Wednesday 27th August 2014
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South Africa’s central bank has disagreed with a ratings decision by Moody’s to downgrade Capitec Bank Limited (Capitec) by two notches, and place it on review for a further downgrade. The central bank says it respects the independent opinion of rating agencies but that it does not “agree with the rationale given in taking this step”. Two reasons are given for the rating action: a lower likelihood of sovereign systemic support based on decisions recently taken in relation to African Bank Limited (African Bank), and heightened concerns regarding the risk inherent in Capitec’s consumer lending focus. “With regard to the first point, it is important to reiterate that the approach taken by the SARB to any resolution to address systemic risk will always be based on the circumstances and merits of the particular prevailing situation. Decisions will also be informed, as was the case with African Bank, by principles contained in the Key Attributes for Effective Resolution Regimes proposed by the Financial Stability Board (FSB), which have the objective that a bank should be able to fail without affecting the system,” notes the central bank in an official statement. “This is in keeping with evolving international best practice. In the case of African Bank bond holders and wholesale depositors are taking a 10% haircut, which is generally regarded as being very positive given that the trades following the announcement of African Bank's results were taking place at around 40% of par. Therefore in fact substantial support was provided, not reduced. Moreover, all retail depositors were kept whole and are able to access their accounts fully,” it adds - According to the Hong Kong Monetary Authority (HKMA) credit card receivables increased by 2.1% in the second quarter to HKD112, after a reduction of 6.7% in the previous quarter. The total number of credit card accounts edged up by 0.7% to around 16.8m.The rollover amount, which reflects the amount of borrowing by customers using their credit cards, increased by 2.9% during the quarter to HKD19.2bn. The rollover ratio also rose marginally from 17.0% to 17.1% in the same period. The charge-off amount increased to HKD569mduring the quarter from HKD528m in the previous quarter. Correspondingly, the quarterly charge-off ratio rose to 0.51% from 0.46% in the previous quarter. The amount of rescheduled receivables transferred outside the surveyed institutions’ credit card portfolios reduced to HKD94m from HK$109m in the previous quarter. The delinquent amount increased to HKD249m at end-June from HKD239m at end-March. However, the delinquency ratio remained the same at 0.22% because of an increase in total card receivables. The combined delinquent and rescheduled ratio (after taking into account the transfer of rescheduled receivables mentioned above) edged up to 0.29% from 0.28% during the same period - Harkand has been awarded a contract to support Apache with inspection, repair and maintenance work (IRM) as well as light construction (LC) across their assets in the North Sea, following completion of a competitive tender exercise. The award includes the provision of vessels, ROV and diving services for a three-year period, plus two one-year options. The firm will also support offshore marine construction contractor EMAS AMC who have been awarded a separate contract for pipe lay and heavy construction as part of the same tender process. Harkand Europe managing director, David Kerr, said: “This contract is an important step in strengthening our close working relationship and growing our North Sea business with Apache.

FundForum Asia 2012

FundForum Asia 2012 24th – 27th April 2012Kowloon Shangri-La, Hong Kong http://www.ftseglobalmarkets.com/

Whether you are an established member of the Asian investment management community or just setting up business in the region, FundForum Asia is an unmissable opportunity for you to showcase your expertise, learn from the industry leaders and make vital new contacts.

For the latest information, and to register, visit: http://www.informaglobalevents.com/FKN2326FGMWL

NEW PROGRAMME & NETWORKING FEATURES FOR 2012 INCLUDE

Here are some of the new features we will be pioneering next year at FundForum Asia:

  • CEO Question Time: Your opportunity to put your burning questions to a top panel of CEOs - you choose what’s on the agenda, not the moderator!
  • The Portfolio Managers Showcase: Present you newest fund before a committee of fund selectors
  • Closed Door “On The Ground” Sessions: Debate those sensitive issues affecting your business
  • A Brand New Emerging Markets Summit Day: An entire day dedicated to the most attractive investment destination at the moment
  • Back By Popular Demand – The China Summit: An in-depth learning opportunity on the most significant market for the region
  • Back By Popular Demand  - The Global Fund Distribution Summit: Meet with leading fund selectors, plus local and global asset managers, and find out the very latest distribution trends

What Makes FundForum Asia The Biggest And Most Prestigious Asset Management Conference In The Region?

  • Over 450 attendees in 2011!
  • Over 30 Leading Asian and International CEO
  • 100+ Fund Selectors To Meet And Do Business With
  • Over 50 Hours Of Potential Networking
  • More Than 70 Key Learning Sessions
  • 3 Special Focus Summit Days






    PROGRAMME HIGHLIGHTS FOR 2012
  • As always, our focus has been on bringing the FundForum audience the most relevant and cutting edge topics in Asian Investment & Wealth Management. Here are a few of the new topics we will be covering this year

    • Assessing The Globalisation Of The Asian Investment Management Industry
    • The Regionalisation Of Domestic Asset Management
    • Creating The Business Model For The Future
    • From Shelf-Space to Mind-Space: Creating A Winning Product Proposition For The Asian Investor
    • Addressing The Retirement Needs Of An Ageing Asian Population
    • Lifting The Lid on RMB Funds

    NOT TO BE MISSED!

    The FundForum Asia Distribution Summit
    23rd April 2012

    2011 was the best year yet for the pre-conference Distribution Summit. This is now recognised as the foremost meeting point for Asset Managers and Fund Selectors for the region – topics for this year include:

    • How To Overcome Volatility-Driven Inertia Amongst Investors?
    • What Does It Take To Get On The Strategic Partner List Of Major Asian Fund Platforms?
    • Understanding What Makes A Good Manager In The Eyes Of A Fund Selector?
    • What Are Private Banking Advisors Advising Their Clients?

    And much much more…….

    PLUS!

    China Summit – 27 April 2012

    Everything you need to know about doing business in China from the development in QDII & QFII, to investor appetite and the future for RMB Funds, with some of the mainland’s key managers & distributors

    Emerging markets Summit -23rd April 2012

    Get to grips with the crucial issues to consider when investing in Emerging and Frontier markets from the leading experts in this field.

    For the latest information, and to register, visit: http://www.informaglobalevents.com/FKN2326FGMWL

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