The AfDB will lend Nigerias UnitedBank for Africa (UBA) USD 150mn, its biggest loan to date to an Africanprivate-sector institution, Reuters reported, to keep corporate customer creditflowing after the global downturn restricted cash flow. The deal recognisesUBAs ability to support private and public enterprises across the continent,Deputy Managing Director, Faith Tuedor-Matthews, said. UBA, one of Nigerias biggest banks by assets, also operatesin Kenya,has a presence in 10 other African countries and did not receive cash in thecentral-bank bailout. Analysts say the UBA balance sheet is healthy and itcould feature in post-crisis banking-sector consolidation. Government isintending to create an asset management company to absorb some of the bankingsystems bad loans.
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 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
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