THE International Monetary Fund (IMF) has upgraded its 2010 global growth forecast to 4.6 per cent from 4.2 per cent in April's review of the global economy, but kept its 2011 view unchanged at 4.3 per cent. It cited robust expansion in Asia and renewed U.S. private demand, but warned the euro area's debt crisis posed a big risk to recovery.
The IMF said the euro zone's sovereign financing problems and resulting financial market turbulence were significant challenges, especially with the web of financial and trade links connecting Europe to the world. However, a double-dip world recession was highly unlikely. The world economy shrank 0.6 per cent in 2009 as a result of the global financial crisis.
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IMF predicts global economic growth
Euromoney rates GTBank Best Bank
FOR the second consecutive year, Guaranty Trust Bank, one of Africa's foremost Banking groups has been named "Best Bank in Nigeria" by pre-eminent international finance magazine Euromoney. The awards were presented Thursday night at the 2010 Euromoney Awards for Excellence Dinner in London.
UBA partners MTN on Money transfer
UNITED Bank for Africa (Uganda) Limited has entered into partnership with MTN Mobile in Uganda to become the country's first mobile money agent in the financial services industry.
This followed the signing of the agreement between the two pan-African companies this month in Kampala, the Ugandan capital. A statement on Thursday said MTN Uganda Chief Executive Officer, Mr. Themba Khumalo, and Managing Director UBA Uganda, Mrs. Margaret Mwanakatwe, signed the agreement on behalf of their respective companies.
N500bn infrastructure fund: 150 firms get CBN nod
THE Central Bank of Nigeria Governor Sanusi Lamido Sanusi ,recently revealed that 150 manufacturing companies in Nigeria are qualified for the N500 billion infrastructure fund, and would get N150 billion of the amount. At a press briefing at the end of the monetary policy committee meeting in Abuja, Sanusi said “N150 billion is ready for disbursement to 150 companies in the manufacturing sector in the first tranche of disbursement from the N500 billion infrastructure fund”.
Oceanic Bank supports Rivers Early Child programme
OCEANIC Banks Plc has pledged its corporate support to “adopt a child initiative”, an educational support programme for less privilege children developed by the Empowerment Support Initiative a non-governmental organization in Rivers State.
The Branch Manager of the Bank, Mrs Omieti Florrie stated this during a visit to the founder of the Empowerment Support Initiative and wife of the Rivers State Governor, Dame Judith Amaechi, at Government House, Port Harcourt.
ETI ups holding in Ecobank
ECOBANK Transnational Incorporated ( ETI), has increased its equity holding in its local subsidiary the Ecobank Nigeria Plc, from 71 per cent to 85 per cent. Chairman of the Ecobank Nigeria, Dr. Sonny Kuku made the disclosure at the 22nd Annual General Meeting (AGM) held in Lagos, adding that the increase arose from Special Placing of 6.662 billion ordinary shares to the parent company.
Wema Bank updates on recapitalization
FOLLOWING the joint examination of the books of all banks in the months of August and September 2009 by the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) Wema Bank, amongst other banks, was found to have inadequate capital within the context of the relevant regulation on minimum capital requirement.
Upon the directive of the CBN to shore up its capital to the statutory minimum by June 30, 2010, the bank in a statement informed that it immediately commenced its recapitalisation programme, which was extensively discussed and agreed with the CBN, and anchored on the following pillars: Recovery of delinquent loans through internal efforts and resolution of some of our delinquent risk assets using the Asset Management Company of Nigeria (AMCON) window; Raising additional equity through special placing.
First Bank fully in China
•Plans merger
FIRST Bank of Nigeria Plc has commenced operation in Beijing, China, with the opening of its representative office, making it the first Nigerian bank to establish an office offering financial services to Chinese, African and other customers in the Far East.
The bank's Group Managing Director/CEO Bisi Onasanya explained that the opening of the representative office is just the beginning of First Bank's entry into the Chinese market, as it is in preliminary discussions with a local bank to take an equity stake in the Chinese bank.
Although, he declined to give details of the prospective merger and when it would take place, he said when it does happen, it would pave the way for FBN to offer the full array of banking services to customers in the country.
Skye Bank commences salary e-payment in Adamawa
THE Adamawa State Government has approved Skye Bank Plc to introduce E-payment of salaries in the state ministry of Education, Higher Education and their Parastatals with effect from May 2010 respectively.
The Honorable Commissioner, Ministry of Finance Mr. Daniel S. Kiri, who disclosed this said that three Banks including First bank Plc, Zenith Bank Plc and Skye Bank Plc submitted proposals and Skye Bank emerged the winner adding that discussions were been held between Government officials and the Management of Skye Bank Plc on how to realized the set objectives through a 10 man committee with the commission of Finance as Chairman, and Mr. Richard Y. Iliyas as secretary.
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