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Contents African Banker 4TH QUARTER 2010


France IC Publications, 609 Bat A, 77 Rue Bayen, 75017 Paris tel: +33 1 44 30 81 00 fax: +33 1 44 30 81 11 e-mail:

Group Publisher Afif Ben Yedder Directeur de la publication ( Editor Anver Versi Editorial Consultant Christian Udechukwu Correspondent-at-large Stephen Williams Art Director Krisztian Somodi Editorial Assistant Carole Lambert Associate Group Publisher Omar Ben Yedder ( DEVELopment director Patricia Bonnin group sales director Leila Ben Hassen ( Advertising Sales Directors Saliba Manneh Nick Rosefield Medrine Chitty Arthur Jones Tibor Fuchsel Nacire Sayeh Elisée Marie Ndiana Matthew Printers Headley Brothers Ltd, The Invicta Press, Queens Road, Ashford, Kent, TN24 8HH. Indexed and abstracted in PAIS International and included in one or more of the Information Access Company full text reference databases. Microfilms available from Xerox University Microfilms, 399 N. Zeeb Road, Ann Arbor, Michigan 48106, USA. Indexed by UMI/Data Courier, PO Box 327770, Louisville, KY 40232-2770 USA. All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2010 IC Publications Ltd N° DE COMMISSION PARITAIRE EN COURS Dépôt légal Octobre 2010 United Kingdom IC Publications, 7 Coldbath Square, London ec1r 4lq tel: +44 20 7841 3210 Admin FAX: +44 20 7713 7898 Editorial FAX: +44 20 7841 3211 E-mail:

OVER STORY Africa’s Capital Markets


Why capital markets are essential 06 African Banker’s

World News in brief 14New Appointments

Who’s moved where 16Cover Story

Africa’s Capital Markets Nurturing tender shoots

Assessing Africa’s capital market options Blueprint for a world-class market for Nigeria 26 Spotlight igeria: Are the reforms working? Unravelling the NSE crisis

31Guest Column

Mark Richards Trends shaping Africa’s banking industry 34Company profile

Kingdom Zephyr The advantage of local knowledge 40 M & A

HSBC ready to reel in Nedbank 44 Topic

A black-owned bank for the masses 48 Market Eye ews from Africa’s capital markets