Maravi

Finance Bank, Credit Suisse deal to increase investment capacity

Finance Bank, Credit Suisse deal to increase investment capacity
By Kabanda Chulu
Fri 22 Jan. 2010, 04:01 CAT

FINANCE Bank yesterday stated that its partnership with Credit Suisse of Switzerland will enable the bank to increase its capacity in investment banking and structured finance to support its regional banking strategy.

And Finance Bank executive director for corporate banking Noel Nkoma has said the bank will this year list a substantial percentage of shares at the Lusaka Stock Exchange (LuSE).

Commenting on the International Financing Review award given to Credit Suisse, which has a 40 per cent stake in Finance Bank, Nkoma said the development affords the bank an opportunity to support its regional banking strategy of establishing branches in DR Congo and Zimbabwe.

He said the International Financing Review, which was an investment banking magazine, has recognised Credit Suisse as 2009 Bank of the Year, for having successfully come through the most ‘turbulent’ period in recent history for the financial markets’ sector.

“Credit Suisse owns 40 per cent in Finance Bank and this positive development will help us leverage our regional expansion strategy of establishing branches in DR Congo and Zimbabwe and this partnership will enable us increase capacity, both in investment banking and structured finance,” Nkoma said.

According to the International Financing Review, that Credit Suisse has come through the biggest economic downturn in 80 years intact thus enhancing its reputation and business acumen.

“This bank is client focused with capital efficiency strategies and has emerged from the financial crisis with some of the best financial ratios in the industry and with a high return on equity and its decisive actions dealing with illiquid assets,” it stated.

The Bank of the Year award falls on the heels of Credit Suisse after being recognised as the best investment bank by Euromoney in July 2009 and best private bank by Euromoney in January 2010.

And Nkoma said Finance Bank had already decided and would go ahead to list shares at the Lusaka Stock Exchange later this year.

“Listing at LuSE is a priority and will be done this year preferably by June and a substantial percentage of shares will be offloaded though I don’t have exact figures since our financial report is not yet out and shareholders are yet to meet and decide the number of shares to be given out to the public,” said Nkoma.

Labels: BANKING, CREDIT SUISSE, FINANCE BANK, LUSE, NOEL NKOMA

posted by MrK @ 6:43 PM