The Africa Experts

Victoria Falls in Zimbabwe is the world’s largest waterfall and a major tourist attraction

Ecobank is present in Zimbabwe and 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 • Zimbabwe International offices: Dubai • Johannesburg • London • Luanda • Paris www.ecobank.com African Banker 4th QUARTER 2011

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FOUNDER Afif Ben Yedder Directeur de la publication (benyedder@africasia.com) Group Publisher Omar Ben Yedder (o.benyedder@africasia.com) Editor Anver Versi Editorial Consultant Christian Udechukwu Correspondent-at-large Stephen Williams Editorial Assistant Carole Lambert GENERAL MANAGER Leila Ben Hassen (l.benhassen@africasia.com) DEVELopment director Patricia Bonnin p.bonnin@africasia.com group sales director Tibor Fuchsel advertising@africasia.com Advertising Sales Directors Medrine Chitty Elisée Marie Ndiana Matthew Darren Moore Nick Rosefield SENIOR SALES EXECUTIVE Sohail Iqbal 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 ©2011 IC Publications Ltd N° DE COMMISSION PARITAIRE EN COURS Dépôt légal Octobre 2011

COVER STORY PRIVATE EQUITY – THE AFRICAN ADVENTURE

05 Editorial

Rebuilding reputations 06 African Banker’s

World Round-up of the last quarter in Africa’s banking industry 16 New Apointments

Who has moved where 20 Cover Story

Private equity – African adventure lures internationals 33 SPECIAL REPORT

Nigeria’s Securities and Exchange Commission 46 CAPITAL MARKETS

GBOT Mauritius

48 ISLAMIC BANKING

aking off in Africa 51 INDUSTRY

ravelex buys in FX Africa 52 SPECIAL FOCUS

South Africa – looking beyond profits 58 Ghana banks

Victims of own success? 62 INTERVIEW

Standard Chartered’s Razia Khan 65 mauritius

– AfrAsia’s James Benoit plays a winning hand – Letter from Mauritius