Banco Sabadell, a Spain-based bank, plans to add 25 more branches to its existing 42 branches in Angola to target the growing millionaires in the country.
Africa
Hedge funds seen to snatch risky opportunities US and foreign banks now avoid
While US and foreign banks do away with risky investments like municipal bonds, hedge funds had taken advantage with the loss of a competitor and increased their positions in such assets, a Barron's report said.
Africa's richest man to invest $9 billion on Nigerian oil refinery
Aliko Dangote, Africa's richest man with about $22 billion net worth, is set to spend $9 billion to build the largest privately-owned oil refinery in Nigeria.
South Africa's Foord increases Adcock stake to 15%
Cape Town, South Africa-based investment firm Foord Asset Management has lifted its stake in Johannesburg-based drug maker Adcock Ingram to 15%, according to a regulatory filing on Friday.
Total sells 15% stake in Congo oil exploration and production unit to Qatar Petroleum International
Petroleum firm Total SA has put up for sale a 15% stake in its Congo oil exploration and production unit Total E&P Congo. The said holding was sold to Qatar Petroleum International for $1.6 billion.
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Bob Diamond, the former CEO of Barclays, has made a dramatic comeback in the banking sector after the investment vehicle he formed with Ashish Thakkar called Atlas Mara raised $325 million for its London IPO, the Financial Times reported.
The following bids, mergers, acquisitions and disposals were reported on Friday including ITC Holdings, Dave & Buster, Time Warner Cable, Banca Etruria, Cube Capital, Cargolux, Simon Property and Versace.
California-based Blackhawk Network Inc will be entering the prepaid market in Africa through a partnership with South Africa-based Opengate Technologies to distribute iTune Gift Cards to the country.
Aliko Dangote, the richest man in Africa and Chief Executive of Nigerian company Dangote Group, plans to invest around $16 billion in cement, agriculture, and petrochemicals project in 18 countries over the next four years.
Global Financial Integrity, a Washington-based group that tracks illicit financial flows from developing countries, reveals that nearly $1 trillion were lost to illicit transactions in 2011.
The following bids, mergers, acquisitions and disposals were reported on Wednesday, including Fortum, National Vision, Saipem, CTT, MTS, Southern Pacific, Warrnambool, Verbund, Bakkafrost, Popular and Marathon Oil.
Despite the discount of costs to run hedge funds in the Asian-Pacific region, Citigroup Inc's recent survey revealed that not all hedge funds in the region are successes in expanding its assets and achieving profitability.
Bob Diamond, the former Chief Executive of Barclays, will be returning to banking by listing a company that will be investing in the African financial sector, a source interviewed by Reuters said.
Bob Diamond, the former boss of Barclays, is set to return to banking by listing a shell company in London in the next few weeks to invest in the African financial sector, a source familiar with the matter said.
