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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Standard Bank to continue funding coal mining in South Africa and region

SOUTH AFRICA – Standard Bank says it will continue to fund thermal coal and coal-fired power generation operations under strict conditions since they play an important role in the generation of electricity in the region.   “Energy generation in South Africa and Sub-Saharan Africa in particular, is still more than 80% driven by coal fired power stations, so clearly, in that scenario, we will continue to support the generation of electricity,” said Kenny Fihla, CEO of Standard bank Corporate and Investment Banking at Standard Bank Group. However, Fihla said the bank…

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Standard Bank, Equites sign sustainability linked loan deal

SOUTH AFRICA – Equites Property Fund Limited (Equites) has closed a sustainability-linked loan of $80 million comprising of two $40 million tranches with Standard Bank aimed at promoting the achievement of various environmental, social and corporate governance (ESG) targets. The interest rate is linked to Equites’ achievement of certain pre-agreed ESG performance targets. These target areas include ESG integration which relates to green building certifications and other metrics, product governance which partly relates to occupier satisfaction; business ethics and human capital which partly relates to gender pay equality outcomes. Equites…

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