Tokyo Banking Correspondent
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Nov 1, 2011

SAfrica’s Altech in talks for $60m Kenya firm -source

JOHANNESBURG, Nov 1 (Reuters) – South Africa’s Allied
Technologies Ltd is in talks to pay up to $60 million
for unlisted Kenyan IT firm Symphony, according to a person
familiar with the matter, to help revive its struggling business
in fast-growing east Africa.

Johannesburg-based Altech, a $742 million telecoms and IT
firm, has been in talks to buy Symphony for several months and
is nearing the end of its due diligence, said the source, who
declined to be identified because the information is not yet

Oct 31, 2011

Africa’s growing firms shun Jo’burg for London

LONDON/JOHANNESBURG, Oct 31 (Reuters) – When Zambian farming
firm Zambeef Products began considering a dual listing
of its stock, it looked at both the Johannesburg exchange and
London’s AIM market.

Although Johannesburg was closer to home for Lusaka-based
Zambeef, the London Stock Exchange’s higher profile won
in the end, and in June the company became the first Zambian
firm to list on the AIM, a market for smaller

Oct 6, 2011

Absa merges units in line with Barclays structure

JOHANNESBURG, Oct 6 (Reuters) – Absa Group , the
South African bank majority owned by British lender Barclays
, said it would merge its business and retail banking
units and has also created a small team of Barclays and Absa
executives to lead its expansion across the continent.

The merger of the retail and business units follows a
similar move by Barclays this year, when it reshuffled its own

Oct 5, 2011

South African Markets – Factors to watch on Oct 5

JOHANNESBURG, Oct 4 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect South African
markets on Wednesday.


For South Africa corporate diary, click on

For southern and South Africa diary, click on



The company said it expects first-half diluted headline EPS
to fall by 35 to 45 percent.

Sep 29, 2011

S.Africa Telkom at 2-1/2-yr low on profit warning

JOHANNESBURG, Sept 29 (Reuters) – Shares of South Africa’s
Telkom tumbled to their lowest in 2-1/2 years on
Thursday after the struggling fixed-line operator warned of a
steep drop in profit, hit by a $57 million write-down of its
Africa IT business.

Telkom has been plagued by problems at its units beyond
South Africa. In June it agreed to sell its troubled Nigerian
unit for $10 million, a fraction of what it originally paid.

Aug 16, 2011

Dividend in focus as MTN set for muted H1 growth

JOHANNESBURG, Aug 16 (Reuters) – MTN Group ,
Africa’s largest mobile operator, is set to deliver muted growth
when it reports first-half earnings on Wednesday, knocked by
currency swings and a slowdown in its once-rapid expansion.

Investors will eye the dividend from the Johannesburg-based
company, which last year said it would focus on paying more to
shareholders as it saw fewer opportunities for expansion in
emerging markets.

Aug 5, 2011

China’s ICBC to take over Standard Bank Argentina

HONG KONG/JOHANNESBURG, Aug 5 (Reuters) – Industrial and
Commercial Bank of China is to pay $600 million to
take control of the Argentina operations of South Africa’s
Standard Bank , it said on Friday, becoming the first
Chinese lender to enter Latin America’s third-largest economy.

ICBC, the world’s biggest bank by market value, will take 80
percent of commercial lender Standard Bank Argentina and its two
affiliates, asset manager Standard Investments and Inversora
Diagnol, a commercial service provider.

Aug 4, 2011

BNP Paribas to take 60 pct stake in S.Africa’s Cadiz

JOHANNESBURG, Aug 4 (Reuters) – BNP Paribas will
pay $22 million for 60 percent of the stock broking arm of South
African financial services firm Cadiz Holdings , as
France’s biggest bank looks to expand its reach on the
fast-growing continent.

The 150 million rand deal ($22 million) gives BNP Paribas a
foothold in Africa’s biggest economy at a time when more
institutional investors are targeting African equities.

Aug 23, 2010

HSBC in talks for 70 percent of S.Africa’s Nedbank

JOHANNESBURG/HONG KONG (Reuters) – HSBC is in talks to buy up to 70 percent of South Africa’s Nedbank, in a potential $6.8 billion deal that would give Europe’s biggest lender a broader gateway to the fast-growing African continent.

HSBC and Anglo-South African insurer Old Mutual, which owns a controlling stake in Nedbank, said in separate statements on Monday they were in exclusive talks about the deal.

Aug 23, 2010

HSBC to buy up to 70 percent of South Africa’s Nedbank

JOHANNESBURG/HONG KONG (Reuters) – HSBC will buy up to 70 percent of South Africa’s Nedbank, in a potential $6.8 billion (4.3 billion pounds) deal that would give Europe’s largest lender a bigger presence in Africa’s top economy and a gateway to the fast-growing continent.

HSBC and Anglo-South African insurer Old Mutual, which owns a controlling stake in Nedbank, said in separate statements on Monday they were in exclusive talks about the deal.

    • About David

      "David Dolan covers banks, consumer lenders and financial regulation in the world's second-largest economy. Before that, he covered Tokyo's stock market for Reuters and also did reporting stints on Capitol Hill and Chicago's City Hall. He was born in Ireland and grew up in Chicago."
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