Africa: a potentially big source of profits?

Everyone is looking at Africa, ever since ICBC (the world’s biggest bank by value) paid billions in 2007 for a 20% stake in Standard Bank, one of South Africa's big four banks. The continent is becoming more and more competitive, as two sorts of firms operate in it's region: the biggish locals and the rich-world firms. Many banks envy the Standard Bank set-up, but doubt that uncertain alliances with Chinese banks are worth it. “They suck everything out of you”, says one European bank boss. The hard-headed approach, however, is a compliment too: banks are taking Africa seriously.

(The Economist)

Myrthe Herregodts