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Financial News

Willie Lategan to succeed Saks Ntombela as Hollard group CEO

By: Tasneem Bulbulia     23rd May 2022 Insurance company the Hollard Insurance Group announces that Willie Lategan, former Group CFO and currently CEO of Hollard’s short-term insurance arm, will take over from Saks Ntombela as Hollard Group CEO with effect from July 1. This follows on Ntombela’s announcement that he would be leaving... 

Standard Bank opens access to renewable energy for homeowners

By: Darren Parker     23rd May 2022 Financial services company Standard Bank has announced that it is opening access to a comprehensive and sustainable supply of renewable energy solutions and components to homeowners and enterprises throughout Africa through a new Africa-China Trade Solutions (ACTS) renewable energy import... 

Standard Bank trade and Africa-China business and commercial clients executive head Philip Myburgh
Standard Bank trade and Africa-China business and commercial clients executive head Philip Myburgh

Alexforbes launches new transformation policy

By: Darren Parker     19th May 2022 Financial services company Alexforbes Investments launched its new transformation policy on May 19. The policy launch took place in conjunction with the publication of the company’s new Transformation Survey, which helped inform the policy. 

Alexforbes Investments CEO Ann Leepile
Alexforbes Investments CEO Ann Leepile

Minerals Council backs decision to place Ubank under curatorship

By: Tasneem Bulbulia     19th May 2022 Industry organisation the Minerals Council South Africa says it supports the action taken by the South African Reserve Bank‘s (SARB’s) Prudential Authority to place Ubank under curatorship, positing that it would clear the way to stabilise Ubank, protect depositors and enable the attraction of a... 

Transaction Capital posts 38% increase in interim headline earnings

By: Schalk Burger     18th May 2022 JSE-listed diversified services investment company Transaction Capital has posted a 38% year-on-year increase in core headline earnings to R603-million for the six months ended March 31. Core headline earnings a share increased by 28% year-on-year to 83.7c for the interim period. 

RMB Ventures invests in Inhance supply chain technology business

By: Schalk Burger     17th May 2022 Financial services firm Rand Merchant Bank private equity arm RMB Ventures has concluded an investment in supply chain technology and services business Inhance Supply Chain Solutions. RMB Ventures invested alongside black-owned investment firm New GX Capital Holding, which acquired a majority... 

BII, Citi sign $100m risk-sharing facility for African supply chain finance

By: Schalk Burger     17th May 2022 UK development finance institution British International Investment (BII) has signed a $100-million risk-sharing facility for supply chain finance with trade and supply chain finance solutions multinational Citi to provide systemic liquidity and help Citi grow its supply chain finance product... 

MIC Khulisani Ventures concludes first allocation with tech companies

By: Tasneem Bulbulia     17th May 2022 The Mineworkers Investment Company’s (MIC’s) Khulisani Ventures has concluded its first allocation of R43.5-million to technology companies Kelo and Rentoza. In July 2021, MIC launched MIC Khulisani Ventures, a R150-million early-stage investment vehicle targeting black-owned innovative,... 

IFC partners with Rameda to ‘green’ its pharmaceutical business in Egypt

By: Donna Slater     17th May 2022 The International Finance Corporation (IFC) is partnering with Egypt-based pharmaceutical producer Rameda, to support the company’s strategy to “green” its operations and improve its production efficiencies to boost the company’s productivity. Through the partnership, the IFC will help Rameda –... 

Newly rebranded DFI launches in Kenya

By: Darren Parker     13th May 2022 The newly rebranded UK government’s development finance institution (DFI) British International Investment (BII) was launched on May 12 at the British High Commissioner’s residence in Nairobi, Kenya – one of the DFI’s most important markets. The event was attended by BII CEO Nick O’Donohoe and... 

PIC welcomes appointment of Standard Bank’s new chairperson

By: Darren Parker     13th May 2022 The Public Investment Corporation (PIC) has welcomed the appointment of the new Standard Bank Group chairperson Nonkululeko Nyembezi, who will take office on June 1. Nyembezi’s appointment as a female black chairperson of a major commercial bank is a significant milestone in terms of... 

Standard Bank Group appoints Nyembezi as its first female chairperson

By: Marleny Arnoldi     10th May 2022 The Standard Bank Group (SBG) has appointed Nonkululeko Nyembezi chairperson-designate for SBG and Standard Bank of South Africa (SBSA), effective June 1. The appointment follows a robust succession planning process that was led by the group’s lead independent director Trix Kennealy.  

Standard Bank Group incoming chairperson Nonkululeko Nyembezi
Standard Bank Group incoming chairperson Nonkululeko Nyembezi

Competition practice note published to improve conduct, entry barriers, inclusivity

By: Donna Slater     4th May 2022 The Competition Commission published a practice note on the Promotion of Competition and Inclusion in Supplier Panels of Banks and Insurers on February 28, building on the enforcement and advocacy work the commission has undertaken with insurers and banks over time. The commission reports in a... 

Sanlam, Allianz form JV to become largest Pan-African non-banking insurer

By: Donna Slater     4th May 2022 Non-banking financial services company Sanlam and insurer and asset manager Allianz have agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity in Africa. The joint venture (JV) will house the business units of... 

An image of Allianz management board member Christopher Townsend and Sanlam group CEO Paul Hanratty
Allianz management board member Christopher Townsend and Sanlam group CEO Paul Hanratty

bpSA donates R8m towards KZN flood relief

By: Donna Slater     29th April 2022 Petroleum producer bp Southern Africa (bpSA), through its ongoing partnership with the Solidarity Fund, is donating R8-million to help support relief efforts in KwaZulu-Natal, following severe and widespread destruction in the province as the result of cut-off low weather phenomenon of April 12.... 

Food, energy price shocks from Ukraine war could last for years, warns World Bank

By: Tasneem Bulbulia     26th April 2022 The war in Ukraine has dealt a major shock to commodity markets, altering global patterns of trade, production and consumption in ways that will keep prices at historically high levels through the end of 2024, the World Bank’s latest ‘Commodity Markets Outlook’ report shows. The increase in... 

Standard Bank signs climate change, financing of emissions information resolution

By: Schalk Burger     26th April 2022 After extensive engagement with shareholder activism organisations Just Share and Aeon Investment Management, financial services firm Standard Bank has agreed to the wording of a shareholder-proposed nonbinding, advisory resolution that Standard Bank, over a three-year timeframe, provides... 

IFC supports Business Partners to expand green building financing in South Africa

By: Tasneem Bulbulia     26th April 2022 To support the construction of green buildings in South Africa, global development institution the International Finance Corporation (IFC) has announced a financing package for Business Partners to help fund environment-friendly industrial and retail sites for the use of small and medium-sized... 

Treasury's Bounce Back support scheme for businesses comes into effect

By: Schalk Burger     26th April 2022 The Bounce Back Support Scheme has come into effect to provide additional funding to qualifying businesses to grow the South African economy and facilitate job creation, the National Treasury says. The scheme is expected to facilitate the recovery of businesses beyond the Covid-19 pandemic... 

Investec launches first green bond

By: Donna Slater     25th April 2022 Banking and wealth management firm Investec has reaffirmed its commitment to funding a sustainable future by issuing its first green bond, which is backed by a number of Investec’s flagship renewable energy projects, all of which are helping to create a cleaner future for South Africa. The bonds... 

Swedish fund Norrsken22 poised for second Africa startup foray

By: Bloomberg     21st April 2022 Norrsken22, an Africa-focused fund started by Swedish tech startup founders and bosses, expects to raise $200-million or more this year and may make its second investment this month. The venture is looking to take advantage of the continent’s fast-growing startup sector, which raised a record... 

FNB pledges R7.5m as part of its holistic relief efforts in KwaZulu-Natal

By: Yvonne Silaule     20th April 2022 Financial services provider First National Bank (FNB) has pledged R7.5-million to the KwaZulu-Natal government, as part of efforts to support in the provision of necessities such as shelter, food, medical assistance and hygiene supplies to communities that have been impacted by the floods in the... 

Sacci urges govt to do everything possible to assist KZN flood victims

By: Donna Slater     14th April 2022 The South African Chamber of Commerce and Industry (Sacci) urges government to do “everything in its power” to assist KwaZulu-Natal businesses impacted by the recent flooding. Sacci also encourages insurance companies to attend to claims expeditiously, while condemning the few who are allegedly... 

New revolutionary glaucoma treatment developed in South Africa

By: Darren Parker     13th April 2022 South African medical innovation company Liqid Medical has designed a novel ocular implant called the OptiShunt that uses a simple concept to revolutionise the treatment of glaucoma. The development of the OptiShunt was funded and supported by the Health Unit of the Technology Innovation Agency... 

New revolutionary glaucoma treatment developed in South Africa

World Bank warns of global challenges as it offers $1.5bn in support to Ukrainian government

By: Darren Parker     13th April 2022 The World Bank is preparing a $1.5-billion funding package to support continuation of essential government services in Ukraine following Russia’s invasion, World Bank president David Malpass announced in Warsaw, Poland, on April 12. The financing was enabled one day prior to the International... 

World Bank warns of global challenges as it offers $1.5bn in support to Ukrainian government

$3bn raised in South African sovereign bonds

By: Darren Parker     12th April 2022 Financial institution Rand Merchant Bank (RMB) was appointed by the National Treasury as joint lead manager, along with financial institution consortiums Absa Bank and HSBC, as well as Deutsche Bank and Nedbank, in raising $3-billion worth of South African sovereign bonds. RMB said on April 12... 

Decarb.Earth to aggregate projects, help SMEs in South Africa decarbonise

By: Schalk Burger     11th April 2022 London-based sustainable power start-up Decarb.Earth aims to enable small and medium-sized enterprises (SMEs) reduce their emissions by aggregating SME decarbonisation projects on a platform to make investments by financiers more attractive. Large corporates may be able to tap funding from banks... 

Reporting standards, metrics to drive ESG in capital markets

By: Tasneem Bulbulia     6th April 2022 Environment, social and governance (ESG) activity globally this year will likely be driven by the urgency to deliver on the climate policy action points coming out of COP26 and implementation of the Paris Agreement, an ‘ESG Insights South Africa’ report published by Nedbank Corporate and... 

SARB notes benefits, risks in using distributed ledger technology

By: Schalk Burger     6th April 2022 The South African Reserve Bank (SARB) on April 6 released a report on its financial technology research project Project Khokha 2 (PK2), which looked at the benefits and risks of using distributed ledger technology (DLT) and trialling DLT for interbank payments settlement. SARB governor Lesetja... 

CDC renamed British International Investment

By: Donna Slater     6th April 2022 UK development finance institution and impact investor CDC Group has formally renamed itself British International Investment (BII), with CE Nick O’Donohoe saying the organisation will build on the CDC’s legacy by inheriting its “unparalleled” experience of impact investing and deep-rooted... 

Treasury launches Retail Savings Bonds Top-Up facility

By: Donna Slater     1st April 2022 The National Treasury on April 1 launched its Republic of South Africa (RSA) Retail Savings Bonds Top-Up facility, offering applicants and savings groups the ability to invest with an opening balance of R500 and top-ups of no less than R100. Debt issuance and management director Terry Msomi says... 

Gcabashe to step down as Standard Bank chair

By: Darren Parker     31st March 2022 Financial institution Standard Bank has announced the retirement of chairperson and director of the company and the Standard Bank of South Africa (SBSA) boards Thulani Gcabashe at the conclusion of each of the companies’ respective annual general meetings to be held in May. “The boards wish to... 

Former Eskom CEO and Standard Bank chairperson Thulani Gcabashe
Former Eskom CEO and Standard Bank chairperson Thulani Gcabashe

Nedbank launches custom manufacturing sector financial offering

By: Darren Parker     29th March 2022 Financial institution Nedbank has launched a bespoke offering to the manufacturing sector, which is aimed at supporting economic growth and job creation. The offering is aligned with the National Development Plan 2030, which requires collaborative engagements across sectors and industries for its... 

IBV acquires Standard Bank's safe vaults in South Africa

By: Schalk Burger     29th March 2022 Secure private vault facilities multinational IBV International Vaults has acquired financial services firm Standard Bank's safe custody business. IBV will take over Standard Bank’s book of more than 20 000 clients, as well as management of its seven private safety deposit vault facilities across... 

Africa Finance Corporation rebrands on 15-year anniversary

By: Darren Parker     28th March 2022 Finance institution the Africa Finance Corporation (AFC) has rebranded to mark its 15-year anniversary, with a new logo and a strapline that reads: ‘Instrumental Infrastructure. Instrumental Africa’. In a statement on March 28, the AFC said the new logo embodied the organisation’s mission to... 

The new AFC logo and strapline
The new AFC logo and strapline

Inflation set to continue rising

By: Tasneem Bulbulia     28th March 2022 Interest rates continue to climb as the South African Reserve Bank  signals upside risk to the inflation outlook, professional services firm PwC’s ‘South Africa Economic Outlook’ report, released in March, notes. The report provides a perspective on the local impact – specifically on inflation... 

Release of Country Investment Strategy for public comment approved

By: Tasneem Bulbulia     25th March 2022 Cabinet has approved the publication of South Africa’s Country Investment Strategy for public comment. The strategy seeks to position the country as a key African investment destination of choice by leveraging quality foreign and domestic direct investments, a post-Cabinet statement issued on... 

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