The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Southern Africa’s new leaders still have much to prove

The new presidents of Angola, South Africa and Zimbabwe could do better, but banks and investors will have plenty of due diligence to do when deciding whether or not and how to commit more resources to these countries.




The £2 billion London listing of Shell retailer Vivo Energy, which raised £548 million in May, was the LSE’s biggest such deal so far this year. It is the largest IPO out of Africa to take place in London since 2005: but is it a sign that the Africa-rising narrative is back?

In fact, Vivo’s timing probably has less to do with an African resurgence on the back of a tentative commodities recovery – let alone thanks to occasionally favourable political trends – and more to do with the investment cycle of owners Helios (private equity) and Vitol (the oil trader). What it does show is that the African demographic and consumer story still appeals to investors. The question has always been which of the continent’s multifarious nations can benefit from this belief in Africa’s growth.

South Africa, home to the continent’s biggest banks and financial market, has rarely been subject to this kind of enthusiasm over the last decade.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree