International banks are expanding in Africa. Citi, for example, is looking to open full-service operations in three more African countries in the next 12 to 18 months, bringing its Africa country network to 18. But as Africa’s economy grows, African financial institutions are increasingly successful.
National authorities are understandably keen to promote national banks, especially given the colonial associations of Standard Chartered, Crédit Agricole et al. And, as in other sectors and regions, local firms are better adapted to the environment.
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