Weekly Global News Wrap: Absa signs $497m deal to boost African lending; Goldman Sachs' consumer arm earned $822m

And Citibank appoints David Chubak as head of retail banking.

From Bloomberg:

South Africa’s Absa Group has signed an agreement with the Multilateral Investment Guarantee Agency to bolster the bank’s lending capacity in Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia, the company announced in a statement.

The World Bank’s MIGA will issue guarantees of $497 million, valid for as long as 15 years.

From Reuters:

Goldman Sachs Group’s consumer business generated $822m in revenue over the four quarter ending 30 September, the company revealed. This represents 2.4% of the bank’s total revenue during the period.

Goldman unveiled details about its consumer business for the first time and will start disclosing its results regularly as part of a broader reporting-line shuffle, responding to long-standing requests for more transparency from analysts and investors.

From CNBC:

Citigroup has named former McKinsey partner David Chubak, 39, as its new head of retail banking.

Chubak held largely strategic roles across the New York-based bank since joining Citigroup from McKinsey in 2013. He will report directly to Anand Selva, head of the U.S. consumer banking division, according to a memo obtained by CNBC.

Photo courtesy of Matti Blume (Wikimedia Commons).