African Bank News

Liberty Group, South Africa

South Africa's Liberty sets aside more than $87M for African purchases

Liberty Holdings Ltd., the insurer controlled by Standard Bank Group Ltd., said it has more than 1 billion rand ($87 million) to make acquisitions in Africa and plans to raise more funds if needed.

Sizwe Nxasana, CEO, FirstRand

African Bank not a proxy for South Africa's banking industry: Sizwe Nxasana, CEO, FirstRand

FirstRand Ltd. (FSR), Africa’s biggest bank by market value, said unsecured lending was the least of its issues and criticized ratings companies for seeing failed African Bank Investment Ltd. as a proxy for the industry.

Sizwe Nxasana, CEO, FirstRand

FirstRand to invest $1B across Africa: Sizwe Nxasana, CEO, FirstRand (Video)

Africa’s biggest bank by market value FirstRand has set aside close to $1B for investment on the continent. CEO Sizwe Nxasana speaks on the FirstRand’s plans to extend its reach in Africa.

African Bank recently received a $1.6B bailout from the South African Reserve Bank (SARB)

South Africa’s Subprime Crisis

When America’s housing bubble burst and the subprime loan market tanked in 2007, banks around the world found themselves exposed to subprime debt through an array of complex and opaque financial arrangements.

South African Rand

South Africa economy avoids recession

South Africa has avoided falling into recession after second-quarter GDP figures showed the economy grew by 0.6% during the April-to-June period.