Standard Bank to buy remaining insurer Liberty Holdings stake for US$729m

SOUTH AFRICA – Standard Bank, Africa’s largest bank by assets has announced plans to acquire 100% ownership in financial services firm, Liberty Holdings, an acquisition that is expected to expand the bank’s network across the continent. The top bank already owns 54% of Liberty Holdings but wants to purchase 100% ownership of the company at a price of US$729 million. “We are creating a more united group that will bring our banking, insurance and asset management businesses much closer together to create something really special,” said Standard Bank Group CEO…

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Standard Bank appoints acting CEO in Mozambique after US$4.6m fine

MOZAMBIQUE – Standard Bank has appointed an unnamed acting Chief Executive Officer to replace the outgoing country MD, Adimohanma Chukwuma Nwokocha, who was fined roughly R1.5 million (US$103,405) by the Bank of Mozambique for fraudulent activities, following an on-site inspection by the bank. Also fined was Domingos Francisco Madeira, director of corporate and investment banking “for serious infringements of prudential and exchange rate nature,” according to a statement by the Bank of Mozambique. Madeira was fined the equivalent of R3.3 million (US$227,492). Standard Bank was fined the equivalent of R66.18…

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Standard Bank Group appoints Yinka Sanni as new CEO for Africa

SOUTH AFRICA – Africa’s biggest lender by assets Standard Bank Group, has appointed Yinka Sanni as its new Chief Executive Officer for Africa regions and a member of the Group Leadership Council effective from 15 April 2021. Sanni, previously the Group’s Regional Chief Executive for West Africa, succeeds Sola David-Borha, who has retired after 31 years with the lender. Sanni has a bachelor’s degree in Agricultural Economics and a Masters degree from the University of Nigeria and Obafemi Awolowo University in Nigeria, respectively. Yinka Sanni boasts of a career in…

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Fintech startup Nomanini raises US$1.5m funding round to scale its offering

SOUTH AFRICA – Fintech startup Nomanini of South Africa, has raised a new round of funding worth US$1.5 million from new and existing investors to grow its team, invest in product development and scale its offering. Founded in 2010, Nomanini has developed a platform that enables informal merchants and micro-entrepreneurs in emerging markets to distribute digital goods such as airtime and prepaid electricity. The startup, which also offers micro-loans to merchants and operates in markets such as Ghana and Mozambique, raised a US$4 million funding round led by Standard Bank, and completed by Goodwell Investments, an…

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Standard Bank hires an advisor to assess its involvement in the East Africa oil pipeline project

EAST AFRICA – Standard Bank of South Africa has hired an independent environmental and social advisor to help assess its involvement in Total’s East African Crude Oil Pipeline that environmental lobby groups have opposed, the lender has said. Approximately 263 civil society organisations from around the world, have urged the chief executives of 25 banks not to participate in loans to fund the construction of the US$3.5 billion East Africa Crude Oil Pipeline. They environmentalist have argued in an open letter that this pipeline would pose immense threats to local…

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Liquid Telecom raises US$840m in bond issue

SOUTH AFRICA – Africa’s leading data, voice and IP provider Liquid Telecom has raised US$840 million in a bond sale to refinance debt and further expansion into Africa. The sale was conducted by joint bookrunners JPMorgan Chase & Co, Standard Chartered and Standard Bank Group, Liquid chief financial officer Kate Hennessy told TechCentral. The amount raised included a US$100-million investment by the International Finance Corp. The offering was 5.5 times oversubscribed, Hennessy said. “The level of interest from high-quality investors has been unprecedented for an African issuer and reflects an…

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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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Standard Bank bags global award for SME Covid-19 crisis relief effort

SOUTH AFRICA – Standard Bank has been recognised as among the top banks globally in its efforts to support and provide relief to its small and medium-sized enterprise (SME) clients since the onset of the Covid-19 pandemic. It was the only financial services organisation in South Africa to be invited to participate as a nominee in the “SME Bank of the Year” category at the SME Banking Awards, and the bank received a Silver award. This award category recognises top institutions that demonstrated compassion and provided crucial support to SME…

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Two Chinese companies win contract for phase 5 of Tanzania’s SGR

TANZANIA – China Civil Engineering Construction Corporation (CCECC) and China Railway Construction Company (CRCC) have been awarded the contract to build a 341-kilometre Standard Gauge railway (SGR) line connecting the Tanzania’s Lake City of Mwanza to Isaka. Tanzania’s Foreign Affairs Minister Palamagamba Kabudi said the government will finance the railway line, which costs US$1.32 billion. The railway project is the fifth and last phase of Tanzania’s SGR under construction, ultimately connecting Mwanza to the Port City of Dar es Salaam. Phase 1 of Tanzania’s SGR is a 202-kilometre railway connecting…

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Standard Bank Namibia appoints Mercia Geises as new CEO

NAMIBIA – Standard Bank Namibia has appointed its Head of Personal and Business Banking, Mercia Geises, as its new Chief Executive Officer to take over from current Chief Executive Vetumbuavi Mungunda with effect from 1 May 2021. “The Board is excited at the appointment of Mercia to lead us into an exciting new future following a well-planned and well-executed leadership management and succession programme, which, inter alia, is a demonstration of Standard Bank’s relentless commitment to growing our people and creating Namibian leaders. The success of this leadership development programme…

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