4th Quarter 2013 Issue 26 An IC Publication

Africa’s Financial Landscape Country Focus: South African banking Star Interview: AFC’s Andrew Alli Nigeria: Bankers reel from Sanusi clampdown Kenya: Deposits up but loans are down

Is the World Bank still relevant?

Bonds – the way forward How Africa can plug infrastructure gap

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Eurozone €8.00, UK £5.50, USA $9.95, CFA Zone cfa5.000, Egypt E£40, Ethiopia R100, Gambia da100, Ghana gh¢10.00, Japan ¥1400, Kenya kshs580, Kuwait kd2.500, Mauritius mr300, Morocco dh60, Nigeria N1000, Sierra Leone LE 20000 Singapore S$14, South Africa r45.00 (inc tax), other Southern African countries r35 (excl tax), Switzerland sfr15.00, Tanzania tshs10,000, Tunisia td5.000, UAE dh30, Uganda ush15,000, Zambia ZMK 30