Renee Bonorchis
latest news & developments
JD Group shares jump on imminent lending unit sale
The struggling retailer’s shares rose on news that it had found a buyer for its loan book, allowing it to focus on its retailing and product range.
PIC demands Ecobank chief resign
The Public Investment Corporation has asked Ecobank’s chief executive, Thierry Tanoh, to resign immediately over concerns he has abused his position.
Nedbank profit beats expectations
Nedbank Group reported a full-year profit that was higher than expected as revenue increased and bad debt growth slowed down.
Nedbank plan to take 20% Ecobank stake to cost over $500m
Nedbank plans to buy a fifth of Ecobank Transnational, which has extensive presence in Africa, for more than $500-million.
African Bank reports full-year loss
African Bank, South Africa’s largest provider of unsecured loans, has posted a loss for the fiscal year through September.
Nedbank says third-quarter income gains on increase in lending
As net income interest rose over 8% from a year earlier, the Nedbank Group says income in the first nine months gained as customers boosted lending.
Holdings of bonds in unsecured lenders ‘wind down’
Old Mutual has halted bond purchases from unsecured lenders, while Futuregrowth Asset Management will "wind down’ holdings of bonds with the lenders.
Sanlam sees profits rise on emerging market expansion
Sanlam, the largest South Africa-based insurer, said first-half profit rose 36% after expanding in emerging markets and developing new products.
Investec and Sanlam most at risk from First Strut default
A looming bond default following the liquidation of the engineering company will impact on a number other entities.