May – June Top Developments in Banking Business of Africa

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Banking is pivotal in improving trade and economic cooperation across the globe and is no different in Africa. The industry, in recent years, has been transformed and enhanced to provide 21st-century banking services and now competes with its foreign counterparts from Europe, America, and Asia.

Footprint2Africa’s banking industry experts have decided to publish top news that could further boost banking sector.

 

Bank of China to Start Business in Angola

To support trade between Angola and China and facilitate Chinese investments in Angola, BOC has announced to start business operations in Angola. One of the largest banks in the Republic of China, BOC was on 13 May allowed to setup branch and operate banking and financial activities in Angola. Read more:

 

The European Union to Work with Angola to Support Banking & Trade

In order to improve most productive sectors of Angola, EU has decided to cooperate with Angola to facilitate banking, higher education, and trade. The cooperation will be through projects funded by EDF i.e. European Development Fund. Read more:

 

Standard Bank Opens Dedicated Africa-China Banking

China is pouring billions of dollar investment in Africa and various banks are making efforts to gain Africa-china banking. One such bank is Standard Bank. The bank has started dedicated Africa-China Banking Centre to help its Chinese clients in Africa. Read more:

 

Mayfair Bank Gets License to Operate in Kenya

Since CBK (Central Bank of Kenya) lifted prohibition (imposed on 2015) on granting licenses, new banks are lining up to get a license to operate in Kenya. After granting the license to Dubai Islamic Bank in April 2017, Standard Bank to authorised to do business in Kenya. Read more:

 

Altas Mara to raise $200 million to Increase its Stack in Union Bank

Veteran banker, Bob Diamonds’ Altas Mara has announced that it would raise $200 million to increase its stack in Nigeria’s Union Bank. The investment firm has planned to play important role in African banking industry by acquisitions. It has already invested $265 million in BancABc. Read more:

 

 

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