Ecobank’s $400m convertible bond to include 6.7bn share option
Businessam Staff
June 28, 2017
Ecobank Transnational Incorporated (ETI) Plc, the pan-African financial services holding company for the Ecobank group, is billed to issue about 6.7 billion ordinary shares under a $400 million convertible bond issue already authorized by its shareholders. Businessamlive gathered that the convertible bond issue will include equities option that allows unit holders to convert their bonds […]
Afreximbank issues $750m notes under Euro medium-term note programme
Businessam StaffJune 26, 2017
The African Export-Import Bank (Afreximbank) has successfully closed a $750 million note under its Euro Medium Term Note programme, according to a release by the bank at the weekend. The Cairo-based bank closed the seven-year Regulation S (Reg S) only notes on 13 June, priced at a spread of 220 basis points (bps) over mid-swaps […]
BoI’s profit slumps on reduced gains on disposals
Businessam StaffJune 22, 2017
Bank of Industry (BoI)’s full year net income has slumped 67.42 percent due to a significant decline in gains on disposal of equity securities as the Nigerian premier development financial institution recorded improved asset quality amid a tough operating environment. Net profit of the bank declined to N14.56 billion in December 2016 from N44.69 billion […]
Sterling Assurance records 256% rise in profit
Kelvin EgerueJune 21, 2017
Sterling Assurance Nigeria Limited has finally rendered and got approval of its year 2016 accounts from the National Insurance Commission (NAICOM), declaring a 256 percent rise in profit. Analysis of the company’s 2016 trading results shows that Sterling Assurance net profit rose by 255.94 percent to stand at N341.76 million as against N96.02 million reported […]
Stanbic IBTC introduces high interest yielding savings product
Niyi JacobsJune 18, 2017
Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, has launched Max Yield Savings Account (MYSA) in a bid to reward customers with better returns on their savings The bank, in a statement over the weekend, said that MYSA is a high interest paying account that offers interest at fixed deposit rate (currently up […]