• Water shortage

    Climate-related consequences are raising food prices, joblessness, crime, and instability.

  • High food prices

    Mandi Smallhorne looks beyond the weather as the cause for rising food costs.

  • Sars Wars returns

    Allan Greenblo looks at the leadership concerns around the 'Twin Peaks' regulatory model.

All data is delayed
Loading...
See More

FirstRand eyes Nigerian bank takeover

Apr 14 2011 18:11
Reuters

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 109
Change -1
% Change -1
Cumulative volume 4475669
Market cap 0

Last Updated: 08-02-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 143
Change -2
% Change -1
Cumulative volume 1242246
Market cap 0

Last Updated: 08-02-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

FIRSTRAND LIMITED [JSE:FSR]

Last traded 44
Change -1
% Change -2
Cumulative volume 19352954
Market cap 0

Last Updated: 08-02-2016 at 05:00. 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
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

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

Voting Booth

The regulation of WhatsApp and other OTTs is:

Previous results · Suggest a vote

Loading...