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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

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    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

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    EIU analysts forecast grim economic outlook for Africa in 2023

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Kenya’s Equity eyes Barclays Africa ‘spoils’

bycitibusinessnews
March 16, 2016
in Africa, East Africa
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NAIROBI — Equity Bank, Kenya’s biggest bank by deposits, might be interested in buying parts of Barclays’s Africa business, its CEO said on Tuesday.

James Mwangi said he saw potential acquisition opportunities following Barclays’s decision to reduce its stake in its Barclays Africa Group, which has businesses across Africa.

“If there is anybody who is well-positioned in the region to take up the spoils, it is Equity Bank,” he said about the Barclays decision, citing Equity’s focus on small-and medium-size enterprises as a major competitive advantage.

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Mr Mwangi also said the bank expected higher returns on assets and equity this year, driven mainly by profit from regional markets.

Alongside Kenya, Equity has operations in Uganda, Tanzania, South Sudan, Rwanda and the Democratic Republic of Congo. Mr Mwangi said he saw opportunities to expand in Uganda, and was interested in prospects for a new business in Ghana, in West Africa. In the past five years, as Equity expanded in the region, the bank had maintained a return on asset rate of 4.5% and a return on equity rate of about 25%, Mr Mwangi said. “Now that subsidiaries have broken even, and have started enjoying significant growth, we see ourselves returning to a return on asset of 5% and a return on equity of 30% by the end of this year,” he said.

Weaker currencies in Uganda, Tanzania and Kenya last year drove up prices and led to foreign exchange losses. But Mr Mwangi said a steadier environment this year would boost earnings.

“We are almost headed to a stable macroeconomic environment where inflation has started coming down, where exchange rates have stabilised,” he said.

–

Source: Business Day

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