Societe Generale (BRVM:SGBC) and Absa Group Limited (JSE:ABSP), have partnered in rolling out a commercial agreement and expand their activities through the development of a pan-African wholesale banking offering. The two banks announced on Friday signing of a memorandum of understanding to launch a pan-African wholesale banking offering to exploit their combined strengths on the continent. Société Générale CEO Frédéric Oudéa, says that large African companies and multinationals have increasingly sophisticated banking needs. “Joining our forces through this agreement makes perfect sense to accompany the economic development of the continent.” “The agreement we have entered into should go a long…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Geridina Johanna Maria Ten Den has been appointed the Chief Executive Officer of Limuru Tea Plc following the resignation of Nicholas Yiannakis. Geridina has over 28 experience working in Unilever and was the former procurement Director Tea- Africa. “Gerridina’s main role as the CEO is to manage risk and corporate reputation by ensuring that she prepares for approval by the Board and implementing and managing the company’s risk management approach,” the company confirmed in a statement. She will assume the role with effect from 1 March 2019.
Kenya’s foreign exchange reserves have risen by USD 64 million to USD 8.05 billion helped by dollar inflows from diaspora remittances and tightening liquidity, according to Genghis Capital data in the week ending January 18. “Usable foreign exchange reserves held at the central bank rose by USD 64Mn to USD 8.05Bn; equivalent to 5.27 months of import cover,” said Genghis Capital in their 3rd Weekly Fixed Income Report this is compared to week 2, which saw the reserves decline by USD 36Mn to USD 7.98Bn equivalent to 5.23 months of import cover. According to Genghis, the local currency remained relatively…
Cytonn Real Estate, one of the leading commercial real estate developers in Kenya has unveiled a Ksh 2.5 billion luxury residential project, as part of measures to deliver quality and aspirational real estate developments that encourage great community living. Dubbed ‘Applewood’, the development is nestled in the heart of the exclusive leafy suburbs of Miotoni in Karen, providing an opportunity to buy into a unique development in a serene environment. “Applewood was inspired by the success of our flagship development Amara Ridge in Karen,” said Edwin H. Dande, Chief Executive Officer- Cytonn Investments. “Our developments are client focused and Applewood…
In case of a no-deal Brexit, Africa would lose access to UK markets, worth $2 billion annually according to Dirk Willem te Velde Director of SET Programme. Willem says the United Kingdom is the 2nd largest investor in Africa (FDI stock $55bn in 2016). African goods exports to the UK were $17 bn in 2016. The UK and African countries have implemented many valuable aid & trade measures to foster the relationship. But, in case of a no-deal Brexit and if UK parliament won’t be able to pass legislation in time to roll over existing FTAs and preference schemes and…
Carrefour’s franchise in Kenya, Majid Al Futtaim, begun selling its products on online retailer Jumia’s e-commerce platform to Nairobi residents on Thursday. Hichem Mefaredj, Merchandise Manager FMCG at MAF Carrefour Hypermarkets Kenya took to his LinkedIn page to make the announcement, “We are very glad to start selling Online through Jumia’s Platform.” According to the deal signed in November 2018, more shoppers will now have access to a variety of Carrefour products, providing them with a shopping experience that is safe, convenient and stress-free from the comfort of their homes. Shoppers will enjoy the same great value prices and quality…