Data provided by iNet BFA
Loading...
See More

FirstRand drops bid for Nigerian bank

Jun 03 2011 13:16 Reuters

Company Data

FIRSTRAND LIMITED [JSE:FSR]

Last traded 43.37
Change 0.12
% Change 0.00
Cumulative volume 14880831
Market cap 244.52bn

Last Updated: 01/08/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

FirstRand in talks with Nigerian bank

FirstRand in Tanzania expansion

FirstRand hovers over Nigerian bank

FirstRand publish leaked results early

Earnings, profit rise for Firstrand

FirstRand eyes Nigerian bank takeover

 
Johannesburg - FirstRand [JSE:FSR], South Africa's second-largest banking group, said it has dropped acquisition talks with Nigeria's Sterling Bank after failing to agree on terms for the deal.
 
FirstRand said on Friday it had terminated talks to acquire a majority stake in Sterling Bank, which has about 99 branches in Africa’s most populous nation.
 
“The parties have been unable to agree to mutually acceptable terms,” FirstRand said.
 
South African lenders are keen to expand in fast-growing Nigeria, although the process so far has had plenty of hurdles. Nigeria in 2009 injected $4bn into nine lenders, deemed by auditors to have become so weakly capitalised that they posed a threat to the entire country’s banking system.
 
Sterling Bank, which has a market value of around $177m, was one of the lenders that passed the 2009 special audit.
 
FirstRand, which has said it is looking to invest “meaningful amounts of capital” in oil-rich Nigeria, said it still believes the country will be a key market for its Africa expansion strategy.
 
FirstRand shares were down 1.6% in Friday midday, trade while shares of Sterling Bank were little changed.
firstrand  |  nigeria
NEXT ON FIN24X

Ecobank pre-tax profit rises

2014-08-01 17:00

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Disregard of interest rate impact deplored

A Fin24 user protests what he sees as disregard of the broader impact of increased interest rates on those who cannot yet say "bring it on" with a smile.

 
 

Start saving...

No need to keep up with the Joneses
Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...