net profit on the back of improved operations. Group results show the lender made KSh6.38 billion (US$63.8m) after-tax profit for the year ended December 31, 2019, an increase of 2.4 per cent over the KSh6.27 billion (US$62.7m) netted the previous year. Financial results published yesterday showed improved customer deposits and borrowing that boosted the lender’s earnings. Deposits rose by KSh5.2 billion (US$52m) to KSh224.7 billion (US$2.24m) from KSh219.5 billion (US$2.19m) the previous year. Borrowings also jumped by KSh2.1 billion (US$21m) to…

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Stanbic Bank introduces first ever digital instant loan in Zambia

ZAMBIA – Stanbic Bank Zambia has launched the first ever digital loan platform which enables its customers access online personal loans for those with existing approved facilities, scoring a first on the Zambian market. This new initiative is the first of its kind on the Zambian market and will allow Stanbic Bank customers access instant pre-approved unsecured personal loans online without having to visit a bank branch. Speaking at a press briefing in Lusaka, Stanbic Head of Personal Business Banking Mwansa Mutati explained that extra funds will be credited or…

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