Barclays in talks to sell Zimbabwe bank to Malawi‘s First Merchant Bank | Stock Daily Dish

Barclays in talks to sell Zimbabwe bank to Malawi‘s First Merchant Bank | Stock Daily Dish: arclays in talks to sell Zimbabwe bank to Malawi‘s First Merchant Bank

LONDON, March 28 (Reuters) – Barclays is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, the lenders said on Tuesday, as the British bank continues its exit from Africa.

First Merchant Bank said in a statement on its website it was in exclusive talks to buy out the 68 percent of Barclays Bank of Zimbabwe owned by the British company.

A spokeswoman for Barclays confirmed the bank was in early discussions with a prospective buyer for its stake in the Zimbabwe bank.

Malawi: Government to Introduce Own Commercial Bank - allAfrica.com

Malawi: Government to Introduce Own Commercial Bank - allAfrica.com: Balaka — Minister of Finance, Economic Planning and Development, Goodall Gondwe on Wednesday disclosed that plans are at an advanced stage for the government to establish its own commercial bank.

RBM says some businesses under-declare proceeds - The Nation Online

RBM says some businesses under-declare proceeds - The Nation Online: “This issue is serious and we are currently investigating various cases. There are unscrupulous businesspeople in the country who export things and do not properly declare the exports so that they externalise foreign exchange.

“There is a business entity which exported 70 containers of pigeon peas and only declared two. This is a serious issue and even the President [Peter Mutharika] has condemned it.”

Kabambe was responding to a query that some businesses are exporting agriculture commodities to east Africa without declaring the total quantity of their exports.

First Ever NFB Corporate Bond Listed on MSE

First Ever NFB Corporate Bond Listed on MSE: The New Finance Bank (FNB) has issued a first ever private corporate bond on the Malawi Stock Exchange which economists say is a great milestone in expanding the financial market.

The bank seeks to raise K14 billion in three years through the corporate bond. So far K4 billion has been listed on the Malawi Stock Exchange.

Zandire Shaba, chief executive officer for NFB, said the corporate bond signifies the banks’s desire to participate in the development of the financial market in Malawi.

“If it were possible to say my speech in one sentence, I should have simply said ‘the lion roars again with majestic pride’ we are celebrating that as we continue making strides in contributing to the development of this great nation we are have been listed on the Malawi Stock Exchange, let me say it this is the first ever corporate bond listed on this exchange market,” said Shaba.

Banks’ liquidity declines | The Times Group

Banks’ liquidity declines | The Times Group:

Banks' liquidity declines 
 Posted By: William Kumwembe on: February 08, 2018 In: Business No Comments 
 Liquidity levels in commercial banks decreased in January 2018 to K5.89 billion per day from 
 K6.43 billion in December 2017, according to figures compiled by Nico Asset Managers. 
 This means that, in the month under review, some commercial banks might have struggled with 
 funds to lend out to customers. 
 And market analysts feel a continued drop in liquidity levels in the near future would pose a threat 
 to interest rates. 
 A report from Nico Asset Managers shows that interbank borrowing, which is borrowing between 
 commercial banks, averaged K9.24 billion per day in January 2018 at an average rate of 14.95 
 percent. 





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