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Oliver Chidawu had been the founding shareholder of an outfit called Heritage Investment Bank, and Douglas Munatsi was the founder of First Merchant Bank. Chidawu, in that period, also acquired a substantial portfolio of shares of companies listed on the Zimbabwe Stock Exchange. His portfolio comprised furniture retail and manufacturing companies as well as the manufacture and distribution of agricultural inputs.
In the 2000s, Chidawu was at his zenith. He had a portfolio of thriving businesses and had board seats on several Zimbabwe Stock Exchange listed companies like ABC Holdings Limited, Zimplow Limited, and Bindura Nickel Corporation.
Things started to go badly in the 2010s. Chidawu had made an unsuccessful expansion of his construction outfit to the United Kingdom. A difficult business environment coupled with expensive and unsustainable loans saw the businessman lose some of his prized interests.…
Shelter Afrique has signed an US$11 million housing deal with Harare-based African Banking Corporation (BancABC).
The Pan-African housing development financier which was established by African governments to address the need for sustainable housing delivery system and related infrastructure projects in Africa announced on Tuesday, June 8, 2021, that the facility will be used for the construction of 2,500 residential housing units.
Through a press statement sent to newsrooms, the institution said the deal will also facilitate mortgage origination, home extension & improvement; onward lending to affordable housing projects; and financing small-scale commercial projects such as small shopping malls.
African Banking Corporation of Zimbabwe Limited (“BancABC”) is part of ABC Holdings Limited (ABCH), a Botswana-incorporated company. ABCH was created by the amalgamation of regional and international businesses that had been active in the sub-Sahara financial markets for 50 years.
Housing backlog in Zimbabwe
According to shelter Afrique Group Managing Director and …
Just a month after investing around $60 million to acquire a stake in South Africa’s Grobank, Nigeria’s biggest lender Access Bank has agreed to buy a majority stake in African Banking Corporation of Botswana for cash.
Last month, Access Bank invested both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent.
The Bank is expanding across the African continent to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, shrinking the lending market.
BancABC Botswana deal
According to completed agreements, Access Bank will acquire just over 78% of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment.
ABC Holdings is a subsidiary of London Stock Exchange-listed group – Atlas Mara Limited.
Equity Group Holding announced it had entered into an agreement with the Commercial bank of the Congo Banque commercial du Congo by assets.
The regional lender aims at merging its business with that of the existing Congolese subsidiary. It is on course to establish a presence in ten African countries with a cautious entry into Zimbabwe which is currently weighed down by a volatile exchange rate and hyperinflation.
The takeover of the Zimbabwean lender BancABC (Zimbabwe) which serves both corporates and retail was part of Equity’s grand Atlas Mara deal. With the deal, Equity gains entry into two additional countries Zambia and Mozambique through acquisitions.
BancABC is officially known as ABC Holdings and is a fully owned subsidiary of Atlas Mara which acquired the bank in 2014 for an estimated $265 million. It has subsidiaries in Mozambique, Tanzania, Zambia and Zimbabwe.
Equity Bank has posted a 5.1 per cent rise in its profit for the first quarter of the year as the SMEs —focused—lender continues to navigate the interest rate cap regime in Kenya and a loan default trend in Tanzania.
The Nairobi Security Exchange (NSE) listed bank recorded a Ksh6.2 billion (USD61.3 million) net profit for the period, up from Ksh5.9 billion (USD58.4 million) in a similar period last year, buoyed by interest income and cost management.
Interest income from loans and advances rose to Ksh9.1 billion (USD 90million) up from Ksh8.7 billion(USD86 million) last year as the lender’s loan book swelled to Ksh305.5 billion (USD3.02 billion ) compared to Ksh271.1 billion (USD2.7 billion ) in March last year.
Interest earned from government securities equally went up to close the quarter at Ksh4.1 billion (USD40.5 million), compared to Ksh3.7 billion …