ADC to invest some USD 400mn in sub-Saharan Africa in two to three years.

By bne IntelliNews September 7, 2012
Germany-based African Development Corporation (ADC) plans to invest about USD 400mn in sub-Saharan Africa's banking sector over the next two to three years, The Herald reported. "Within the next two to three years, we would like our market value in the region to grow to USD 500mn, with investments of at least USD 120mn a year," ADCs chief development officer for Africa, Mark Schneiders was quoted as saying. ADC recently raised its stake in Sub-Saharan African banking group African Banking Corporation Holdings (ABC Holdings) to 50.4% from 23.2%, following ABCs USD 50mn rights issue. ABC Holdings, headquartered in Botswana, is the parent company of a number of sub-Saharan Africa banks, operating under the BancABC brand in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe. ADC has also recently bought a strategic stake in Union Bank of Nigeria. ADC chief executive Dirk Harbecke said the group was planning to boost its stake in its key banking assets.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss