Private equity fund AfricInvest secures US$75m credit facility from Standard Bank

AFRICA – Standard Bank, Africa’s biggest lender by assets, has provided a fund subscription credit facility of US$75 million for AfricInvest’s largest and most recent private equity fund to finance investments in accordance with its investment strategy. The fund, AfricInvest IV, achieved its final close earlier this year with total commitments of US$411 million. Three Standard Bank entities – Isle…

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Shoprite clinches US$205m loan from Standard Bank, RMB to drive sustainability agenda

SOUTH AFRICA – Africa’s largest retailer Shoprite, has secured R3.5 billion (US$205m) in loans to be channelled towards expanding its key environmental programmes as part of its wider sustainability strategy. The financing includes a R2 billion (US$117m) loan from Standard Bank, the banks biggest sustainability loan in the retail sector to date, as well as an R800 million (US$46.8m) sustainability-linked…

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Ugandan fintech Asaak raises US$30m to support taxi operators acquire motorbikes, smartphones

UGANDA – Ugandan asset financing startup, has secured US$30 million in pre-Series A equity and debt funding. The round saw the participation of new and existing investors including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC and a number of angel investors. Asaak offers motorbike financing to operators, who are often locked out…

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Standard Bank, Citi, Norfund and CDC Group partner to fund US$75m sustainability-linked facility in Kenya

KENYA – Standard Bank Group, Citi, CDC Group and Norfund have partnered to provide a US$75 million Sustainable Finance Facility for Greenlight Planet Kenya. The landmark facility is one of the first sustainability-linked deals in Kenya, and one of the largest syndicated sustainable finance deals in the region to be provided in local currency. The transaction will allow Greenlight Planet…

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Standard Bank launches new mobile payment platform Unayo

SOUTH AFRICA – Standard Bank Group has launched a new platform called Unayo that takes direct aim at Kenya’s M-Pesa, MTN Mobile Money and others as it takes a big bet on the future of mobile payments in Africa. The banking group announced at a press conference that it’s launching Unayo in a range of markets across Africa including Kenya,…

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Deutsche Bank severs ties to Standard Bank’s Zimbabwean unit

ZIMBABWE – Deutsche Bank has cut correspondent banking ties with Standard Bank Group’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation, reports Blomberg. Stanbic Bank Zimbabwe, as the local unit is known, is the latest lender to have its US dollar correspondent banking services – which are key…

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Standard Bank lays out plan to become a digital ‘platform’ company

SOUTH AFRICA – Standard Bank, Africa’s largest by assets, will within years transform into a marketplace where clients can also access rivals’ products and a variety of services beyond just banking, it said, targeting substantial growth in profitability and revenues by 2025. Standard Bank said it is aiming for a return on equity, a key measure of bank profitability —…

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Standard Bank to buy remaining insurer Liberty Holdings stake for US$729m

SOUTH AFRICA – Standard Bank, Africa’s largest bank by assets has announced plans to acquire 100% ownership in financial services firm, Liberty Holdings, an acquisition that is expected to expand the bank’s network across the continent. The top bank already owns 54% of Liberty Holdings but wants to purchase 100% ownership of the company at a price of US$729 million.…

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Standard Bank appoints acting CEO in Mozambique after US$4.6m fine

MOZAMBIQUE – Standard Bank has appointed an unnamed acting Chief Executive Officer to replace the outgoing country MD, Adimohanma Chukwuma Nwokocha, who was fined roughly R1.5 million (US$103,405) by the Bank of Mozambique for fraudulent activities, following an on-site inspection by the bank. Also fined was Domingos Francisco Madeira, director of corporate and investment banking “for serious infringements of prudential…

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Standard Bank Group appoints Yinka Sanni as new CEO for Africa

SOUTH AFRICA – Africa’s biggest lender by assets Standard Bank Group, has appointed Yinka Sanni as its new Chief Executive Officer for Africa regions and a member of the Group Leadership Council effective from 15 April 2021. Sanni, previously the Group’s Regional Chief Executive for West Africa, succeeds Sola David-Borha, who has retired after 31 years with the lender. Sanni…

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