Euromoney Africa September 2018: Contents

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ON THE COVER


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How SocGen is building an African future

Senior management at Société Générale sees a unique opportunity for growth in Africa, including east Africa, Nigeria and the lusophone countries. The aim is to be much more than the only French bank left standing on the continent. Instead, the bank is courting regional clients by building local markets and structured finance platforms, while its investment in mobile money could be the seed of a much bigger African consumer business.
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South Africa’s new banks nip at the heels of the big four

As the central bank awards its first new banking licences in 20 years, the big four will find it harder to justify the fees that have underpinned their profitability. The newcomers promise technology will facilitate cheaper banking services and tackle inequality.

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Africa seeks new solutions to its infrastructure needs

Slower growth is translating into lower government spending on infrastructure. With an estimated funding deficit of $40 billion a year, private-sector solutions from Africa’s home-grown pension fund industry as well as international insurance firms could help plug the gap.

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Africa comes under renewed pressure to promote its local bond markets

With global liquidity conditions tightening, local currency bond markets have a more important role to play in financing African governments and companies. While Ghana and Nigeria are leading the way, other markets are still in the early stages. Poor transparency and liquidity, and a multiplicity of legal regimes are holding back foreign investment.



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ALSO IN THIS ISSUE



International banks find prime hunting ground in Côte d'Ivoire

The west African state has reclaimed its status as the most attractive francophone market south of the Sahara. International banks are rushing to do business there.

Central bank drives lending bonanza for Egypt's SMEs

Egypt’s private-sector banks have traditionally been wary of lending to SMEs, but now a combination of new technology and central bank pressure is driving some of the country’s most sophisticated lenders to take a fresh look at the segment.

Uganda: Listings outlook brightens after Cipla IPO

Cipla Quality Chemicals’ share sale is good news for Uganda’s capital markets, but is still something of a rarity. Investors have little choice when it comes to picking stocks: government borrowing remains high and puts the focus on bonds, while family-owned businesses tend to be wary of opening up to outside investment. 

Africa needs international banks – and they need Africa

Absa’s efforts to establish wholesale-banking partnerships outside Africa, possibly with Barclays or Société Générale, underlines the importance of international links to African finance.

Africa improves on commodity price increases and capital access

Sub-Sahara bounces back in ECR in step with LatAm, while debt, political instability and global protectionism constrain rises elsewhere. 

Ethiopia pushes its privatization agenda

Even though the banking sector remains off-limits, foreign investment in other state-owned enterprises will support infrastructure development.

Nigeria swap deal shows renminbi’s African rise

Following in the footsteps of Egypt and South Africa, Nigeria has signed up for a currency swap deal with China, but are swaps all they are cracked up to be?





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Welcome to Euromoney Africa: September 2017 – the first edition

It is almost 50 years since Euromoney was born with the wholesale international capital markets, to chronicle their evolution and that of the institutions that serve them. Today, the growth of banking and finance is now arguably at its most exciting, most important – and least exposed – in Africa.