| AFRICA |
| Best Bank: Barclays |
| Best Investment Bank: Standard Bank |
| Best Equity House: Standard Bank |
| Best Debt House: ABSA Capital |
| Best M&A House: UBS |
| Best at Project Finance: BNP Paribas |
| Best at Cash Management: Citi |
| Best at FX: Standard Chartered |
Volatility in global markets has scared investors away from Africa. But there is still optimism about the continent’s long-term future. The factors that made it attractive – increasing stability, the introduction of market-friendly policies and growing demand for commodities, especially from Asia – are still widely present.
The IMF expects GDP growth in sub-Saharan Africa to recover to 4% in 2010, after falling to 1.5% this year from 5.4% in 2008. Those with a commitment, such as Barclays, have not forgotten the region, and still see big opportunities there.
Nevertheless, as investors from outside Africa have exited the region’s stock markets, the continent has taken a big hit.