Nedbank News

Sim Tshabalala, CEO, Standard Bank Group

Africa's Biggest Bank Names Tshabalala as First Sole Black CEO

Standard Bank is now only South African lender with black CEO. Kruger will remain an executive director of the bank.

Capitec Bank

The Budget Bank Rattling South Africa's Financial Sector

A budget bank is booming in South Africa’s economic slump, challenging the decades-long dominance of the “big four” lenders and prompting a price war that is driving down banking costs in a country where many people can’t afford an account.

Standard Bank Starts Prime Brokerage on South Africa Hedge Funds Growth Bet

Standard Bank Starts Prime Brokerage on South Africa Hedge Funds Growth Bet

Standard Bank Group Ltd., Africa’s largest lender by assets, plans to start a prime brokerage next month to benefit from regulatory changes in South Africa it expects will boost the hedge-fund industry.

Jabu Moleketi, incoming Chairman, Vodacom

Vodacom names Moleketi as Chairman

South Africa’s Vodacom Group said on Thursday it has appointed non-executive director Jabu Moleketi to succeed Peter Moyo as the mobile phone network operator’s next chairman.

Africa's banker of tomorrow

Armed with fintech and fueled by data: Africa's banker of tomorrow

Markets in Shanghai closed up today on news that the Chinese bullet train manufacturer Fujian Corp won the contract to connect Casablanca to Abidjan.

Endeavor-led consortium to build Ghana power station

Endeavor-led consortium to build $552M Ghana power station

A consortium led by Africa-focused power producer Endeavor Energy began building a $552 million, 200-megawatt power plant in Ghana on Wednesday, it said in a statement.

Africa's largest pension fund PIC is looking to increase stake in Barclays Africa

Africa's largest pension fund PIC seeks central bank approval to increase Barclays Africa stake

Africa’s biggest pension fund, Public Investment Corporation, has sought approval from South Africa’s central bank to raise its stake in Barclays Africa.

South Africa's MTN bets on mobile banking with new CEO

South Africa's MTN bets on mobile banking with new CEO

MTN’s new chief executive Rob Shuter has been brought in to boost profits at Africa’s biggest mobile phone group after a $1.7 billion fine in Nigeria, by persuading its 200 million clients to use their handsets to store money and pay bills.

Rob Shuter, incoming CEO, MTN Group

South Africa's MTN names Vodafone Europe Head Rob Shuter as CEO

South African mobile phone operator MTN Group named the head of Vodafone Europe as its new CEO on Monday, bringing in an outsider with a risk-management background 10 days after it agreed to pay a $1.7 billion fine in Nigeria.

South Africa's $340 million Mall of Africa set to open this month

The largest mall in Africa: South Africa's $340 million Mall of Africa set to open this month

South Africa’s largest shopping center development to date, the $340 million Mall of Africa, will be fully operational in 17 days — on 28 April 2016.

Old Mutual shares surge on break-up and bid talk. Credit: Reuters

Old Mutual shares surge on break-up and bid talk

Anglo-South African financial services company Old Mutual said on Monday it was considering all options in a strategic review, with speculation of a break-up and takeover bids for its assets sending its shares soaring.

Albert Essien, CEO, Ecobank Group

Ecobank's comeback on course

Ecobank Transnational (ETI) had a strong first quarter, despite last year’s corporate governance issues that gained much media attention and culminated in the dismissal of key board members.

Julian Roberts, Chief Executive Officer of Old Mutual Plc. Photographer: Peter Foley/Bloomberg

Julian Roberts, CEO of Africa's largest insurer Old Mutual, stepping down

Old Mutual Plc’s Julian Roberts is stepping down as chief executive officer of Africa’s biggest insurer and will be replaced by Standard Bank Group Ltd.’s Bruce Hemphill.

Solar Power Plant

Abengoa closes $660M in financing for South Africa solar power plant

Abengoa SA, an energy and environment company based in Spain, closed $660 million in project financing for a solar power plant in South Africa.

South Africa fines Deutsche Bank $857,000 for rules breaches

South Africa fines Deutsche Bank $857,000 for rules breaches

Deutsche Bank AG was fined 10 million rand ($857,000) by South Africa’s banking regulator for failure to comply with rules covering the detection of property linked to terrorism and other crimes.

The Johannesburg Stock Exchange (JSE)

Africa: Now a major player in emerging markets financial services

The Africa Finance & Investment Forum 2014 represented something of a landmark for the oldest continent and its plans for the future. Held in Cologne, it was the first such conference to be held in Germany, Europe’s economic motor and a strategic partner in several African ventures.

JP Morgan Chase & Co

JPMorgan Says Kenya May Be Part of Future Africa Expansion

JPMorgan Chase & Co. (JPM:US), which has more than 150 staff in South Africa, said it’s interested in establishing an office in Kenya “in time” as part of plans to expand on the continent.

Albert Essien, CEO, Ecobank

Ecobank considers sale of $500M stake in Nigerian unit: Albert Essien, CEO, Ecobank

Ecobank Transnational Inc. is considering selling a stake in its Nigerian subsidiary as part of a plan to raise about $500 million of equity for the unit.

Ingrid Johnson, CFO, Old Mutual

Old Mutual earmarks $386M for Africa expansion

Old Mutual Plc (OML), Africa’s biggest insurer, has 4.3 billion rand ($386 million) for acquisitions on the continent, where growth rates higher than advanced countries may help boost sales after third-quarter growth declined.

Nedbank

Nedbank exercises option to buy 20% of Ecobank for $500M as Qatar National Bank builds stake

Nedbank Group Ltd. (NED), the South African lender controlled by Old Mutual Plc, has agreed to buy 20 percent of Ecobank Transnational Inc. (ETI), even after the Lome, Togo-based company sold a stake to a Qatari bank.

Qatar National Bank (QNB)

Qatar National Bank (QNB) buys stock in Ecobank for 2nd time this month becoming top shareholder

Qatar National Bank SAQ, the Middle East’s biggest lender by market value, bought stock in Togo-based Ecobank Transnational Inc. (ETI) for the second time this month to become its top shareholder with a 23.5 percent stake.

Nedbank Group

South Africa's Nedbank eyes push into the rest of the continent

If Nedbank (NED) converts its $285m loan to West African banking group Ecobank into an equity stake, it will help the local bank catch up with its rivals, which have made significant inroads in the rest of Africa.

Where in Africa would you invest $1 million

Expert opinion: Where in Africa would you invest $1 million?

On Wednesday, some of Africa’s most influential investors gathered in Sandton to discuss the continent’s economic future – and, of course, how to profit from it.