Across Africa, we serve our customers by combining an unrivaled presence with our local expertise in corporate and investment banking, foreign exchange, cash management, trade finance and retail banking.

The Africa Experts

Present in more countries in Africa than any other bank in the world. Benin • Burkina Faso • Burundi • Cameroon • Cape Verde • Central African Republic • Chad Congo (Brazzaville) • Congo (Democratic Republic) • Côte d’Ivoire • Gabon • Gambia • Ghana Guinea • Guinea-Bissau • Kenya • Liberia • Malawi • Mali • Niger • Nigeria • Rwanda Sao Tome and Principe • Senegal • Sierra Leone • Tanzania • Togo • Uganda • Zambia International offices: Dubai • Johannesburg • Paris www.ecobank.com Contents African Banker 2nd quarter 2010

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COVER STORY ZEMEN BANK’S BRUTAWIT – SHOOTING FOR THE MOON

04 EDITORIAL AFRICAN BANKING FINDS FIRMER

GROUND 06

AFRICAN BANKER’SWORLD NEWS IN BRIEF 10 NEW APOINTMENTS

WHO’S MOVED WHERE 12 COVERSTORY

PROFILE: ZEMEN BANK’S BRUTAWIT 18 MICROBANKING ARE MFIsRUNINGOUTOF STEAM? 22 FOCUS NIGERIA BANKING –AFTERMATH OFTHE CRISIS 26 TOPIC

LDC BANKING –THENED FORA MAKEOVER

30 TRENDS RBZ: GOVERNORAND MINISTER DUEL IN ZIMBABWE 33

ATMSecurityForum 34 INVESTMENT ARIYA CAPITALSIGNALSNEW

BREDOF INVESTORS 38

AFRICA ANDTHEWORLD SANLAM’S GUPTAON INDIAND AFRICA 42 TRENDS

should theSARBbe nationalised? 44

AFRICANSTOCKMARKETS EXCHANGESTO LINKUP 48 REFLECTION

CHRIS HART:ENDREIGNOF ELITES