United Kingdom IC Publications 7 Coldbath Square London EC1R 4LQ Tel: +44 20 7841 3210 Fax: +44 20 7713 7898 E-mail: icpubs@icpublications.com www.icpublications.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 email: info@icpublications.com www.icpublications.com

FOUNDER AND EDITOR-IN-CHIEF Afif Ben Yedder Directeur de la publication benyedder@icpublications.com GROUP PUBLISHER Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi SUB EDITOR Charles Dietz ART DIRECTOR Jason Venkatasamy GENERAL MANAGER Leila Ben Hassen l.benhassen@icpublications.com VP DEVELOPMENT Saliba Manneh s.manneh@icpublications.com ADVERTISING advertising@icpublications.com SPECIAL PROJECT MANAGER Darren Moore ADVERTISING SALES DIRECTORS Medrine Chitty, Baytir Samba, Nick Rosefield DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER Richard Briggs PRINTERS Stones Ashford Ltd, The Invicta Press Queens Road, Ashford, Kent, TN24 8HH SUBSCRIPTIONS IC Publications Webscribe Unit 4, College Business Park College Road North Aston Clinton, HP22 5EZ UK Telephone: +44 20 8950 9117 contact@webscribe.co.uk www.africanbusinessmagazine.com/subscribe All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2017 IC Publications Ltd N° DE COMMISSION PARITAIRE 0115 T 90333 Dépôt légal Novembre 2017

Cover Story Investment Banking in Africa: Navigating the Peaks and Troughs

Editorial 6 Stormy weather, but fair winds lie ahead

News in brief 8 Banking sector news from around the continent

African Banker’s World 14 Who’s going where in the African banking industry

Profile 20 Professor Benno Ndulu, Governor of the

Central Bank of Tanzania

Cover Story 26 Investment Banking in Africa: Navigating the Peaks and Troughs 26 Mixed fortunes for investment banking 30 Uncertainty slows IPO activity 32 Debt capital markets look to local sources 34 Equity capital markets regroup after decline 36 Value of M&A activity falls

Islamic Finance 40 Al Rayan Bank sets example for Africa

Out of the box 46 Do skyscrapers attract FDI?

Essay 48 Conditions ripe for economic development

Country focus 54 Ethiopia: Expanding consumer base lures investors 56 Kenya: Is the interest cap coming off? 58 Nigeria: Debut sovereign sukuk opens new era 60 Uganda: Banks stuck with unsaleable collateral

Innovation 64 Cryptocurrency –

made for Africa?

Expert Viewpoint 66 East African Payment

System drives growth