African Business ranks 2024’s largest banks

African Business ranks 2024’s largest banks

African Business Magazine has ranked the continent’s largest banks for 2024, with Standard Bank leading as the largest bank in Africa. The bank reported a net profit of $2.7 billion, an 18% increase from the previous year. Other top banks include First Bank of Nigeria, Equity Bank from Kenya, and the National Bank of Egypt. Meanwhile, FirstRand's net profits decreased to $1.4 billion, down 13%. According to the ranking, Mauritius […]

September 30, 2024 60

Business / Economics

Competition Appeals Court deals blow to South African rand manipulation case

The South African Competition Commission’s rand-rigging case has been dealt a massive blow, as the Competition Appeals Court dismissed 23 of the 28 implicated commercial banks, saying the commission lacked enough evidence to support its claim of a conspiracy to manipulate the rand-dollar exchange rates between 2007 and 2013. However, Investec, JPMorgan Chase, HSBC, BNP Paribas, and Credit Suisse still face potential prosecution. Separately, Moneyweb reports that Standard Bank has […]

January 9, 2024 11

Africa

Allan Gray cuts ties with Global & Local

By Chris Steyn, via BizNews Africa’s largest privately owned investment management company, Allan Gray, has cut ties with Global & Local. That has been confirmed to BizNews in an email stating: “Considering the ongoing uncertainty around the investigation into BHI Trust, we took the decision to terminate our contract with Global & Local, with a notice period.” Global & Local has been under fire ever since it emerged that its founder […]

December 5, 2023 19