Brazil, Russia, India and China have let South Africa into their common talking club, the so-called Brics. South Africa represents Africa as a whole. Yet its mediocre growth contrasts vividly with the rise of financial markets elsewhere on the continent.
South African banks expanding north of the border expect the proportion of their revenue from the rest of Africa to grow. But not radically, partly because they think banking in South Africa can grow almost as fast as in the rest of Africa – an unlikely prospect.
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