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.

The Public Investment Corporation has asked Ecobank’s chief executive, Thierry Tanoh, to resign immediately over concerns he has abused his position.

Nedbank Group reported a full-year profit that was higher than expected as revenue increased and bad debt growth slowed down.

Nedbank plans to buy a fifth of Ecobank Transnational, which has extensive presence in Africa, for more than $500-million.

African Bank, South Africa’s largest provider of unsecured loans, has posted a loss for the fiscal year through September.

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.

Old Mutual has halted bond purchases from unsecured lenders, while Futuregrowth Asset Management will "wind down’ holdings of bonds with the lenders.

Sanlam, the largest South Africa-based insurer, said first-half profit rose 36% after expanding in emerging markets and developing new products.

A looming bond default following the liquidation of the engineering company will impact on a number other entities.