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May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 11:49
The country's 200 000-odd Tupperware agents are angry about the counterfeit products being sold as the real McCoy.
May 27 2012 11:05
As far as repayments on home loans are concerned, South Africans are in a much more favourable position than their foreign peers.
Lusaka - Africa's biggest bank by assets, Standard Bank, has not decided yet whether to list its Zambian unit on the Lusaka Stock Exchange, although it is an option under consideration, the group said on Wednesday.
The Zambian unit, Stanbic Bank Zambia Ltd, said earlier on Wednesday it was positioning itself to be the major financier of Chinese firms investing in the mineral-rich African nation's Chambishi economic zone, where they get tax breaks.
Zambia is waiving customs duty and value added tax on imported equipment and numerous other taxes for Chinese firms which plan an initial $900m investment in its economic zone. A $250m copper smelter is under construction there.
"Stanbic is moving to position itself as the market leader because the bank is in a very strong position. I know that over time shareholders will attempt to dilute their shareholding and that will happen through the Lusaka Stock Exchange," said Joseph Chikolwa, Stanbic Bank Zambia Ltd's new managing director.
Chikolwa referred to Zambia National Commercial Bank, a unit of Netherlands' Rabobank, which will be the first bank to be listed on the Lusaka Stock Exchange in September.
"Zanaco has taken that route (to list) and that is the lane we will be taking. In our next strategic plan for up to 2011, we will have a proposal for listing," Chikolwa told Reuters. He gave no timeline.
Parent Standard Bank said in a statement that no decision had yet been taken to list.
However, the company said: "like in all the markets in which the bank operates, it is one of many considerations Standard Bank takes into account as it continues to grow and serve its customers.
Well-positioned
Chikolwa said the bank had identified 300 Chinese firms which have registered in Zambia and that it planned to propose meetings with the investors to agree on financing deals for their projects in copper mining, agriculture and other economic areas in Zambia.
Chikolwa said Stanbic Bank would be well-positioned to support Chinese firms because of its relationship with the Industrial and Commercial Bank of China (ICBC).
ICBC bought a 20% stake in Standard Bank last year.
"We have identified Chinese investors that we can do business with...so that we can tap into the ICBC investment," Chikolwa said.
Outgoing Stanbic Zambia managing director Larry Kalala told reporters at the same event the bank had a vigorous expansion programme and that it had increased its retail customer base to 120 000 from 8 000 in 2003.
Kalala added that the bank's 2007 net profit rose to 89 billion Zambian kwacha from 23 billion in 2003.
Kalala said Stanbic planned to expand mainly through the establishment of ATMs from the current 40 to over 100 in the next few months and gradually increasing its branch network, currently standing at 11 branches. The bank employs 465 workers.
Official data shows the bank's capital base at 189 billion kwacha. Its lending portfolio is at 800 billion kwacha, with 19 percent to the agriculture sector, 20% to manufacturing and 12 percent to distributors in wholesale and trade.