Intercontinental Bank, one of the fastest growing in Nigeria, has obtained approval from the UK Financial Services Authority to provide trade finance services including letters of credit, collections and guarantees. It follows on the heals of its competitors who are all burning windfall profits from the banking consolidation in the country.
The bank claims London will act as a strategic link in Intercontinental Bank's global expansion. The bank is expected to finnace the move with the creation of 3.5 billion shares increasing the share count from 21 billion to 24.5 billion. Intercontinental was the first bank in Nigeria to reach a trillion naira deposit base.
The Iraqi stock exchange is getting tougth on its listed companies. The exchange, shown above with traders writing prices on white boards using marker pens, still trades. That said, hours are limited to two-and-a-half hours, three days a week. In the last few years liquidity has increased by more than 250%. Unfortunately, fewer than a third of the 100 companies quoted are actively traded. The Board of Governors of the exchange have just decided to give the many companies that have failed to file accounts an extension. What it calls 'uncommitted contributing companies' are going to get two additional months to submit their final accounts. Thereafter, a fine of one million dinars for each month of delay will apply.
Posts
