• Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

  • Long live your gadget

    Real gadget protection tends to cost real money, writes Arthur Goldstuck.

  • Taking SA for a ride

    The ANC seems to think all South Africans are idiots, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

FirstRand eyes Nigerian bank takeover

Apr 14 2011 18:11 Reuters

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 137.72
Change -0.23
% Change 0.00
Cumulative volume 1792538
Market cap 222.87bn

Last Updated: 29/08/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 166.47
Change -2.03
% Change -0.01
Cumulative volume 1024513
Market cap 141.13bn

Last Updated: 29/08/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

FIRSTRAND LIMITED [JSE:FSR]

Last traded 43.36
Change -0.08
% Change 0.00
Cumulative volume 2803615
Market cap 244.46bn

Last Updated: 29/08/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

FirstRand in talks with Nigerian bank

FirstRand hovers over Nigerian bank

Earnings leap for RMB

FirstRand in Tanzania expansion

Earnings, profit rise for Firstrand

FirstRand publish leaked results early

 
Johannesburg - South Africa's second-biggest bank FirstRand [JSE:FSR] is in talks with Sterling Bank about taking a controlling stake in the Nigerian lender, it said on Thursday, as it seeks to bulk up its presence in the fast-growing African continent.

"Nigeria is a key market for FirstRand's African expansion given the strong underlying growth prospects in the Nigerian financial services sector," FirstRand said.

FirstRand said it could either subscribe or buy a majority stake in Sterling Bank.

Shares in Sterling Bank, which are valued at $177m, rose 4.57% in late afternoon trade.

Sterling has a national footprint in Nigeria with 99 branches nationwide and it passed the Central Bank of Nigeria's special audit of the Nigerian banking sector in 2009, when several banks had to be bailed out.

FirstRand, which has market capitalisation of around $17bn, said the deal would have no impact on its share price, which were down 2.32%.

FirstRand and rivals Standard Bank Group [JSE:SBK] and Absa Group [JSE:ASA] are building up their retail businesses across Africa, to meet rising demand from a burgeoning middle class.

FirstRand's statement confirms a Reuters story last month in which banking sources familiar with the negotiations said the two lenders were in advanced talks.
sterling bank  |  firstrand  |  banks
NEXT ON FIN24X

 
 
 

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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

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