South Africa’s central bank fined the country’s four largest lenders a total of 125 million rand ($11.9 million) after finding deficiencies in their controls to combat money laundering and terrorist financing.
Nedbank Group Ltd., the South African lender controlled by Old Mutual Plc, increased Chief Executive Officer Mike Brown’s pay 13 percent to 32.5 million rand ($3.1 million) after profit rose more than estimated.
Zimbabwe has issued $103 million of Treasury bills to seven banks as the government repays debt stemming from the central bank’s seizure of foreign-currency accounts, according to a person with knowledge of the matter.
Investors are awaiting evidence that Zambia’s efforts to shore up its currency will succeed as the government starts marketing a Eurobond, sub-Saharan Africa’s first sovereign international debt sale this year.
Transaction Capital Ltd., which finances minibus taxis used by millions of commuters in South African townships, is seeking a bank loan so it can extend credit to plumbers and gardeners to buy pickup trucks.
Nedbank Group Ltd., the South African lender controlled by Old Mutual Plc, said it would consider governance issues before deciding whether to exercise an option to buy a stake in Ecobank Transnational Inc.
JD Group Ltd.’s rights offer last month wasn’t enough to cure the furniture retailer’s ills, leading Steinhoff International Holdings Ltd. to bid for shares to shore up the company, according to Jean Pierre Verster, a fund manager at 36ONE Asset Management.
Cyril Ramaphosa will take over management of the economy and implement a 20-year government plan after being appointed South Africa’s deputy president following May 7 elections, according to two people familiar with the plans of the ruling party.