Standard Chartered Bank News

Nigeria Moves Closer to Single Naira Rate

Nigeria Moves Closer to Single Naira Rate (Infographic)

Nigeria took a step to unify its multiple exchange rates by allowing banks to use a currency window for investors when quoting the naira rather than the official rate.

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Liquid Telecom, an unlisted pan-African telecoms group, has raised $700m in a bond and term-loan issue that will help it refinance debt and provide a war chest for further acquisitions.

Peter Baird, Managing Principal, African Private Equity, Investec Asset Management

Investec Hires Baird To Lead Africa Private Equity Efforts

International asset manager Investec Asset Management has named Peter Baird as managing principal for its Africa-oriented private equity funds.

Chinelo Anohu-Amazu, Director General, Pension Commission of Nigeria (Pencom)

Africa still attractive to investors, says PenCom Head Chinelo Anohu-Amazu

Portfolio flows into Africa may be falling but this marks a readjustment in the way investors interact with the continent, says Chinelo Anohu-Amazu, Head of Nigeria’s National Pension Committee (PenCom).

Shoppers walk past an Edgars store at a shopping center in Soweto, southwest of Johannesburg. Credit: Reuters/Siphiwe Sibeko

Bain in $1.5 billion South African Edcon debt for equity deal

Private equity firm Bain Capital has agreed a debt for equity swap deal valued at $1.5 billion for Edcon, the chief executive of the South African clothes retailer said last Tuesday.

Standard Chartered

Standard Chartered Looks Beyond Oil Industry for Angola Growth

Standard Chartered Plc will look beyond Angola’s oil and gas industry to pursue growth. The bank remains committed to Angola even as the country has had to deal with the plunge in crude prices.

Abidjan, Ivory Coast

Ivory Coast: Tech Hub on the Rise

Following years of political turmoil, Côte d’Ivoire is growing quickly and attracting investment. Now, the government is trying to position the country as west Africa’s technology and start-up hub.

A Diageo factory in Accra, Ghana, produces Orijin Bitters. Credit: wsj.com

Why Diageo, PZ Cussons, and Atlas Mara are betting big on Africa

As growth in China slows after two decades of breakneck economic development, Western companies are increasingly turning towards India and Africa as the next great untapped opportunities.

Shiv Arora, Head of Private Equity Real Estate, Cytonn Investments

Local banks knock off foreign dominance in Kenyan market: Shiv Arora, Head of Private Equity Real Estate, Cytonn Investments

Kenyan banks have knocked off foreign dominance in the market posing a risk for the latter to exit the market if they fail to change their strategy.

Two Rivers, Nairobi, Kenya (Illustration)

Africa: A land of opportunity for property investors

UAE investors have been urged to follow in the footsteps of the Majid Al Futtaim Group and the Landmark Group by pursuing property opportunities in East Africa.

Nairobi is the most attractive city in Africa for foreign investment, says PwC.

Africa's big cities are investment bright spots, says private equity firms Abraaj and Actis

Like most emerging and frontier markets around the world, Africa’s largest economies have been affected by the drop in commodity prices over the past 18 months.

Africa's digital banking boom

Africa's digital banking boom

Five years ago, banking clients in Nairobi had to spend an hour queuing to pay their utility bills. Fast forward to the present day, and these clients can now pay their bills at the touch of a button from the comfort of their home.

Africa trade - A digital game changer

Africa trade: A digital game changer

New payment technology will pave the way for faster, safer trade that could boost Africa’s exports.

Kemi Adeosun, Nigeria's Minister of Finance

Nigeria's Buhari Picks Ex-Banker Adeosun as Finance Minister

Nigerian President Muhammadu Buhari appointed former investment banker Kemi Adeosun as finance minister as he swore in his cabinet on Wednesday, more than seven months after he won the election that ushered in the first democratic handover of power in Africa’s biggest economy.

Razia Khan, Head of Economics, Africa at Standard Chartered

Affluent consumers in Kenya and Nigeria are confident about growth: Razia Khan, Head of Economics, Africa at Standard Chartered (Video & Report)

Nigerians and Kenyans are confident about growth in their markets and expect their incomes to grow next year.

Nigerian can maker GZ Industries takes on Nampak with $71M South African factory

Nigerian can maker GZ Industries takes on Nampak with $71M South African factory

GZ Industries Ltd. of Nigeria plans to expand into South Africa with the construction of a 1 billion rand ($71 million) factory, becoming the second beverage-can maker after Nampak Ltd. to have operations in the country.

Smile Telecoms raises $365M from African investors to expand broadband coverage across the continent

Smile Telecoms raises $365M from African investors to expand broadband coverage across the continent

Smile Telecoms plans to grow its broadband network in Africa after raising $365 million in debt and equity financing.

The Naira weakened 20% to a record low of 206.32 per dollar in the year through Feb. 12

JPMorgan to remove Nigeria from emerging market bond indexes

JPMorgan Chase & Co. has excluded Nigeria from its local-currency emerging market bond indexes tracked by more than $200 billion of funds, after restrictions on foreign-exchange transactions prompted investor concerns about a shortage of liquidity.

Nigeria gets World Bank guarantee for power plant to boost supply by almost 10%

Nigeria gets World Bank guarantee for power plant to boost country's supply by almost 10%

Nigeria moved closer to finishing a power plant expected to boost the country’s supply by almost 10 percent when it signed a financing agreement with the World Bank on Friday.

Change of pace: growing numbers of young Africans have flourishing businesses — Bloomberg/FT

New generation of African entrepreneurs lead the way

As ever-increasing numbers of cars clog the streets of African cities, trade flourishes along congested highways.

Change of pace: growing numbers of young Africans have flourishing businesses — Bloomberg/FT

African Entrepreneurs - A new generation leads the way: Financial Times (Report)

Start-ups are thriving and helping to change perceptions of business in Africa. As ever-increasing numbers of cars clog the streets of African cities, trade flourishes along congested highways.

Amy Jadesimi, MD, LADOL (Lagos Deep Offshore Logistics Base)

Nigeria's New Direction: Amy Jadesimi, MD, LADOL (Lagos Deep Offshore Logistics Base)

Muhammadu Buhari’s inauguration on May 29, 2015 has taken Nigeria in a new direction, one that is so far characterized by national pride and international confidence.

Lagos Internal Revenue Service Chairman Tunde Fowler. Source: Lagos Internal Revenue Service via Bloomberg

Lagos Tax Agents Turn Death Threats Into Praise as Oil Drops

Tunde Fowler used to get death threats when he began collecting levies in Nigeria’s commercial hub of Lagos 10 years ago. Today he gets hailed as Tax Muyiwa, a nickname that means “bring your tax” in the local Yoruba language.

Miguel Azevedo, Head of Investment Banking, Citi Africa

Citi to Deutsche Bank on charm offensive in Africa as banks clamor for bond issuance deals

Bankers from London to Frankfurt and New York are on a charm offensive in Africa. Their goal: convincing governments to keep selling debt as first-half issuance slows from a five-year high.

Barth Nnaji, Nigeria's former Minister of Power & Geometric Power's CEO

Nigeria's former Power Minister Barth Nnaji's Geometric Power partners with GE to build 1,080 MW plant in Nigeria

Nigeria’s Geometric Power will build a 1,080 megawatt power plant jointly with General Electric , with the first phase of the project generating 500 MW expected to be completed in 2019 at a cost of $800 million.

A customer conducts a mobile money transfer via M-PESA inside the Safaricom mobile phone care center in the central business district of Kenya's capital, Nairobi. REUTERS/Thomas Mukoya

Kenya's KCB signs up 1.8 million mobile banking customers in 3 months

Kenya’s biggest bank by assets, KCB, has signed up 1.8 million customers for its mobile phone-based service since it was launched in March and is on target for 10 million users within a year from now, its chief financial officer said.

Africa telecoms firm Eaton Towers raises $350M war chest to fund expansion across continent.

Africa telecoms firm Eaton Towers raises $350M to fund expansion across continent

African telecoms company Eaton Towers has raised a $350m war chest to fund expansion across the continent.

AfricInvest

Private equity firm AfricInvest invests in Nigerian agro-commodities company Elephant Group

An indigenous firm, Elephant Group Limited has announced that it has sealed a deal with AfricInvest for an equity investment in the company.

Nigeria's President-Elect Muhammadu Buhari. Photographer: Stringer/AFP/Getty Images

Buhari pursues cabinet to boost Nigeria's economy and battle Boko Haram

Muhammadu Buhari’s election victory over an incumbent president was unprecedented in Nigerian history.

The Abraaj Group

Private equity firm Abraaj raises $1.3B for Africa investment

Emerging markets private equity group Abraaj has raised more than $1.3bn for two funds investing in Africa, the largest amount amassed for direct deals across the continent, people aware of the matter say.

Diana Layfield, CEO, Standard Chartered Africa

Nigeria and Kenya are the best opportunities in Africa for 2015 expansion: Diana Layfield, CEO, Standard Chartered Africa

Standard Chartered Plc, which has operated in Africa for more than 150 years, sees Nigeria and Kenya as the best opportunities on the continent for its business to expand in 2015.

The Carlyle Group, the world’s second-largest manager of alternative investments, invested $147 million for an 18 percent stake in Nigeria's Diamond Bank.

South Africa losing buyout allure to fast-growing Sub-Saharan African rivals

South Africa is no longer the destination of choice for private equity investors seeking to tap returns on the continent.

Barclays Africa Seeks Nigerian Investment Banking License

Barclays Africa Seeks Nigerian Investment Banking License

Barclays Africa Group Ltd.’s corporate and investment banking unit has approached Nigerian authorities for approval to convert its representative office to a fully fledged business in the continent’s biggest economy.

Strive Masiyiwa, Founder & Chairman, Econet Wireless Group

Liquid Telecom secures $150M to extend super-fast broadband network in Africa that will be 5x faster than what is available in the UK

Liquid Telecom, a telecoms group aiming to build better broadband in parts of Africa than is available in the UK, has raised $150m to extend its superfast fibre networks across the continent.

Bond Market

Low debt, light payments add luster to Nigeria's dollar bonds

Nigeria’s dollar bonds have been battered by tumbling oil prices and domestic politics, but thanks to low debt ratios, a light repayment schedule and demand from local banks they should weather the storm.

Standard Chartered Plc Diana Layfield, CEO, Standard Chartered Africa

Standard Chartered Sees Africa Future Amid Branch Network Review

Standard Chartered Plc (STAN), the British bank that has operated in Africa for more than 150 years, said the continent remains part of its consumer banking plans even as the lender reviews its global branch network.

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.

Addis Ababa

Ethiopia: Africa's fastest growing economy plans to issue first US dollar sovereign bond

Ethiopia plans to sell its first dollar bond as Africa’s fastest-growing economy exploits record demand for the continent’s debt.

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.

Smartphone use in Africa

Boosting smartphone use in Africa: Success strategies of industry players

The high penetration of mobile phones in Africa has been one of its success stories.

Standard Chartered and Premise Data are using smart phones to better understand Nigeria consumer price trends.

How Standard Chartered is using smartphones to track consumer prices in Nigeria

Accurate market data is often hard to come by in many African countries.

Nigeria Consumer Price Tracker

Smart phones bringing us smarter data in Africa: Standard Chartered and Premise Data launch Nigeria Consumer Price Tracker (Video & Report)

Standard Chartered is using smart phones to find out what is happening to prices in Africa’s biggest economy, Nigeria.