The world sees one Africa.

We see so much more.

No two countries are the same. Every country in Africa has a different culture,

a different economy, a different way of doing things. We understand this. With an established presence in 17 African countries, we not only know the dynamics of each local market, its specialist sectors and its communities; we’re also committed

to every one of them. So when it comes to doing business in Africa, you’ll know

you’re dealing with the bank that truly celebrates unity in diversity.

www.standardbank.com

Inspired. Motivated. Involved.

SBA113575 AFRICAN

An IC publICAtIon 1st QuArter 20 09 Issue 7

16 Facing down the crisis AfricAn BAnker 1st QUarter 200916

CONTENTS AfricAn BAnker 4Th QUARTER 2008

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OVER 25 COUNTRIES AND STILL GROWING...

We are now the leading regional bank in Africa, with a presence in more

BENIN • BURKINA FASO • BURUNDI • CAMEROON • CAPE VERDE • CENTRAL AFRICAN REPUBLIC

CHAD • CONGO • CÔTE D'IVOIRE • DEMOCRATIC REPUBLIC OF CONGO • GAMBIA • GHANA GUINEA BISSAU • GUINEA • KENYA • LIBERIA • MALAWI • MALI • NIGER • NIGERIA • RWANDA

SAO TOME e PRINCIPE • SENEGAL • SIERRA LEONE • TOGO

➜ Private equity in africa ➜ new year cheer for s african borrowers ➜ Jse’s altX comes into its own

➜ neil harvey on africa’s prospects ➜ First micro-credit bank for Mozambique ➜ african Banker’s world – people and events

the way Forward For aFrica

F a c i n g d o w n t h e c r i s i s

d o w n

euro Zone €8.00 • uK £5.50 • usA $9.95 • Australia a$15.00 • bahrain bd 3000 • Canada $11.00 • CFA Zone cfa 5.000 • Cyprus c£4.50 • Denmark dkr 65 • egypt e£30 • ethiopia r 40 • Gambia da 100 • Ghana ghc 5.000 • Indonesia r 59.000 • Jamaica $400 • Japan y 1400 • Jordan jd 5.000 • Kenya kshs 450 • Kuwait kd 2.500 • lebanon ll 10.000 • liberia us$6.00 • Malaysia rm 30 • Mauritius mr 300 • Morocco dh 40 • nigeria n 600 • norway nok 120 • oman or 3.000 • Qatar qr 30 • saudi Arabia rls30 • sierra leone le 10.000 • singapore $ 14 • south Africa r 39.90 (inc tax) • other southern African Countries r 35 (exl tax) • sweden skr 65 • switzerland sfr 15.00 • tanzania tshs 7.500 • tunisia td 5.000 • turkey 6.000 ytl • uAe dh 30 • uganda ush 12.000 • Zambia k 25.000

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: icPuBs@AfricAsiA.com www.AfricAsiA.com

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: info@icPuBlicATions.com www.icPuBlicATions.com

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eDiToriAl NO WORRIES, SAY AFRICAN FIRMS AfricAn BAnkers worlD NEWS IN BRIEF new APPoinTmenTs guesT column AfDB’S TIM TURNER: SPEED AND PRUDENCE CRITICAL cover sTorY FACING DOWN THE CRISIS HOW AFRICA CAN EMERGE STRONGER sTAr inTerview RENAISSANCE’S NEIL HARVEY: TOUGH BUT FUTURE’S LOOKING GOOD

Facing down the crisis

The way forward for africa

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finAnciAl innovAtions offering new chAnnels for

Boosting flows to AfricA could help europeAn And AmericAn economies turn the corner in the future.

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PrivATe equiTY THE PARTY IS NOT YET OVER A TURBULENT HISTORY AFRICAN PE PROFILES sTock mArkeTs ALTX: PUNCHING ABOVE ITS WEIGHT TrenDs MOZAMBIQUE’S FIRST MICRO-CREDIT BANK feATure A LITTLE XMAS CHEER FOR SOUTH AFRICANS sPoTlighT KENYA’S CO-OP BANK’S IPO TRIUMPH Book review SOMETHING GOOD FROM AFRICA COMES

grouP PuBlisher: Afif Ben Yedder Directeur de la publication (benyedder@africasia.com) eDiTor: Anver Versi eDiToriAl consulTAnT: Christian Udechukwu corresPonDenT-AT-lArge: Stephen Williams ArT DirecTor: Carlo Nicolaou eDiToriAl AssisTAnT: Carole Lambert

AssociATe grouP PuBlisher: Omar Ben Yedder (o.benyedder@africasia.com) ADverTising sAles DirecTors: Alya Assad Medrine Chitty Arthur Jones Saliba Manneh Nick Rosefield ProDucTion mAnAger: Michael Messam (m.messam@africasia.com)

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 Informartion Access Company full text reference databases. Microfi lms available from Xerox University Microfi lms, 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 ©2009 IC Publications Ltd. N° DE COMMISSION PARITAIRE EN COURS Janvier 2009 Dépôt légal