Connect with us

Banking Sector

Grobank Renamed As Access Bank South Africa After Acquisition

Published

on

Access Bank

Following the completion of all regulatory procedures, Grobank Limited has been officially renamed Access Bank South Africa Limited.

A statement titled ‘Grobank formally becomes Access Bank South Africa’ said the deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa.

“With this new development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets,” Access Bank said on Wednesday.

According to the statement, at an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the bank would continue to support all its stakeholders while opening doors to growth opportunities both in the short and long term.

The Chief Executive Officer, Grobank, Bennie Rooy, said, “This is an extremely exciting day for the South African banking industry.

“Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.”

Banking with Access Bank South Africa, he added, meant greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.

Continue Reading
Comments

Banking Sector

Innovation and Resilience Common Themes Amongst Winners of African Banker Awards 2021

Published

on

African Banker Awards 2021 - Investors King

Winners of the 2021 edition of the African Banker Awards were announced today at a virtual awards ceremony. The Awards, since 2013, are held during the Annual meetings of the African Development Bank, the event’s High patron, which are taking place also virtually between 23rd and 25th June.

The Awards have become the most respected and recognised industry event celebrating African banking achievements. The organisers this year put an emphasis to recognise and reward institutions that contributed to the real economy which has suffered from the impact of Covid-19 as well as contributed to women empowerment on the continent.

Herbert Wigwe won for the second consecutive year African Banker of the Year. Access Bank is now present in South Africa following its acquisition of Grobank. As a result of its rapid growth the last decade, Access Bank has become one of the largest retail banks in Africa with over 40 million customers.

Morocco’s Minister of Economy and Finance, Mohammed Benchaâboun, won Finance Minister of the Year. He was recognised for the exceptional work of his ministry which coordinated an exemplary response to the economic impact from the crisis, helping to protect both lives and livelihoods. The fiscal stimulus provided has cushioned the impact of the pandemic. The ministry managed to crowd in both public and private sector resources that were used to support the most needy.

Lesetja Kganyago, Governor of the Reserve Bank of South Africa, was awarded the Central Bank Governor of the year. Under his leadership, the Reserve Bank has managed to act decisively but also, the Committee noted, in a measured way, managing both upside and downside risk.

Felix Bikpo earned the Life Achievement Award for his long and distinguished career. When asked for his outlook on the future of the continent, he remained upbeat saying technological developments and also the human capabilities that we have developed in Africa are cause for optimism.

Charlie Robertson, chief economist at international investment bank Renaissance Capital won the African Banker icon category. In his remarks he noted that it was important to drive up savings rates to help spur greater investments on the continent, if Africa is to replicate the Asian miracle.

Omar Ben Yedder, Group Publisher of African Banker said: “I was really impressed by the entries this year. It showed that the banking sector is healthy and resilient which will be critical if it is to support the economic recovery post-COVID. What will be fundamental to our recovery is the support of the real economy, especially SMEs, and also a focus on more equity investments and investments in general. For that, as our African Banker Icon suggested, we will also need to increase our savings rate across the continent. If I had one comment on the winners, it was dominated by men this year. However I should add that the institutions that were recognised in our ceremony all had strong gender programmes, both in terms of supporting women-led businesses but also strong programmes to promote women and have women leaders within their organisations.”

This year the Awards were sponsored by the African Guarantee Fund, Bank of Industry (Nigeria), Banque du Développement du Mali and technology partner TagPay.

THE 2021 AFRICAN BANKER AWARD WINNERS 

Sustainable bank of the year
Commercial International Bank (CIB) Egypt

Infrastructure deal of the year
Tanzania Standard Gauge Railway $1.46bn loan facility
Nedbank | Standard Chartered | TDB

Deal of the year – Equity
Privatisation of Afam Power Plc and Afam Three Fast Power Ltd
FBNQuest

Deal of the year – Debt
African Export-Import Bank, COVID-19 Support Facility
MUFG Bank, Mitsubishi UFJ Financial Group

Award for financial inclusion
Trust Merchant Bank, DRC

African Banker Icon
Charlie Robertson, Chief Economist, Renaissance Capital

Finance Minister of the year
H.E Mohammed Benchaâboun, Minister for Economy and Finance, Morocco

Award for Innovation for Financial Services
Bank of Industry, Government Enterprise Empowerment Programme

Energy deal of the year
Nkhotakota Solar Power Plant in Malawi / 7.5 MW Solar PV Power Plant in Burundi
African Trade Insurance Agency (ATI)

Agriculture deal of the year
USD 400m Revolving Trade Finance Facility in favour of ETC Group
African Export-Import Bank (Afreximbank)

African SME Bank of the Year
Ecobank

Best Regional Bank in Africa
North: Attijariwafa Bank, Morocco
West: Banque de Développement du Mali
East: Equity Bank, Kenya
Central: BGFI, Gabon
Southern: Mozabanco, Mozambique

Investment Bank of the Year
ABSA

Central Bank Governor of the Year
H.E. Lesetja Kganyago, Governor Reserve Bank of South Africa

Lifetime Achievement
Felix Bikpo

African Bank of the Year
Standard Bank Group

African Banker of the Year
Herbert Wigwe, Group CEO, Access Bank

For more on the African Banker Awards, please visit: www.africanbankerawards.com

Continue Reading

Banking Sector

Standard Bank Group to Bring Together Over 600 delegates in Search For Africa’s Next Phase of Growth

Published

on

Standard Bank Group is bringing together international investors, policymakers and top African corporates to look ahead to the opportunities in a growing Africa. The 11th Africa Investors’ Conference (AIC), held in collaboration with ICBC Standard Bank, is being held over 5 days from 21-25 June.

Standard Bank Group has partnered with Microsoft to power the conference’s virtual format, using the Teams platform to host over 3,000 meetings between African corporates and institutional investors over the five-day period. Attendees will hear a keynote address from Samer Abu-Ltaif, Corporate Vice President and President, Microsoft MEA, on why Africa’s speedy adoption of tech will help to drive growth on the continent.

Continuing on from the successful approach pioneered at last year’s conference, the virtual format enables record numbers of individuals to participate. In 2020, a total of over 2,800 meetings which attracted over 40 corporates were facilitated. This year is set to be the biggest yet, with at least 25 percent more African corporates confirmed to attend.

Further enhanced by the attendance of some of Africa’s leading policymakers and speakers from prominent organisations in Africa and globally, the agenda-setting conference provides a virtual platform for equity investors such as AIG, Jefferies and JP Morgan to meet in select groups and identify investment opportunities with some of the continent’s most successful corporates, including Nampak, MTN, Anglo American Platform, Liberty Holdings and many more.

Key insights will be delivered during the conference’s flagship plenary sessions which will feature His Excellency, the Vice President of Ghana, Mahamudu Bawumia, Dr. Vera Songwe, UN Under-Secretary-General and Executive Secretary of the Economic Commission for Africa, Lesetja Kganyago, Governor, South African Reserve Bank and Standard Bank Group CEO Sim Tshabalala.

With the impact of the COVID-19 crisis in mind, this year’s conference is distinctly forward looking, and will track the opportunities on offer to investors and corporates under the themes of Africa’s People, Progress and Potential. Topics to be covered will range from digital infrastructure, sustainable technology advances, the African Continental Free-Trade Area (AfCFTA), specific opportunities within Mozambique, Ghana and South Africa, as well as economic overviews for many African countries.

The policymaker country sessions will cover the latest monetary and fiscal policy reforms while the thought-leadership sessions will cover countries, sectors, current issues and trends to showcase the opportunity for investment and growth across Africa.

“Despite the trying and unique circumstances last year, we were able to bring together a wealth of policymakers, corporates and investors committed to the long-term prosperity of Africa. We are confident of similarly strong engagement this year and looking forward to facilitating productive conversations regarding the investment opportunities across the continent,” says Kenny Fihla, CEO of Wholesale Clients, Standard Bank Group.

The conference will highlight the rapid acceleration of Africa’s fintech capabilities. Managing Director of Zeepay, Andrew Takyi-Appiah, and Tony van den Berge, Managing Director EMEA Emerging Markets, Amazon Web Services, will deliver insights on the technological growth of Ghana and South Africa.

This year’s event is the first since the ratification of the AfCFTA. Representatives from Standard Bank Group, the United Nations and leading African corporates will join a session analysing the transformative effect the AfCFTA will have on intra-Africa trade and the long-term prosperity of the continent.

Continue Reading

Banking Sector

Stanbic IBTC Enlightens Preteens, Teenagers on Financial Literacy

Published

on

Stanbic IBTC Bank- Investors King

Stanbic IBTC Holdings, a member of Standard Bank Group, recently concluded its annual NewSchoolMoney event. The interactive financial literacy programme was targeted at preteens and teenagers and hinges on Stanbic IBTC’s Corporate Social Investment pillar of Education.

Through NewSchoolMoney, Stanbic IBTC aims to provide improved and deepened financial knowledge among the youth in Nigeria.

This year’s edition themed “Making Money Moves” held virtually and was facilitated by experts in the financial services industry who educated the young ones on various financial strategies and tools to achieve financial freedom. The programme was broken down into sessions to accommodate different age groups which enhanced the learning experience. The classes held once a week between 24 April and 05 June 2021.

Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, noted that the acquisition of money management skills by young people was a precursor to their financial independence. He added that the organisation recognised the importance of grooming young ones to make responsible decisions related to wealth building.

On the relevance of the initiative, Demola said, “We put together this initiative to provide young Nigerians with the tools to manage money judiciously, develop good financial foresight and be socially responsible. The goal of the programme is to adequately equip preteens and teenagers with the knowledge to enable them set financial goals, earn money, save, invest, and protect their assets”.

Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, also commented that the initiative’s goal was to provide a solid financial literacy foundation for preteens and teenagers, which they can build to foster better decision making later in life.

Davida Echetabu, Regional Manager, Stanbic IBTC Pension Managers, and one of the event facilitators, urged the young attendees to cultivate a savings and investment culture. She emphasised that this was a prerequisite to long-term value creation which would help preserve one’s desired lifestyle even at old age.

Oyeyinka Oyekan, Wealth Manager, Stanbic IBTC Asset Management, encouraged participants to create a wealth flow by leveraging their skillsets and talents to increase their value in the marketplace.

Uzoaru Onuoha, product manager, Stanbic IBTC Bank, also shared practical and insightful experiences on managing one’s emotions in financial planning. She stressed the importance of developing emotional intelligence to aid sound decision-making.

Through the Stanbic IBTC NewSchoolMoney initiative, the organisation encouraged young people to grow wealth by spending judiciously and investing in financial instruments such as mutual funds, stocks, treasury bills, bonds, and other financial assets that would yield long term returns for them.

Stanbic IBTC further reiterated its commitment to continue engaging the younger generation in meaningful ventures to help them acquire relevant skills that will benefit them and society in the long run.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending