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Tayo Aderinokun, Guaranty Trust Bank’s managing director and chief executive officer, has been named as the African Banker of the Year at the 2009 African Banker Awards.
Aderinokun received the reward after being named the CEO of the Year during the ThisDay Awards.
Finance ministers, central bankers, and bankers from all over Africa were present in Istanbul for the award ceremony.
Aderinokun was appointed as MD and CEO seven years ago, and eighteen years ago helped to co-found the African institution.
Since then the Guaranty Trust Bank has made history by becoming the
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first Nigerian firm and first sub-Saharan bank to be listed on the London Stock Exchange.
Earlier in the year it was named as the Best Bank in Africa at the Euromoney Awards for Excellence.
For his part, Aderinokun has described the award as a celebration of each individual of the bank’s team.
A year after Fannie Mae and Freddie Mac teetered, industry executives and policy makers are worrying that the Federal Housing Administration could be the next housing domino.

The Governing Council of the European Central Bank (ECB) has announced it is keeping the eurozone interest rate at 1%.
The decision to retain rates at the lowest level seen during the euro’s brief lifespan comes on the same day as the Bank of England’s Monetary Policy Committee also elected to keep the British interest rate at a historically low level (0.5%).
Elsewhere in the world the Reserve Bank of Australia and the Bank of Israel have both, in recent months, marginally increased rates by 25 basis points, marking them out from the central bank crowd which rushed to cut
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rates during the financial crisis but have, by and large, not increased them since those turbulent months.
In the second quarter of this year some major economies, including France and Germany, two of Europe’s three big economies, pulled out of recession, and should growth continue in the eurozone it is possible that rates there could begin to rise.
The state is embracing a startling reversal in some of its welfare policies that reflects the recession and the state’s financial crisis.

Lenders and insurance companies who have sold Mortgage Payment Protection Insurance (MPPI) alongside home loans have agreed to refund a total of £60 million to customers who have seen their premiums rise during 2009.
Back in June, the Financial Services Authority (FSA) noted that some MPPI provider were responding to the recession by increasing premiums or reducing cover for existing policyholders, just at a time when they were more likely to make a claim.
FSA chief, Lord Turner, warned that this raised issues with both unfair contract terms, disclosure, and the regulator’s Tr
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eating Customers Fairly Principles.
However, following discussions initiated by the FSA with relevant trade bodies and some firms, MPPI providers have agreed to:
Proactively refund increases in premiums, and reverse any reductions in cover, for customers who have experienced these changes to their policy in 2009;
Offer to reinstate policies where a customer had cancelled it within two months of an increase in premium or reduction in cover made during 2009;
Freeze premiums and cover for existing customers for at least the remainder of this year and amend MPPI contracts to ensure that all customers are made aware of the circumstances in which firms have the right to vary premiums and cover.
Firms have agreed to contact customers if their policy is affected, and will make all refunds by the end of June 2010.
Asset-backed securities used to be the grease that kept the credit markets rolling smoothly. Now the government props up that market, and it’s planning to cut back.

On presenting its 2009/2010 interim results yesterday, Tesco announced that it has renamed Tesco Personal Finance as Tesco Bank.
The supermarket giant says the move recognises its “longer-term objective of creating a full-service retail bank for Tesco customers, offering a range of banking and insurance services through branches in stores and online”.
The group first indicated its ambitions in the UK banking sector in July of last year, after it became sole owner of Tesco Personal Finance, previously a 50/50 joint venture with Royal Bank of Scotland.
The unit current
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ly offers credit cards plus savings and insurance products and initially Tesco Bank will continue to focus on these areas of the market.
However, the retailer has plans to launch a current account in late 2010 and possibly expand into mortgages after that.
Also in yesterday’s statement, the group said it has already selected the core technology platforms for its banking products.
Standard Bank and the Japan Bank for International Cooperation (JBIC) have announced a loan agreement of $150m intended to bolster trade finance within Africa.
Standard Bank Group Chief Executive Jacko Maree and JBIC President and CEO Hiroshi Watanabe signed the agreement in Turkey during the World Bank and the International Monetary Fund’s annual meeting.
Maree has described the agreement as a significant step for Africa which will be good for Standard Bank, the region and the entire continent.
The deal is the first trade facility programme in Africa and the first transac
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tion between The Standard Bank of South Africa Limited (SBSA) and JBIC.
In September Dr. James Mwangi, Equity Bank Chief Executive Officer, called for the world to invest in Africa and to tap its unrealised potential.
Dr. Mwangi pointed out that because African financial institutions relied more on hard cash than their Western counterparts the continent had been been affected as badly by the financial crisis.
Prepaid debit cards are among the consumer banking industry’s fastest-growing products, but often their convenience comes with hidden fees.

The stock market slump and rising college costs have combined to drive all but two of the nation’s 18 such funds into the red.

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