performances veille - Performances Group

PERFORMANCES VEILLE
SECTEUR FINANCES
Numéro 292 - Semaine 37 du 9 au 15 septembre 2013
TABLE DES MATIÈRES
 La BAD octroie 150 millions $ à Mauritius Commercial Bank pour financer des entreprises
africaines ........................................................................................................................................ 2
 Kenya: Airtel Pact Enables Insurance, Micro Saving Services ................................................... 3
 Attijariwafa Bank complète sa couverture géographique ........................................................... 4
 Maroc : des créances douteuses plombent le 1er semestre d’Attijariwafa Bank ........................ 5
 L’union bancaire européenne adoptée par le Parlement ............................................................. 6
 NIGERIA: Amcon cède Keystone, Mainstreet et Enterprise ...................................................... 6
 Gambia: SCB Joins National Afforestation Efforts By Planting About 2000 Seedlings ............ 7
 Gervais Koffi Djondo, fondateur d’Ecobank, exige la démission du PCA .................................. 8
 Tata Capital prépare le lancement d’un fonds 300 millions $ sur l’Afrique ............................... 9
 LeapFrog Investments lève 204 millions de dollars pour son deuxième fonds ......................... 10
 Africa: Mind the Gap: Narrowing Imbalances, While Maintaining Growth ........................... 11
 Momentum GIM construit un fonds obligataire africain de 300 millions $.............................. 12
 Gabon: China Harbour Engineering entame la transformation du vieux port de Libreville .. 14
 ADP II Fund mobilise 75 millions $ auprès de CDC Group pour financer des PME africaines15
 Development Partners International construira un portefeuille de 750 millions $................... 16
 IFC Investment In Sub-Saharan Africa Hits $5.3 Billion .......................................................... 16
 FirstRand has $1 bln to fund Africa growth plan ...................................................................... 17
 Burkina Faso: Coris Bank augmente son capital de 15 milliards de F CFA ............................ 20
 IFC invests $63m in affordable housing in Africa ..................................................................... 20
 Standard Chartered Sees Strong Africa Retail Prospects on Growth ...................................... 22
 Is currency the biggest risk facing investors in Africa today? ................................................... 23
 Banks set to transform African growth ...................................................................................... 26
 Standard Chartered plans to launch 100 bank branches in Africa by 2016 ............................. 30
 Indian banks eye Mauritius footprint to tap Africa potential ................................................... 31
 Le consommateur émergent, nouvelle frontière de l’investissement ......................................... 32
 Standard Chartered Bank vise le marché africain de la banque de détail................................ 33
 Standard Chartered : Christos Papadopoulos président du pôle finance islamique ................ 34
 Gervais Koffi Djondo, fondateur d’Ecobank, exige la démission du PCA ................................ 35
1
 LA
BAD OCTROIE 150 MILLIONS $ A MAURITIUS COMMERCIAL
BANK POUR FINANCER DES ENTREPRISES AFRICAINES
(Agence Ecofin) - Le Conseil d’administration de la Banque africaine de
développement (BAD) a approuvé, mercredi 11 septembre, l’octroi de 120 millions de
dollars EU sous forme de ligne de crédit (LDC) multisectorielle, et d’un prêt
subordonné de 30 millions de dollars EU à Mauritius Commercial Bank (MCB).
Cette enveloppe financière permettra à MCB d’augmenter son portefeuille de prêts
en devises destinés aux grandes et moyennes entreprises opérant sur l’île Maurice,
dans les pays voisins et en Afrique continentale, favorisant ainsi une croissance
durable et inclusive grâce au développement du secteur privé dans la région.
MCB Group est la plus importante institution financière de l'île Maurice, avec plus de 7
milliards de dollars EU d'actifs au total et 940 millions de dollars EU environ en fonds
propres. Fondé il y a 175 ans, le groupe est une institution financière régionale
respectée, avec des filiales à Madagascar, au Mozambique, aux Seychelles et aux
Maldives.
Doté de bureaux de représentation à Paris et Johannesburg, MCB est aussi présente,
grâce à ses associés, à la Réunion et à Mayotte. Son portefeuille continental
comprend des opérations dans plusieurs pays d'Afrique.
L’enveloppe financière ainsi octroyée aidera MCB à répondre à ses besoins de
financement en devises et à renforcer sa base de capital, tout en lui permettant de
mettre œuvre le plan de croissance de son activité continentale. MCB pourra
également offrir des financements pour des projets à long terme qui bénéficieront aux
pays membres régionaux où le groupe est impliqué, ou en participant à des
transactions syndiquées en mettant l'accent sur des projets dans des secteurs clés et
qui respectent la croissance verte et les critères de croissance inclusive.
La facilité financière proposée est dans le droit fil de la stratégie du gouvernement
mauricien pour 2012-2015, qui vise à accroître et à diversifier le secteur privé, ainsi
qu’à développer le secteur financier. Aussi, devrait-elle avoir des impacts positifs sur le
développement du secteur privé et la création d'emplois. Elle favorisera également
une hausse des impôts et des recettes publiques sur le continent, notamment en
Afrique orientale et australe. En outre, les produits de l'enveloppe financière
bénéficieront aux projets susceptibles d’avoir de forts impacts sur le développement
et la promotion de l'intégration régionale en Afrique.
12 septembre 2013 - http://www.agenceecofin.com/banque/1209-13543-la-bad-octroie-150-
millions-a-mauritius-commercial-bank-pour-financer-des-entreprises-africaines
2
 KENYA:
AIRTEL
SERVICES
PACT
ENABLES
INSURANCE,
MICRO
SAVING
Nairobi — Airtel Money has announced the establishment of a strategic partnership
with MMI Holdings Limited, a leading insurance-based financial services company
listed on the South African stock exchange.
This new agreement eases Airtel Money Customers' access to insurance and micro
savings services.
The partnership between both entities enables MMI's brand, Metropolitan, to market
and sell its products through Airtel's extensive telecommunications networks in five
countries: Ghana, Kenya, Nigeria, Tanzania and Zambia.
Commenting on the partnership, Director and Africa Head, Airtel Money Chidi
Okpala, says Airtel customers are poised to benefit greatly from this new agreement
which eliminates all the hassles and complications involved in buying insurance and
micro savings services. Okpala says that by launching this partnership with MMI
Holdings, Airtel aims at bringing relevant services to the fingertips of millions of people
across Africa.
"The mobile handset is the device that is changing the lives of people across the
African continent for the better. By giving its customers access to insurance services,
Airtel is giving them the freedom to achieve their goals in life," he said.
He said that a huge chunk of the African population doesn't have access to financial
services; however the mobile telephony penetration rate in Africa keeps growing
each year.
"At Airtel, we have identified the gap in the market and we've decided to fill it. The
strategic partnership we have struck with Metropolitan will allow millions of our
customers to have peace of mind," concluded Okpala.
On his part, Metropolitan International Chief Executive Officer Mervyn Cookson said
that they are delighted to be partnering with Airtel who share their vision to reach and
improve millions of lives with innovative and affordable financial solutions.
Cookson said that this partnership will forge a completely new path for financial
services in Africa.
By Kennedy Kangethe, 10 September 2013
http://allafrica.com/stories/201309110226.html
3
 ATTIJARIWAFA BANK COMPLETE SA COUVERTURE GEOGRAPHIQUE
Le groupe marocain Attijariwafa Bank, qui finalise l'acquisition de BIA Togo, poursuit
son expansion au Niger et vise le Bénin.
Après avoir publié ses résultats semestriels – des résultats portés par ses filiales
africaines, le marocain Attijariwafa Bank poursuit son expansion à travers le continent.
La banque a annoncé lors d'une conférence de presse avoir obtenu, via sa filiale
CBAO (basée au Sénégal), l'agrément pour la création d'une filiale au Niger. Elle
finalise par ailleurs l'acquisition de 55 % du capital de la Banque internationale pour
l'Afrique au Togo (BIA Togo), récemment privatisée. Le groupe a d'autre part déposé
un dossier en vue de l'obtention d'un agrément pour la création d'une filiale
béninoise.
Afrique de l'Ouest et Afrique centrale
"Nous envisageons d'être présents dans tous les pays de l'UEMOA [Union économique
et monétaire ouest-africaine] et de la Cemac [Communauté économique et
monétaire de l'Afrique centrale] à l'horizon 2015. Ensuite, pour compléter notre
présence dans l'UEMOA, nous comptons ouvrir des succursales au Bénin et au Niger, à
travers notre filiale sénégalaise, qui dispose déjà d'un agrément bancaire dans la
zone UEMOA. Cela nous permettra d'aller plus vite dans notre stratégie de croissance.
En Afrique centrale, il nous restera la Centrafrique, la Guinée équatoriale et le Tchad",
avait déclaré Mohamed El Kettani, le président directeur général de la banque, dans
une interview accordée à Jeune Afrique en mars dernier.
La zone Cemac est couverte à travers trois filiales : l'Union gabonaise de banque
(UGB), le Crédit du Congo (CDC) et la Société commerciale de banque Cameroun
(SCB).
Selon les résultats semestriels, les filiales africaines continuent de porter les résultats du
groupe. Ainsi, la contribution de la banque de détail à l'international au résultat net
part du groupe s'accroît de 31,2 % pour atteindre 363,8 millions de dirhams (environ 42
millions de dollars), soit plus de 16%.
Par Jeune Afrique, 16 september 2013
http://economie.jeuneafrique.com/finance/secteurs/banques/19660-attijariwafabank-complete-sa-couverture-geographique.html
4
 MAROC
: DES CREANCES DOUTEUSES
SEMESTRE D’ATTIJARIWAFA BANK
PLOMBENT
LE
1ER
(Agence Ecofin) - Le groupe bancaire marocain Attijariwafa Bank a publié vendredi
6 septembre 2013 ses résultats pour le S1 2013, présentant un Résultat Net Part du
Groupe (RNPG) de 2,2 milliards de dirhams marocains (268 millions $) en recul de 4,8%,
principalement du fait de la pression à la hausse de ses créances douteuses
En effet, le groupe dont l’actionnariat est dominé à 47,77% par la Société Nationale
d’Investissement (SNI), la holding appartenant à la famille royale marocaine, a
rapporté pour la période de référence une augmentation de 4,7% de son Produit Net
Bancaire (PNB) à 9,1 milliards de dirhams (1,07 milliards $). Une performance qui est
conforme à la variation à la hausse de l’ensemble des opérations du groupe à
l’endroit de sa clientèle (appréciation de 1,6% de la marge d’intérêt à 5,2 milliards de
dirhams et une croissance de 14,2% de la marge sur les commissions à 1,9 milliards de
dirhams)
Ces bons résultats de la banque ont cependant été tempérés par la détérioration de
la qualité des engagements, ce qui l’a amené à renforcer le coût du risque dont le
volume global a augmenté de 63,7% à 971,6 millions de dirhams.
D’un autre côté, la première banque du Maroc en termes de capitalisation boursière
paie le prix d’une hausse de 8,4% de ses créances en souffrance. Elles ont atteint un
total de 14 milliards de dirhams au S1, avec pour conséquence une augmentation de
6,6% du stock pour provisionnement de ces créances à 9,3 milliards de dirhams.
Il est à préciser que le groupe a indiqué que le nombre de ses agences au Maroc et
dans ses filiales africaines était désormais de 3037.
Les dirigeants ont proposé un dividende intérimaire (S1) de 9 dirhams, en hausse par
rapport aux 8,5 dirhams offert durant la même période en 2012. La valeur du titre est
restée stable sur la Bourse de Casablanca à 314,5 dirhams le vendredi de l’annonce
de ces résultats, preuve que les investisseurs sont encore dans l’attente.
9 September 2013
http://www.agenceecofin.com/banque/0909-13471-maroc-des-creances-douteusesplombent-le-s1-d-attijariwafa-bank
5
 L’UNION BANCAIRE EUROPEENNE ADOPTEE PAR LE PARLEMENT
(Agence Ecofin) - Le Parlement européen a adopté l’union bancaire jeudi à Bruxelles.
La supervision unique des banques par la BCE entrera en vigueur dans un an.
Mario Draghi (photo) et Martin Schultz, présidents respectifs de la BCE et du Parlement
sont parvenus à un accord sur la création d’un organe de supervision bancaire. Celuici sera placé sous l’autorité de la BCE et se chargera de surveiller, dès septembre
2014, le respect des normes de conduite d’environ 150 grandes banques
européennes, dites « systémiques ».
La BCE transmettra, en outre, un résumé des procès-verbaux de l’autorité de
supervision au Parlement européen et les nominations de ses dirigeants devront être
approuvées par les députés.
La BCE devra aussi mener un audit des grandes banques jusqu'en février et une série
de stress tests à partir de mai 2014. Pour réduire encore les risques, il lui faudra, par la
suite, mettre en place le système européen de résolution des crises bancaires,
notamment l'aide directe que pourraient apporter le Mécanisme européen de
stabilité (MES) aux établissements.
13 Septembre 2013
http://www.agenceecofin.com/banque/1309-13569-l-union-bancaire-europeenne-adopteepar-le-parlement
 NIGERIA: AMCON CÈDE KEYSTONE, MAINSTREET ET ENTERPRISE
Amcon, une entité mise en place en 2010 par la Banque centrale du Nigeria pour
absorber les actifs toxiques des banques nigérianes, veut vendre Keystone, Mainstreet
et Enterprise.
Asset Management Corporation of Nigeria (Amcon), la structure créée pour absorber
les actifs toxiques de groupes en difficulté, cède trois établissements : Keystone,
Mainstreet et Enterprise, précédemment Bank PHB, Afribank et Spring Bank. Enterprise
aurait été évalué à 250 millions de dollars environ (187 millions d’euros).
Plusieurs candidats
Le sud-africain FirstRand a manifesté son intérêt, mais il est loin d’être le seul. Le
marocain BMCE a lui-même étudié le dossier, avant de renoncer. Autres intervenants
6
possibles, les fonds private equity : le géant américain Carlyle, en quête
d’opportunités sur le marché le plus peuplé du continent, est sur le coup, et le
panafricain Helios a également été approché par des sociétés de conseil qui agissent
en tant qu’intermédiaires. À l’instar du financier sénégalais Ibrahim Sagna.
"Le processus, qui devait être bouclé début 2014, pourrait être contrarié", prévient
toutefois un financier de la place.
Par Jeune Afrique, 11 September 2013
http://economie.jeuneafrique.com/finance/secteurs/banques/19506-nigeria-amcon-cedetrois-filiales.html
 GAMBIA:
SCB JOINS NATIONAL AFFORESTATION EFFORTS BY
PLANTING ABOUT 2000 SEEDLINGS
Efforts are being intensified across the country among various sectors of the society to
plant more trees to regain the country's lost forest cover.
The latest to join the national campaign was Standard Charted Bank (SCB), who at
the weekend collaborated with the Department of Forestry and local authorities in the
Kanifing Municipality to plant 1000 casuarinas and 800 eucalyptus seedlings.
The seedlings were planted along the main highway from SCB branch at Traffic Light
at Fajara to the Social Security and Finance Cooperation building in Bakau next to the
Independence Stadium.
Speaking at the exercise, Ousman Njie, head of the SCB environment team, thanked
the Forestry Department for the collaboration.
According to him, the efforts are meant to foster green environment, adding that the
gesture was in line with the bank's environment policy.
SCB believes in building a sustainable business, the environment and climate change,
which are important and placed centre stage in the life of the bank, he said.
7
Since 2010 the bank has been involving in numerous environmental activities, he
noted, saying their presence and involvement in the exercise symbolizes the very
essence of what the bank stands for in showing commitment to the communities in
which their staff live and work.
"We continually look at ways to minimize our direct impact on the environment, whilst
setting stringent targets for reducing our consumption of energy, air travel, water,
plastic bags usage and paper," he said.
He further stated that from 2010 to date, the bank has been complementing The
Gambia Government's efforts at restoring and preserving the forest by planting a
current total of 63,000 trees in the country.
"This is to fulfill our aim to be a force-for-good and to make a positive contribution to
the wellbeing of the global natural environment," he said.
According to Mr Njie, as an international bank, operating in the country, SCB
recognizes that they have a key role to play in ensuring the environment is protected.
For his part, the mayor of KMC, Yankuba Colley, hailed the bank for their high sense of
commitment to the restoration of the nation's forest.
By Abdoulie Nyockeh, 10 September 2013
http://allafrica.com/stories/201309101403.html
 GERVAIS
KOFFI DJONDO, FONDATEUR D’ECOBANK, EXIGE LA
DEMISSION DU PCA
(Agence Ecofin) - Selon une information rapportée le 12 septembre par le journal
britannique Financial Times, Gervais Koffi Djondo, un des fondateurs d’Ecobank
Transnational Incorporated, président d’honneur du groupe bancaire panafricain,
président d’ASky, a demandé dans une lettre, la démission de M. Kolapo Lawson, le
président du conseil d’administration de la banque.
«Au regard de la situation actuelle, il est impératif pour le président de démissionner
immédiatement. Notre institution est en danger et nous devons prendre des mesures
urgentes pour arrêter la crise actuelle, prévenir toute dégradation supplémentaire de
la banque et rassurer nos actionnaires, régulateurs, clients et employés », aurait écrit
M. Djondo dans un message au conseil d’administration
8
Le Financial Times, qui donne l’information, a expliqué que cette lettre de M. Djondo
est d’un réel poids, du fait du rôle qu’a été le sien dans la construction de cette
banque, mais aussi au regard des efforts fournis à cet effet avec Adeyimi Lawson,
dont le fils est aujourd’hui PCA.
Depuis début août, le board d’Ecobank Transnational Incorporated (ETI) dont les titres
sont cotés à la BRVM est en proie à des conflits internes, suite à des accusations
portées par Laurence de Rego à l’encontre de son président et de son directeur
général. Pour leur part, Kolapo Lawson et Thierry Tanoh ont démenti fermement les
allégations portées contre eux. M. Tanoh a d’ailleurs récemment renoncé à son bonus
pour le compte de l’exercice 2012, un bonus qui, selon les allégations, surpassait la
proportion définie dans le contrat.
13 septembre 2013
http://www.agenceecofin.com/banque/1309-13589-gervais-koffi-djondo-fondateurd-ecobank-exige-la-demission-des-dirigeants
 TATA CAPITAL PREPARE LE LANCEMENT D’UN FONDS 300 MILLIONS
$ SUR L’AFRIQUE
(Agence Ecofin) - En ligne avec sa stratégie de développement africaine, le
conglomérat indien Tata Group, via Tata Capital, prévoit de lancer un fonds de
capital investissement africain de 300 millions $.
« Nous envisageons un fonds de private equity axée sur l’Afrique. La capacité de
financement initiale sera d'environ 300 millions $ » a indiqué Ashutosh Tyagi viceprésident private equity de Tata Capital.
Le fonds, qui sera domicilié à l’Ile Maurice, prendra des participations dans les PME et
les grandes entreprises africaines actives dans l'agriculture, l'agro-alimentaire, les biens
de consommation, l'énergie, les énergies renouvelables, l'industrie et les services
financiers.
Tata Capital cumule un encours sous gestion de 1 milliard $ constitué par 4 fonds de
capital-risque en Inde et 2 fonds de private equity à Singapour.
Depuis 1977, Tata Group, dirigé par Ratan Tata (photo), a une présence dans près de
13 pays africains où il réalise un total de 3 milliards $ de chiffre d’affaires. D’ici 4 ans,
Tata Group veut faire passer sa présence africaines à 20 pays y accentuer son
9
développement dans les secteurs des infrastructures, de l’hôtellerie, de l'automobile
et des mines.
Au niveau mondial le conglomérat indien réalise plus de 100 milliards $ de CA.
Processus d’investissement de Tata Capital
16 septembre 2013
http://www.agenceecofin.com/investissement/1609-13617-tata-capital-prepare-lelancement-d-un-fonds-300-millions-sur-l-afrique
 LEAPFROG
INVESTMENTS LEVE 204 MILLIONS DE DOLLARS POUR
SON DEUXIEME FONDS
LeapFrog Investments, une société de gestion active sur les marchés émergents, est
parvenue à lever 204 millions de dollars pour son fonds LeapFrog Fund II.
Plusieurs institutions financières majeures ont investi dans LeapFrog Fund II, le
deuxième fonds de la société financière LeapFrog Investments, basée à Port-Louis, à
Maurice. Le fonds visera à prendre des participations dans des entreprises qui offrent
des services d'assurance et d'assurance-vie ainsi que des services d'épargne, de
retraite et d'investissement aux consommateurs à faible revenu. LeapFrog a levé un
total de 204 millions de dollars et entend réunir 200 autres millions. Les tickets
d'investissement pourront aller jusqu'à 60 millions de dollars.
Parmi les institutions financières qui ont investi dans le fonds figurent MetLife,
Prudential, Swiss, JP Morgan Chase, la Banque européenne d'investissement, le FMO
(l'agence d'aide au développement néerlandaise) ou encore Oikocredit.
Marchés en croissance
LeapFrog Fund II cherchera à investir dans les marchés d'Asie du Sud et d'Asie du SudEst ainsi qu'en Afrique subsaharienne, notamment au Ghana, au Nigeria et au Kenya.
Les services financiers sur ces marchés ont connu une croissance moyenne de 17,4 %.
10
Auparavant, les leaders de l'assurance axaient leurs efforts d'expansion sur les classes
moyennes des pays en développement et avaient tendance à éviter les services
destinés aux plus pauvres. Mais, selon LeapFrog, cité par le quotidien britannique
Financial Times, les assureurs traditionnels sont de plus en plus attirés par la zone.
Consommateur émergent
Selon des études de la Banque mondiale et du cabinet de conseil en stratégie
McKinsey, il y aurait 1,9 milliard de consommateurs potentiels - dont seulement 30 %
auraient accès à des services financiers. Les prévisions indiquent que leur pouvoir
d'achat devrait augmenter de 2 000 à 5 000 milliards de dollars d'ici à 2022.
Selon Lata Reddy, vice-présidente chez Prudential Financial, un des contributeurs du
fonds, citée par le Financial Times, "le consommateur émergent représente une
opportunité de croissance remarquable. Le taux de pénétration des services
financiers au sein de ce segment est bas, le besoin de produits est élevé et la
concurrence est encore limitée".
Par Jeune Afrique, 10 Septembre 2013
http://economie.jeuneafrique.com/finance/secteurs/assurances/19486-leapfroginvestments-leve-204-millions-de-dollars-pour-son-deuxieme-fonds.html
 AFRICA:
MIND THE GAP:
MAINTAINING GROWTH
NARROWING
IMBALANCES,
WHILE
Press release
Five years on since the crisis, the Group of Twenty (G20) advanced and emerging
market economies have showed some progress in reducing their major internal and
external imbalances. But greater coordinated policy action is necessary for
sustainable and balanced global growth, says a new analysis by IMF staff.
The IMF's Imbalances and Growth, issued as preparation for the G20 Leaders' Summit
in St. Petersburg on September 5-6, highlights the need for stronger joint policy action
to revive global economic growth, as imbalances become smaller.
The report assesses general trends and individual country situations for nine key
economies-China, euro area, France, Germany, India, Japan, Spain, the United
Kingdom, and the United States-identified as having relatively large medium-term
imbalances on the basis of the G20 guidelines.
The analysis was conducted in the context of the G20 Framework for Strong,
Sustainable and Balanced Growth and Mutual Assessment Process (MAP), a biennial
11
exercise launched after the Pittsburgh Summit in 2009 to promote policy cooperation
to meet shared growth objectives.
The indicators used to evaluate key imbalances are public debt and fiscal deficits;
private saving and private debt; and the external position, comprising trade balance,
net investment income flows, and transfers.
The report-which covers both external and internal imbalances-updates the 2011
Cannes Summit staff analysis on the root causes of imbalances, their economic
implications, and policy remedies in seven G20 economies. That earlier assessment
and its lessons have recently been released in a new IMF book, Global Rebalancing: a
Roadmap for Economic Recovery.
Lower global imbalances ...
The good news: external imbalances have declined substantially since the crisis-for
structural reasons, not just cyclical. In fact, the report finds that the imbalances in
major G20 economies have decreased more than the 2011 projections.
While some temporary factors may have played a part, the staff analysis does not
expect the imbalances to go back to pre-crisis levels if key policy commitments are
met. Fiscal imbalances among the nine members analyzed are also slowly improving,
although public debt remains too high in many economies in the wake of the crisis.
13 September 2013
http://allafrica.com/stories/201309161425.html
 MOMENTUM
GIM CONSTRUIT UN FONDS OBLIGATAIRE AFRICAIN
DE 300 MILLIONS $
(Agence Ecofin) - Le gestionnaire d’actifs Momentum Global Investment
Management (Momentum GIM) lance un nouveau fonds de fonds multi managers
dénommé Africa Fixed Income Fund en direction des institutionnels qui cherchant une
diversification de leur performance rendement-risque.
Momentum GIM apporte une souscription initiale de 10 millions $ pour abonder ce
fonds qui vise à terme 300 millions $ sous gestion investis sur des titres obligataires cotés
sur les marchés domestiques africains et internationaux.
12
La gestion est assurée par David Lashbrook, responsable des stratégies
d’investissement de Momentum GIM, avec l’appui de Zee de Gersigny (photo),
directrice chez Momentum Africa Investments LLC.
David Lashbrook commente le lancement de ce nouveau produit: « Le faible
développement des marchés financiers africains a permis aux gestionnaires d’actifs
bien informés d’atteindre des rendements importants dans le passé. Cela va
probablement se poursuivre dans un avenir proche, compte tenu des perspectives
favorables en terme de croissance économique et de meilleure gouvernance.»
Momentum GIM a été créé au Royaume-Uni en 1998 en tant que branche
internationale de gestion d'actifs de Momentum Group avec, pour objectif, de
proposer des solutions d’investissements sur les marchés suivants : Royaume-Uni,
Afrique du Sud, Europe, Moyen et l'Extrême-Orient.
Structure organisationnel de Momentum Global Investment Management
12 septembre 2013
http://www.agenceecofin.com/investissement/1209-13546-momentum-gim-construitun-fonds-obligataire-africain-de-300-millions
13
 GABON:
CHINA
HARBOUR
ENGINEERING
TRANSFORMATION DU VIEUX PORT DE LIBREVILLE
ENTAME
LA
(Agence Ecofin) - Le groupe China Harbour Engineering Compagny (CHEC) a
entamé, le 12 septembre, les travaux de transformation du vieux port de Libreville en
une « zone futuriste » à l'horizon 2020, pour un investissement de 59 milliards de francs
CFA (environ 90 millions d'euros), rapporte l’agence Xinhua, citant une source
officielle gabonaise.
Le contrat relatif à ce projet avait été signé le 15 juin entre la CHEC et l'Agence
nationale gabonaise des grands travaux (ANGT) à l’occasion de la deuxième édition
du New York Forum Africa (NYFA).
Selon l’ANGT, le projet, qui s’étalera sur une superficie de 430 000 m2 sera réalisé en
deux phases. La première phase prévoit «d'avancer dans la mer» en transformant du
Port Môle (petit port de 4 hectares, NDLR) en marina, suite à des travaux du dragage,
de remblaiement de la construction des structures maritimes et d’infrastructures
terrestres, dont une île artificielle, d'ici 2015.
La deuxième phase consiste à construire un centre de conférences, un centre
culturel-musée, des centres commerciaux avec restaurants et boutiques, ainsi qu'une
plage et des terrains de sports à l’horizon 2020.
En octobre 2012, le Gabon avait annoncé qu’il comptait investir 450 millions de dollars
dans la transformation du vieux port de Libreville. L'Agence nationale gabonaise des
grands travaux avait alors indiqué que ce projet futuriste symbolisera Libreville, « à
l’image de la statue de la Liberté à New York ».
Ce projet fait partie d'un plan d'investissement dans les infrastructures de 20 milliards
de dollars jusqu'en 2016, annoncé début 2012 par le président gabonais Ali Bongo
Ondimba qui vise à faire de son pays un pays émergent à l'horizon 2025.
15 septembre 2013
http://www.agenceecofin.com/investissement/1509-13609-gabon-china-harbourengineering-entame-la-transformation-du-vieux-port-de-libreville
14
 ADP
II FUND MOBILISE 75 MILLIONS $ AUPRES DE CDC GROUP
POUR FINANCER DES PME AFRICAINES
(Agence Ecofin) - CDC Group Plc, l'institution de
financement du développement de Royaume-Uni,
engage 75 millions $ dans Africa Development
Partners II (ADP II), un fonds multisectoriel qui vise à
investir dans les entreprises des secteurs biens de
consommation, services financiers, commerce de
détail, logistique et santé. Ce fonds, géré par
Development Partners International (DPI), fournira
des fonds propres aux entreprises en forte
croissance pour les aider à se développer et à
accroitre leurs contributions aux économies
nationales, notamment par la création d’emploi.
Le fonds ADP II qui a une vision panafricaine prendra en priorité des participations
minoritaires significatives dans des entreprises qui cherchent à se développer dans
des économies récemment libéralisées à fort taux de croissance (7% en moyenne)
comme l'Angola, l'Ethiopie, le Mozambique ou le Rwanda. Le fonds participera à des
transactions dont la valorisation est comprise entre 20 et 70 millions $ avec un focus sur
les entreprises qui répondent aux besoins des classes moyennes émergentes africaines
dont le nombre est estimée à environ 313 millions de personnes (34,3 % de la
population), une classe moyenne d’une taille comparable à celle de l'Inde. En plus
de l’apport financier, ADP II appuiera les entreprises en termes d’amélioration de la
gouvernance et de mise en œuvre de bonnes pratiques sociales et
environnementales.
DPI crée en 2007, et dirigé par Runa Alam (photo), a déjà levé 271 millions $ pour son
premier fonds Africa Development Partners I qui compte dans son portefeuille des
entreprises comme Letshego, Touax Africa, Biopharm, Guaranty Trust Assurance Plc,
etc.
Malgré l'augmentation des investissements directs étrangers sur le continent africain
au cours de la dernière décennie, le private equity reste encore une petite classe
d'actifs en Afrique par rapport aux marchés développés ou émergents. La
pénétration du private equity en Afrique subsaharienne se situe actuellement à
seulement 0,09 % du PIB contre 0,98% pour les Etats-Unis, 0,75% pour le Royaume-Uni et
0,33% pour l’Inde.
15
 DEVELOPMENT
PARTNERS INTERNATIONAL
PORTEFEUILLE DE 750 MILLIONS $
CONSTRUIRA
UN
(Agence Ecofin) - Runa Alam (photo), cofondatrice du fonds Development Partners
International (DPI) envisage d’investir dans les
prochaines années 750 millions $ en Afrique
subsaharienne.
400 millions ont déjà été investis ces quatre
dernières années dans neufs sociétés au
Kenya, Nigeria et Ghana à travers les
véhicules African Development Partners I LLC
et ADP I LP.
Ce fonds de private equity londonien cherche des opportunités d’investissements
dans les secteurs pouvant profiter de la croissance de consommation de la classe
moyenne africaine la banque, les assurances, les télécoms, la pharmacie…
En plus de l’apport financier, DPI collabore étroitement avec le management de ses
participations afin de créer de la valeur en apportant de l’expertise sur les aspects de
croissance externe, de joint venture, d’IPO, de gouvernance d’entreprise…
L’investment team de DPI est composé de : Miles Morland, Co-Founding Partner et
Chairman, Runa Alam, Co-Founding Partner et Chief Executive Officer, Eduardo
Gutierrez Partner, Sofiane Lahmar, Partner, Idris Mohammed, Partner, Sarah
Shackleton, Administrative Partner, Rose Fletcher, Financial Officer, Obinna Isiadinso,
Investment Professional, Omar Kotb, Investment Professional, Rachel Lawson,
Investment Professional, Babacar Ka, Investment Professional, Joy Chakanyuka,
Financial Controller et Clodagh Bourke Marketing and Administrative Manager.
 IFC INVESTMENT IN SUB-SAHARAN AFRICA HITS $5.3 BILLION
VENTURES AFRICA — International Finance Corporation (IFC), a
member of the World Bank Group , says its investments in subSaharan Africa has hit a record $5.3 billion.
This was acknowledged in its year ending financials, which
showed it carried out advisory services projects worth $65 million
in Sub-Saharan Africa and committed funds towards supporting
the upgrades of infrastructure, health and agribusiness.
16
According to an official statement, the investment body offered $3.5 billion from its
own account, while it spearheaded the mobilization of $1.8 billion from other investors.
The Washington-based institution believes such financial offerings will further enhance
the development of vital sectors key to the growth of several economies across Africa.
“IFC’s $5.3 billion in new investment and $65 million in advisory services projects have
contributed to Africa’s economic growth by supporting entrepreneurs and farmers,
improving infrastructure and basic services, and catalyzing business in countries
recovering from conflict,” said Oumar Seydi, IFC Director for Eastern and Southern
Africa.
IFC strategically focuses its investment in areas where it makes the most difference,
and as such turned its attention to Africa by investing in developmental projects to
stimulate economic growth in nations mostly plagued with poor living standards.
“By focusing on developing Africa’s private sector in key areas such as power
generation, transport or agribusiness, we are playing an active role in stimulating
sustainable economic growth and job creation in the region.
“We also believe in boosting regional markets in Africa and many of our investments
aim to allow companies to grow beyond national boundaries,” added IFC Director for
West and Central Africa, Yolande Duhem.
IFC is an international financial institution which offers investment, advisory, and asset
management services to encourage private sector development in developing
countries.
It was established in 1956 as the private sector arm of the World Bank Group to
support economic development around the world by investing in profitable and
commercial projects that would help drive growth and enhance developmental
strides
 FIRSTRAND HAS $1 BLN TO FUND AFRICA GROWTH PLAN
By Helen Nyambura-Mwaura
JOHANNESBURG - South Africa's FirstRand , Africa's second-largest lender by stock
market value, said it has a $1 billion kitty to pursue an expansion drive that helped
boost earnings by 20 percent in the past year.
17
Like its competitors, FirstRand has been keen to increase its presence across Africa,
but has adopted a more cautious stance to purchases, failing in recent acquisition
attempts in west African nations Nigeria and Ghana.
But it is still keen to grow and although Africa outside its main South African market
made up just 11 percent of its structured lending book, FirstRand said advances in the
region grew 75 percent while revenue expanded by 26 percent.
FirstRand said it has 10 billion rand ($1 billion) in surplus capital that it would deploy
over the next two years to expand its smaller African businesses.
"We grow organically, just like we are growing organically in Zambia, Tanzania, India
and Nigeria. Those platforms obviously take long to fully establish, but they are doing
pretty well," Chief Executive Sizwe Nxasana told Reuters, adding FirstRand would
consider small purchases where they made sense.
Other South Africa-based lenders are also busy expanding their presence across the
continent.
Bigger rival Standard Bank has businesses in 18 African countries and Barclays Africa,
formerly known as Absa, in August took up eight operations that were held by its British
parent.
Nedbank, fourth of the so-called "Big Four" lenders, is also expected to exercise its right
to take up a 20 percent stake in pan-African lender Ecobank from as early as
November 2013.
FirstRand's deal to purchase Merchant Bank Ghana that would have given it a
footprint in the oil-producing country fell through in July. But the bank still managed to
grow its exposure in the west African country to 2.3 billion rand.
MEASURED APPROACH
"They still have a stated African strategy, but it's taking longer to play out," said Louis
Chetty, a banks analyst at asset manager Momentum. "Building an African strategy is
always going to be difficult and they are taking a measured approach."
In Nigeria, where the lender is one of a syndicate of banks picked to provide Dangote
Industries with $3.3 billion for a new plant and where authorities have relaxed
regulations covering its merchant banking licence, Nxasana said FirstRand would be
launching its FNB Commercial brand.
It has in the past shown interest in acquiring one of three Nigerian nationalised banks
that are up for sale.
18
FirstRand has also been on a growth spurt at home, where its retail arm, FNB, added
1.1 million accounts over the year after a marketing plan targeting competitors'
customers.
FNB's earnings grew 20 percent while Rand Merchant Bank, the corporate and
investment banking arm, increased by 23 percent - boosting group earnings by an
expected 20 percent, propelled by loan income and earnings from fees and
commissions.
FirstRand said diluted normalised earnings per share, which exclude certain one-time
items, came in at 271.8 cents in the year to end-June against 225.8 cents a year
earlier.
Net interest income climbed 13 percent to 24.7 billion rand, while impairments fell 5
percent to 4.8 billion.
After several years of increased lending to low-income borrowers, South African banks
are taking a more measured approach to unsecured loans - high-interest loans that
are not backed by collateral.
Nxasana said the bank was creating more provisions and pushing for better loan
collections.
"Given the tough economic environment ... we've created credit overlay provisions in
anticipation of a deteriorating economic environment," he told Reuters.
The central bank has said levels of unsecured credit - at slightly above a tenth of total
banking assets - are unlikely to cause much harm to the wider South African financial
system.
FirstRand shares had gained 1.7 percent by 1133 GMT, bringing total gains so far this
year to 2.7 percent, while the banking index is down 2.6 percent.
($1 = 9.9795 South African rand) (Editing by David Holmes)
19
 BURKINA
FASO: CORIS BANK AUGMENTE SON CAPITAL DE 15
MILLIARDS DE F CFA
(Agence Ecofin) - La banque burkinabè Coris Bank a
procédé à une augmentation de son capital pour le
porter de 10 à 25 milliards de FCFA (de 20 à environ 50
millions de dollars).
L’établissement a émis 1,5 million d'actions nouvelles
d'une valeur nominale de 10 000 F CFA. « Cette opération
fait de Coris Bank la première banque en termes de
fonds propres au Burkina», précise la banque dans un communiqué.
L’augmentation de capital devrait permettre à Coris Bank de «renforcer sa position
d’acteur majeur du financement de l’économie burkinabè et de confirmer son
ancrage dans le marché des PME/PMI».
Sur ce marché Banque a déjà bénéficié de lignes de financement auprès des
Institutions partenaires telles que la Banque Ouest Africaine de Développement
(BOAD) et la Société Financière International (SFI).
L’amélioration de l’assise financière devrait aussi permettre à la banque de renforcer
son réseau de distribution, qui compte actuellement une trentaine d’agences,
et poursuivre son développement sur le continent, amorcé avec l’ouverture d’une
filiale à Abidjan en mars 2013.
 IFC INVESTS $63M IN AFFORDABLE HOUSING IN AFRICA
by Colleen Goko
National Housing Finance Corporation CEO Samson
Moraba. Picture: FINANCIAL MAIL
THE International Finance Corporation (IFC), the largest
global development institution, said on Tuesday it had
invested more than $63m in a housing solutions fund
for the support and development of affordable
housing in South Africa and sub-Saharan Africa.
The International Housing Solutions (IHS) Fund II aims to address the need for housing
across the continent and the lack of affordable housing.
20
The first IHS fund has already committed more than R2bn to providing affordable
housing in emerging markets.
Speaking at a press conference in Houghton, Johannesburg, on Tuesday, Saleem
Karimjee, IFC senior manager for Southern Africa, said services such as access to
quality housing were a priority in Africa.
"IHS Fund II offers an attractive opportunity for private investors to gain access to a
fast-growing market with significant positive social impact," he said. "The IFC’s
commitment will stimulate investment, growth and job creation in sub-Saharan Africa,
demonstrating our support that can help catalyse additional fundraising."
The National Housing Finance Corporation is working with the IFC, and CEO Samson
Moraba said the corporation was delighted with the investment as it would
accelerate the delivery of housing. Its mandate is to broaden access to affordable
housing finance for low- to middle-income South African households.
"It will also contribute toward foreign direct and private sector investment as well as
job creation," Mr Moraba said. "We firmly believe that our deliberate strategic
partnership with IHS will unlock the delivery of housing at scale, and ultimately lead to
the creation of sustainable and attractive communities where people can live, play
and pray."
The "missing middle" in residential housing is those who earn to much to benefit from
the government’s Reconstruction and Development Programme housing but cannot
afford to enter the traditional housing market, which is out of reach for most South
Africans.
Planning Minister Trevor Manuel, in an address at IHS’s annual affordable housing
conference last year, estimated that only 15% of South Africa’s housing was efficient.
The government reports that in the gap market, there is a backlog of 600,000 units that
grows every year by about 100,000 units.
IHS managing partner Soula Proxenos said there were prospects for investors in
emerging mortgage markets.
"There are many great opportunities for affordable housing investments across Africa,
and we’re optimistic that Fund II will deliver excellent returns for investors, as our first
fund is showing," he said.
21
 STANDARD
CHARTERED SEES STRONG AFRICA RETAIL PROSPECTS
ON GROWTH
By Arif Sharif
Standard Chartered Plc (STAN), the U.K. bank that earns most of its profit in Asia,
expects to open 100 new branches in Africa by 2016 to benefit from the continent’s $1
trillion of annual retail spending.
The lender opened 27 new outlets last year and will also “invest heavily” in digital
technology over the next four years, Raheel Ahmed, Dubai-based head of consumer
banking for the Middle East, Africa and Pakistan, said in e-mailed comments
yesterday. The bank will focus on small and medium-sized companies and private
banking, he said.
“There is so much growth potential, particularly where economies are growing
rapidly,” Ahmed said. “In Nigeria, only 14 or 15 percent of the people have bank
accounts,” he said.
STORY: Five Questions on the Verizon Wireless Megadeal
Standard Chartered’s operating revenue at its Africa consumer banking unit rose 9.4
percent in the first half to $257 million. Economic growth in Sub-Saharan Africa will
accelerate to 5.1 percent this year and 5.9 percent next year from 4.9 percent in 2012,
according to the International Monetary Fund.
The bank posted a 24 percent drop in first-half profit to $2.18 billion after a $1 billion
write-down of its Korean business. Revenue rose 6.6 percent as growth in Hong Kong
and India helped offset declines in Korea, Singapore and China.
Standard Chartered’s income from retail banking in Africa, including credit cards and
personal loans, is growing helped by expansion in Kenya and Botswana, Ahmed said.
Income in Ghana grew 32 percent and in Zambia by 45 percent in the first half, he
said. The bank has a “high single digit” market share in consumer banking in most
countries on the continent in which it operates and more than 10 percent in some, he
said.
STORY: Nigeria's Banks Felt the Financial-Crisis Shock Waves
The lender also expects to benefit from growing trade between Africa and China,
which it forecasts to rise to $1.7 trillion by 2030 from $200 billion in 2012. Standard
Chartered’s presence in Asia, the Middle East and Africa will help it connect
companies and help facilitate trade, Ahmed said.
22
To contact the reporter on this story: Arif Sharif in Dubai at [email protected]
To contact the editor
[email protected]
responsible
for
this
story:
Claudia
Maedler
at
 IS
CURRENCY THE BIGGEST RISK FACING INVESTORS IN AFRICA
TODAY?
By David Cowen
African central banks have not thought through a medium
to long-term view on exchange rate policy. Stable
exchange regimes will be key to ensuring competitiveness.
Of all the economic policy reforms made in Africa in the
1990s, perhaps the most important was the liberalisation of
foreign exchange rate regimes.
Throughout much of the 1980s, foreign exchange shortages were almost the norm in
many countries, acting as a major constraint on production and investment, and in
turn a brake on growth. In this environment, parallel foreign exchange markets thrived.
Large fortunes were made by those able to arbitrage the official and parallel market
exchange rates. Usually, the beneficiaries were those with access to foreign currency
at the official rate or those with the right political connections.
Arguably, the economic importance of liberalisation has translated over the past
decade into improved growth rates. Having lagged behind Franc zone and North
Africa for decades, the African countries that more aggressively liberalised their
exchange rate regimes in the 1990s have since the been growing at a considerably
faster rate in the 2000s.
Another important outcome, however, is that since the late 1990s the differential
between the official and parallel exchange rate is now minimal in most African
countries. Instead, where it exists, it largely reflects the fact that people using the
parallel rate are avoiding regulation and bureaucracy and often dealing in cash.
But the reality is that a parallel market can easily return if economic policy takes a
wrong turn. Ask anyone in Malawi recently, or take a trip to Egypt, where the pound
parallel market has returned after a decade hiatus.
These are currently isolated examples, but other countries could end up in the same
place if they get policy wrong. This is because recent macroeconomic trends have
23
put more pressure on currencies in Africa than is widely accepted. In particular, a
sharp widening of fiscal and current account deficits in many countries since 2008 is
now beginning to strain currencies, although this is hard to discern in the cases of fixed
or strongly pegged currencies.
But for floaters, it is a different story. This pressure is most visible in Ghana, where the
cedi has been under significant pressure. It is perhaps not surprising in Ghana, given its
twin deficits, large even by African standards. But it was also visible in east Africa in
2011, when the shillings came under pressure. It has also been clearly visible in South
Africa in mid-2013, when the rand was under intense pressure.
In most of these cases, the response of central banks to currency weakness has been
to tighten monetary policy. This does seem to work, and has bought currency stability.
But it also means that in many of these countries, nominal interest rates are high. On
the plus side, given the limited, or weak, monetary policy transmission mechanism,
these high rates have only had a moderate impact on economic growth. But more
worryingly, faced with further pressure on their currencies and already high interest
rates, the next temptation for many central banks may be to impose stricter capital
controls or place more restrictions on foreign exchange markets.
Tighter capital controls have meant that central banks with fixed and floating-peg
exchange rate regimes have avoided having to raise interest rates. Interest rates in
North Africa or the CFA franc zone are much lower than in African countries with
floating exchange rate regimes. But it is no coincidence that reserves have come
under pressure in many countries, especially in North Africa (although not in Algeria)
and questions around the sustainability of the pegs have started to increase. But
during the 2000s, growth has been significantly lower than in those countries with
floating exchange rate regimes.
Interestingly, South Africa is one of the few countries with a floating exchange rate
regime where growth is arguably the most overwhelming policy priority. So far in 2013,
it has proved unwilling to tolerate high interest rates to defend a weakening currency.
It acknowledges that there will be a pass-through to inflation from a weaker rand, but
it also sees currency weakness as an important policy tool to reduce its twin fiscal and
current account deficits.
But other central banks in Africa seem less willing to adopt this approach, which
represents a potential problem. If an exchange rate is not allowed to adjust, it
becomes misaligned. A common outcome is that the subsequent adjustment is both
harsher and more difficult to manage. This in turn increases the political pressure to
clamp down on the foreign exchange market or impose greater controls.
24
For close observers of currency movements in Africa, there are some signs that these
more pressurised adjustments are becoming more common, given the twin deficits
many countries are now facing. And with no sign that the deficits will be reduced, one
would expect periodic crises to become more common. This has the potential to
create a plausible scenario at some point in the not too distant future when a number
of Africa’s key economies simultaneously run into serious currency crises.
At least part of the problem lies in the fact that most African central banks have not
really thought through a medium to long-term view on exchange rate policy. Most
central banks, when pushed on the issue, argue investors need stable exchange rates
to plan investments. This seems to equate to stable nominal exchange rates. But I
would suggest the argument is probably a bit more subtle. Investors do not need
stable nominal exchange rates. They need a stable exchange regime so they can
form clear opinions about how exchange rates will adjust over time.
In fact, I would argue that if the Asian manufacturing industry is to relocate to Africa in
the coming decade and help provide the unskilled jobs to employ the millions of
Africans moving into the labour market as a result of the demographic dividend, then
Africa will have to become more competitive. The exchange rate is more than just the
price of a currency – like the price of a tomato – it is a key policy tool in achieving
greater competitiveness.
Weaker currencies will not improve competitiveness if they are not accompanied by
crucial structural reforms, notably improving infrastructure and competition in African
countries. But the two have to work hand in hand and exchange rate policy is crucial.
To this end, central banks should seek to ensure they have highly competitive
currencies and this may involve significant weakening over the coming years.
It is better to have a logical exchange rate policy to achieve this. But at present, by
trying to achieve a nominally stable exchange rate against the background of wide
fiscal and current account deficits, governments are creating periods of stability,
which give way to shorter periods of greater instability. In some ways, this is a more
unstable outcome for investors because they do not know when the next pound,
shilling, rand, naira, cedi, CFA franc, dirham or kwacha collapse is coming. And it is
difficult to take a forward position in most, if not all, African markets. As a result, they
demand high rates of return to compensate for the uncertainty. It is difficult to see
that this is an optimal outcome from a policy perspective.
David Cowen is a managing director at Citi, and heads the Africa department’s
research
25
 BANKS SET TO TRANSFORM AFRICAN GROWTH
By Judith Sidi Odhiambo, Director of Corporate and Regulatory Affairs, Kenya
Commercial Bank Friday, September 13th, 2013
As Africa develops, its investment prospects are growing exponentially. Banks such as
Kenya Commercial Bank will be key to steering the continental boom
Africa is the market that the entire world is presently targeting for tangible growth
opportunities. It is the new frontier for investment, trade and technological
advancement.
The continent is endowed with abundant natural resources, skilled manpower, fresh
water bodies and fertile agricultural land. Recent discoveries of oil and gas deposits,
as well as commercially viable minerals, have boosted Africa’s economic worth and
added to the importance the world has attached to the continent as an affordable
alternative investment destination of choice.
Over the last decade, six of the world’s fastest-growing economies were in Africa
The discovery of new oil deposits in Kenya and Uganda – with the potential to
produce 500,000 barrels a day by 2018, according to estimates – by Londonheadquartered Tullow Oil have led investors and multinational corporations
scrambling for the African space.
We are seeing investors from the West and the Far East scouting for opportunities to
buy into existing businesses on the continent or establish ventures in hitherto
untouched fields, such as oil exploration and mineral extraction, in countries that have
not been on anybody’s radar in recent decades. This new trend is beginning to
reawaken the continent in terms of its untapped potential and is slowly accelerating
the strategic revival of various sectors.
Changing times
This is because the continent has changed its political landscape, with many of its 55
nations conducting peaceful, free and fair elections and embracing democracy and
good governance in its key arms of government: namely judiciary, legislature and
executive.
Similarly, the demographics in the African population have continued to change:
there is now a youthful majority in the population, and the growing middle class
(about 15 percent of the population) provides a huge market for its products and
services.
26
Africa is undoubtedly the world’s next growth frontier and is trying to address
challenges such as fluctuating commodity prices, rising inequality and youth
unemployment. Over the last decade, six of the world’s fastest-growing economies
were in Africa, with the World Bank stating that almost half of the countries on the
continent had attained middle-class income status.
The number of African Facebook users now stands at over 17 million, up from 10 million
in 2009
Abundant natural resources, the growing consumer power of an emerging middle
class and a youthful population are among the continent’s key development drivers,
offering enormous potential for sustainable economic growth and development. The
African middle class could be a key factor in finding solutions to the challenges facing
the continent.
Research findings by the McKinsey Global Institute, a consulting firm, define middleclass households as those with incomes of KES1.8m ($20,000) per year or more. The
African countries that currently have the largest middle-class populations include
South Africa, Kenya, Ghana and Angola.
Productivity and free trade
In terms of trade, free trade area such as the Common Market for Eastern and
Southern Africa (COMESA) offers its members and partners a wide range of benefits,
which include a wider, harmonised and more competitive market; greater industrial
productivity and competitiveness; increased agricultural production and food
security; a more rational exploitation of natural resources; more harmonised monetary,
banking and financial policies; and more reliable transport and communications
infrastructure.
Similarly, the Southern Africa Development Community (SADC) helps to further
socioeconomic cooperation and integration, as well as political and security
cooperation, among 15 southern African states to complement the role of the African
Union. Others include the East African Community (EAC) common market, which
provides five partner states (Burundi, Kenya, Rwanda, Tanzania and Uganda) with the
free movement of goods, labour, services, and capital, which significantly boosts
trade and investments and makes the region more productive and prosperous.
In the banking and financial services sector, forays into the African markets by
Chinese banks, and others from the Far East, as well as renewed interest in Africa from
key global players such as Citibank and Barclays, have justified the efforts of
consolidation we are witnessing in markets such as Kenya, South Africa, Nigeria and
27
Ethiopia, demonstrating the realisation that the sector, if
strengthened, can help champion Africa’s economic growth.
modernised and
In East Africa, KCB Group stands out as a trend setter and anchor player in the
financial services sector through its growing regional operations, capacity to underpin
key transactions, and its activities in opening up investment opportunities for the
regional population in what would soon be one of the largest indigenous banking
operations in Eastern Africa.
The bank’s long and proud history as the pioneer of banking services in the East
African region brings with it unmatched capacity, experience and recognition that
stand it in good stead in terms of market penetration, project syndication and brand
acceptance – key ingredients in becoming a big regional player.
For over 115 years the bank has inspired several businesses, originally primarily in
Kenya, to not only expand their operations into various countries in East Africa but also
consider listing their shares across East Africa bourses as a way of reaching out to
regional investors.
The bank operates over 230 branches spread across Kenya, Uganda, Tanzania, South
Sudan, Rwanda and Burundi; a growth model that has been imitated by several
commercial banks operating in Kenyam, thus contributing to the creation of a strong
regional financial system.
The bank also opted to broaden its shareholding by cross-listing its shares across the
stock markets of Uganda, Tanzania and Rwanda, a move that has also been
emulated by a number of Kenyan businesses. This move promotes the ‘Africanisation’
of continental businesses and supports market acceptability, and in doing so paves
the way for businesses to succeed in foreign markets.
Bond development
The move to offer investment opportunities across East African markets is exemplified
by the stock and bond markets. African bond markets have been steadily growing in
recent years, but nonetheless remain undeveloped. African countries would benefit
from greater access to financing and deeper financial markets – based on Africa’s
strengthening economic fundamentals.
African banks can – in borrowing from KCB’s regional model, in which its customers
are on a one-branch banking platform – provide much needed financial support to a
broader cross-section of clients across the continent.
28
The amount of infrastructural development going on in Africa is enormous; the number
of investment opportunities and business enterprises is way beyond the capacity of
African people to capitalise on unless they have the financial backing of Africa’s top
financial institutions. There is a huge opportunity for structured investment and
operating finance that would move this continent up the ladder of global
socioeconomic development. Banks must be ready to play their role in this.
The current phenomenon of telecommunications companies entering the financial
fray is as intriguing as it is exciting. It has brought about a level of financial inclusivity
never before witnessed on the continent. While this poses direct competition to banks,
it also opens opportunities for strategic partnerships with the financial sector.
A similar story now seems to be unfolding again. Africans are coupling their already
extensive use of cell phones with a more recent and massive interest in social media.
In the process, Africans are leading what may be the next global trend: a major shift
to mobile internet use, with social media as its main drivers.
Studies suggest that when Africans go online (predominantly with their mobile phones)
they spend much of their time on social media platforms (Facebook, Twitter, YouTube
and so on). Sending and reading e-mails, reading news and posting research queries
have become less important activities for Africans.
In recent months Facebook – currently the most visited website in most of Africa – has
seen massive growth on the continent. The number of African Facebook users now
stands at over 17 million, up from 10 million in 2009. More than 15 percent of people
online in Africa are currently using the platform, compared to 11 percent in Asia. Two
other social networking websites, Twitter and YouTube, rank among the most visited
websites in most African countries.
Banks take centre stage
Banks can now join up with the likes of telecommunication service provider Safaricom
to facilitate mobile money transfers and add value to their customer relationships.
There are synergies to be exploited to reach marginalised rural markets through
appropriate technological innovations and brand promotion through shared
platforms.
We see banks also taking centre stage in the future of the continent’s carbon market.
The recent launch of the African Carbon Exchange in Kenya raised hopes for many
who engage in clean investments, but also laid bare Africa’s unpreparedness to pick
up a sizeable junk of the KES17.4trn ($200bn) global business.
29
Banks have to come to the fore to introduce appropriate products to finance green
businesses, create a framework for the purchase and trading of carbon credits, and
provide investment funds to those organisations that have viable green plans.
KCB Group is leading the way, and we believe other banks from various regions in the
continent can work towards putting Africa in its rightful place on the global economic
map.
 STANDARD
CHARTERED PLANS TO LAUNCH 100 BANK BRANCHES
IN AFRICA BY 2016
Global banking major Standard Chartered is planning to open approximately 100 new
bank offices in Africa by 2016, as it aims to boost its profitability from the growth
prospects in the continent.
The UK lender, which earns major chunk of its profit from Asia, said that it will
concentrate on small and medium-sized firms and private banking operations, as
reported by Bloomberg.
According to an estimate, African retail spending stood at nearly $1trn per annum.
An e-mail statement of Standard Chartered Middle East, Africa and Pakistan
consumer banking head Raheel Ahmed was quoted by the news agency as saying
that the lender will also substantially invest in digital technology over the next four
years.
"There is so much growth potential, particularly where economies are growing rapidly,"
Ahmed told the news portal.
Standard Chartered, which opened 27 new bank outlets in 2012 in the continent, said
that its operating revenue from Africa consumer banking unit increased by 9.4% in the
first half of 2013 to $257m.
Ahmed further said that the UK bank's income from retail banking in Africa, including
credit cards and personal loans, is growing backed by expansion in Kenya and
Botswana.
During the first half of the year, its income in Ghana and Zambia rose by 32% and 45%,
respectively.
In May 2013, the lender said that it is mulling to expand its banking operations in two
more African countries, including Angola and Mozambique.
30
In August this year, the bank introduced its cross border banking services in East Africa,
with a strategy to offer a comprehensive banking facility to small business customers
across the region.
 INDIAN
BANKS EYE MAURITIUS FOOTPRINT TO TAP AFRICA
POTENTIAL
Looking to tap into the business potential offered by
Africa, some Indian banks have expressed interest in
setting shops in Mauritius.
FLIC-EN-FLAC (MAURITIUS): Looking to tap into the
business potential offered by Africa, some Indian
banks have expressed interest in setting shops in
Mauritius.
The Indian Ocean island nation is one of the most prosperous nations in Africa and is
being seen by foreign entities as a platform to push their business activities into other
nations in the region.
Mauritius Bankers Association's Chief Executive Aisha C Timol told PTI here that more
Indian banks have expressed interest in setting up operations in the country to tap the
potential of the African continent.
However, she did not disclose any specific details. Two Indian banks -- State Bank of
India and Bank of BarodaBSE 1.90 % -- already have operations in this picturesque
African nation. In India, State Bank of Mauritius has three branches.
"There has been interest from Indian banks. We also have interests from Chinese
banks," Timol said here and asserted that Mauritius has sound financial and legal
systems in place.
There are 21 banks in the country and their assets collectively are pegged at around
USD 30 billion. Out of them, seven are domestic entities including one joint venture
and the rest are foreign banks.
"We are positioning ourselves as the gateway to Africa. The banking sector is
supporting this initiative," Timol said.
Emphasising that the Mauritius banking sector has done "tremendously well" in
comparison with other parts of the world, she said the country has a very sound
regulatory environment.
31
"The sector is profitable and is doing well. But generally Mauritius is very much exposed
to Europe in terms of its export oriented industries... This has a little bit of concern for us
in terms of effects on the banking sector," she said.
With regard to employment opportunities in the domestic banking sector, Timol said
that banks would need capacity building initiatives to meet the requirements,
especially for highly skilled jobs. At present, the sector employs around 15,000 people,
she added.
 LE
CONSOMMATEUR
L’INVESTISSEMENT
EMERGENT,
NOUVELLE
FRONTIERE
DE
(Agence Ecofin) - LeapFrog Investments, un
gestionnaire de fonds sur les marchés
émergents, annonce le closing de son
deuxième fonds, LeapFrog Fund II qui investira
204 millions $ dans des sociétés financières à
forte croissance en Afrique et en Asie,
positionnés sur le marché des « consommateurs
émergents ».
« Le consommateur émergent représente une opportunité de croissance
importante », a déclaré Lata Reddy, vice-président de Prudential, l’un des
contributeurs du fonds. «La pénétration des services financiers au sein de ce segment
est faible, le besoin de produits est élevé et la concurrence est encore limitée (…)
L'équipe a démontré que les investissements dans les services financiers qui ciblent les
consommateurs émergents peut donner des performances tout en transformant les
communautés » a ajouté Lata Reddy.
204 millions $ viennent donc d’être levés auprès des plus importants assureurs,
réassureurs, banques et gestionnaires d'actifs pour favoriser le développement d’une
offre diversifiée de produits financiers (assurances, épargne, retraite, produits
d'investissement….) en direction de cette nouvelle classe de consommateurs. Les
assureurs et réassureurs qui ont investi dans cette première levée de fonds
comprennent MetLife In., Prudential USA (NYSE: PRU), XL Group, Achmea, Partner Re
et Swiss Re.
De grandes banques et gestionnaires d’actifs se sont engagés dans ce fonds
notamment JPMorgan Chase & Co (NYSE: JPM), Christian Super et TIAA-CREF.
32
Le fonds a également obtenu le soutien de 5 financeurs du développement : CDC
Group Plc, DEG, la Banque européenne d'investissement (BEI), FMO et Oikocredit.
« L'entrée de ces institutions financières de premier plan dans notre fonds indique
l'attractivité croissante du segment de consommateurs émergents qui sont des millions
de personnes désireuses de rejoindre la classe moyenne», a déclaré le Dr Andrew
Kuper, président et fondateur de LeapFrog Investments. « Il y a 1,9 milliard de
consommateurs émergents dans les régions cibles de LeapFrog, et leur pouvoir
d'achat devrait augmenter de 2 milliards $ aujourd'hui à 5 milliards dans les 10
prochaines années. Les services financiers sont des tremplins essentiels pour les
ménages et les entreprises, mais leur accès est très limité. LeapFrog soutient les
meilleures entreprises qui vont servir ce marché vaste et inexploité »
 STANDARD
CHARTERED BANK VISE LE MARCHE AFRICAIN DE LA
BANQUE DE DETAIL
(Agence Ecofin) - Standard Chartered Plc (STAN),
le groupe bancaire britannique qui réalise la
plupart de ses bénéfices en Asie, envisage d'ouvrir
100 nouvelles agences en Afrique d'ici 2016, pour
un marché où, selon ses chiffres, il est dépensé
annuellement 1 trillion $ pour la consommation.
« Le banque a déjà ouvert 27 nouveaux points de
vente en 2012 et envisage également d’"investir
massivement" dans la technologie numérique au cours des quatre prochaines
années » a déclaré Raheel Ahmed, le directeur en charge de la clientèle de
Standard Chartered pour le Moyen-Orient, l'Afrique et le Pakistan, selon des propos
rapportés par Bloomberg.
« Il y a un tel potentiel de croissance, en particulier là où les économies se
développent rapidement », a ajouté M. Ahmed présentant en exemple le Nigeria, où
« seulement 14 ou 15% de personnes ont des comptes bancaires ».
Le projet de Standard Chartered Bank s’appuie sur de solides fondamentaux. La part
de sa clientèle africaine dans son résultat d'exploitation a augmenté de 9,4% au cours
du premier semestre 2013, atteignant 257 millions de dollars. D’un autre côté la
croissance économique en Afrique subsaharienne est annoncée en 2014 sur une
hausse de 5,9% selon les prévisions du FMI.
33
Le groupe qui est coté sur le marché financier de Londres en Angleterre, mais aussi sur
ceux de Hong Kong en Chine et Mumbaï en Inde souhaiterait aussi tirer profit du
potentiel qu’offrent les échanges commerciaux entre la Chine et l’Afrique.
 STANDARD
CHARTERED : CHRISTOS PAPADOPOULOS PRESIDENT
DU POLE FINANCE ISLAMIQUE
(Agence Ecofin) - Standard Chartered (LES:STAN) a nommé
Christos Papadopoulos comme président de Standard
Chartered Saadiq, filiale dédiée aux activités de finance
islamique. M. Papadopoulos cumule cette promotion avec
son poste de CEO de Standard Chartered pour la région
MENA et le Pakistan.
« La finance islamique est une partie intégrante de l’offre de
Standard Chartered et nous constatons une demande
croissante des clients sur plusieurs de nos marchés, notamment en Asie et au MoyenOrient. Comme président, Christos viendra compléter le solide leadership de l'équipe
Saadiq à Dubaï et Kuala Lumpur pour faire croitre cette activité » a expliqué
Viswanathan Shankar CEO de Standard Chartered pour l’Europe, Moyen- Orient, en
Afrique et les USA.
Christos a commenté ses nouvelles responsabilités: « Depuis la création de notre unité
bancaire islamique en 2003, nous avons continué à investir pour répondre aux besoins
de financement et d'investissement de nos clients. Comme une banque
internationale de premier plan avec un engagement fort en banque islamique, nous
sommes bien positionnés pour participer dans la croissance de cette industrie. J'ai
hâte de travailler avec l’équipe pour offrir la qualité de services que nos clients sont
en droit d'attendre de Standard Chartered Saadiq. »
L'industrie bancaire islamique devient un élément de plus en plus important de la
finance internationale, avec des actifs qui devraient dépasser les 2000 milliards $ d'ici
2015.
34
 GERVAIS
KOFFI DJONDO, FONDATEUR D’ECOBANK, EXIGE LA
DEMISSION DU PCA
(Agence
Ecofin)
Selon
une
information rapportée le 12 septembre
par le journal britannique Financial
Times, Gervais Koffi Djondo, un des
fondateurs d’Ecobank Transnational
Incorporated, président d’honneur du
groupe
bancaire
panafricain,
président d’ASky, a demandé dans
une lettre, la démission de M. Kolapo
Lawson, le président du conseil
d’administration de la banque.
«Au regard de la situation actuelle, il
est impératif pour le président de
démissionner immédiatement. Notre
institution est en danger et nous devons
prendre des mesures urgentes pour
arrêter la crise actuelle, prévenir toute
dégradation supplémentaire de la banque et rassurer nos actionnaires, régulateurs,
clients et employés », aurait écrit M. Djondo dans un message au conseil
d’administration
Le Financial Times, qui donne l’information, a expliqué que cette lettre de M. Djondo
est d’un réel poids, du fait du rôle qu’a été le sien dans la construction de cette
banque, mais aussi au regard des efforts fournis à cet effet avec Adeyimi Lawson,
dont le fils est aujourd’hui PCA.
Depuis début août, le board d’Ecobank Transnational Incorporated (ETI) dont les titres
sont cotés à la BRVM est en proie à des conflits internes, suite à des accusations
portées par Laurence de Rego à l’encontre de son président et de son directeur
général. Pour leur part, Kolapo Lawson et Thierry Tanoh ont démenti fermement les
allégations portées contre eux. M. Tanoh a d’ailleurs récemment renoncé à son bonus
pour le compte de l’exercice 2012, un bonus qui, selon les allégations, surpassait la
proportion définie dans le contrat.
35