Back Matter

Author(s):
Charles Enoch, Paul Mathieu, Mauro Mecagni, and Jorge Canales Kriljenko
Published Date:
April 2015
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    Appendix I. Supplemental Tables and Figures
    Appendix Table 1.Selected Pan-African Banks: Main Information, 2013(Millions of U.S. dollars)
    Country of HeadquartersNumber of Operations in SSANumber of Subs/BranchesNumber of Systemically Important Operations in SSALatest Accounts DataConsoli CodeTotal AssetsTotal DepositsLoansCons. Assets in Percent of Home Country GDPShare of Assets in SSA Excluding Headquarters CountryShare of Deposits in SSA Excluding HeadquartersShare of Loans in SSA Excluding Headquarters CountryData Availability
    Standard BankSouth Africa20181012/2013C2161,19781,28470,5274612.817.311.91
    FirstRand BankSouth Africa118412/2013C274,60146,08653,589216.68.66.21
    Nedbank1South Africa97412/2013C271,45951,99249,635202.82.42.51
    InvestecSouth Africa22203/2014C241,00119,53315,007124.14.35.91
    Attijariwafa BankMorocco1212712/2013C147,30729,15230,7654613.016.011.52
    BMCEMorocco1817812/2013C229,04018,11216,4002823.830.624.32
    Bank of Africa150012/2013C6,6294,8273,448
    Group Banque Centrale PopulaireMorocco1010112/2013C135,61725,76424,094347.18.58.43
    First Bank of NigeriaNigeria87103/2014C224,94218,87311,39951.71.61.42
    Zenith BankNigeria54103/2014C220,25214,2558,06344.63.73.92
    United Bank for AfricaNigeria1919203/2014C217,02513,9256,041315.013.413.53
    Guaranty Trust BankNigeria99203/2014C213,5499,1986,45938.79.46.62
    Access BankNigeria77003/2014C211,8268,5795,06626.06.35.82
    Diamond BankNigeria55103/2014C29,7867,7714,44126.64.56.43
    Skye BankNigeria44003/2014C27,1955,3053,54310.10.00.03
    Union Bank of NigeriaNigeria22003/2014C26,4613,1101,47911.93.15.93
    Keystone Bank2Nigeria55012/2012C22,5011,91756400.00.00.03
    Kenya Commercial BankKenya66203/2014C24,5283,5412,638819.922.412.92
    Equity BankKenya55003/2014C23,2182,2611,98569.39.35.33
    Diamond Trust BankKenya44003/2014C21,9291,4921,285430.429.827.62
    Commercial Bank of AfricaKenya33003/2014C21,6921,213795314.713.216.81
    Investments and Mortgages BankKenya44112/2013C21,6381,1261,065358.968.156.41
    NIC BankKenya33003/2014C21,4031,06196738.17.35.62
    Imperial BankKenya22003/2014C2571459346114.914.012.31
    Libyan Foreign Bank3Libya66012/2013U126,04214,3631,8961.31.610.14
    BSIC4Libya1212012/2012C22,5741,65773117.918.937.53
    EcobankTogo35331703/2014C222,53316,49011,42251994.593.490.92
    Banco Angolano de InvestimentosAngola43112/2013U110,6579,2552,51891.00.31.74
    Mauritius Commercial BankMauritius44103/2014C27,2005,4654,921602.72.42.01
    Banco BicAngola22112/2012U16,8085,3892,31550.00.00.03
    BGFI HoldingGabon99312/2013C6,3565,1274,4373349.158.427.42
    State Bank of MauritiusMauritius22103/2014C23,7012,7602,330311.82.21.02
    Capricorn Investment HoldingsNamibia22106/2013C22,3961,5611,9192015.921.213.01
    BancABCBotswana55012/2013C11,8101,4001,2101269.152.263.72
    Afriland First BankCameroon109212/2013U11,4801,010776563.392.892.64
    Oragroup SA5Togo1111212/2012C21,4751,0279143493.499.993.62
    Commercial BankCameroon55112/2013U139929826013444364
    Sources: Annual reports; Bankscope; and bank websites.Notes: Subsidiaries/branches are defined as systemically important if deposits are larger than 10 percent of banking system deposits or if assets are larger than 7 percent of GDP. Data availability is based on data that is available for 2012 or 2013 and is categorized in the following groups: Group 1: Consolidated data and data for all subsidiaries available in Bankscope; Group 2: Consolidated data and data for the majority of subsidiaries available in Bankscope or annual report; Group 3: Consolidated data and data for some subsidiaries available in Bankscope or annual report; and Group 4: No consolidated data and data for some subsidiaries available in Bankscope or annual report. BMCE = Banque Marocaine du Commerce Extérieur; C = From the Annual Report: consolidated statements integrating its controlled subsidiaries and/or branches; C1 = From Bankscope: statement of a mother bank integrating the statements of its controlled subsidiaries or branches with no unconsolidated companion; C2 = From Bankscope: statement of a mother bank integrating the statements of its controlled subsidiaries or branches with an unconsolidated companion; SSA = sub-Saharan Africa; U = From the Annual Report: unconsolidated statements excluding any subsidiaries or branches; U1 = From Bankscope: statement not integrating the statements of the possible controlled subsidiaries or branches of the concerned bank with no consolidated companion.

    Nedbank has a cooperation agreement with Ecobank Transnational Incorporated and acquired a 20 percent shareholder stake in Ecobank Transnational Incorporated. It is a subsidiary of a British financial entity, Old Mutual.

    Keystone Bank belongs to the Asset Management Corporation of Nigeria.

    Lybian Foreign Bank belongs to the Central Bank of Lybia.

    Banque Sahelo-Saharienne pour l’investissement et Commerce (BSIC) is owned by Lybia and SSA governments.

    Oragroup SA belongs to emerging capital partners (ECP), a private equity firm specialized in investing in Africa.

    Appendix Table 2.Selected Pan-African Banks: Share of Deposits by Country, 2013(Percent)
    South AfricaMoroccoNigeriaKenyaLibyaOther Sub-Saharan Africa
    BMCEGBCP
    Standard BankFirstRand BankNedbankInvestecAttijariwafa BankBMCEBank of AfricaBanque Centrale PopulaireAtlantic Business InternationalUnited Bank for AfricaGuaranty Trust BankFirst Bank of NigeriaAccess BankDiamond BankZenith BankKeystone BankSkye BankUnion Bank of NigeriaKenya Commercial BankEquity BankDiamond Trust BankInvestments and Mortgages BankNIC BankCommercial Bank of AfricaImperial BankBSICLibyan Foreign BankEcobankOragroup SABGFI HoldingAfriland First BankCommercial BankBancABCMauritius Commercial BankBanco Angolano de InvestimentosCapricorn Investment HoldingsState Bank of MauritiusBanco Bic
    Rand Area
    South Africa2522208RORORORO
    Lesotho52820
    Namibia1923616
    Swaziland321615
    Flexible Exchange Rates
    Angola1ROROx2213
    Botswana162495
    Burundi353x7
    Democratic Republic of Congo41082441
    EthiopiaRORORO
    Gambia14044x07
    Ghana6223134012
    Guineax50xx218x
    Kenya5RORO301139545521
    Liberia98x29x
    Madagascar28043
    Malawi2223
    Mauritius16754524
    Mozambique1834031
    Nigeria3IB1281787132537
    Rwanda258x1212
    Seychellesx
    Sierra Leone714144xx11
    United Republic of Tanzania50201x211211
    Uganda17323x3360x212
    Zambia134012x2
    CEMAC
    Cameroon155132206
    Central African Republicx77229
    Chad80x37289
    Congo18x11056RO
    Equatorial Guinea02730x
    Gabon1627660
    WAEMU
    Beninx317811301983
    Burkina Fasox163123422x
    Côte d’IvoireRO1061110x11131x
    Guinea Bissaux26x
    Mali17241430113x
    Nigerx2240119x
    Senegal24433xx013x
    Togo6x4xxx2414
    Other Fixed Exchange Rate Regimes
    Cape Verde02x
    Comoros
    Eritrea
    SaoTomeand Principe43553
    South Sudanx318xx
    Zimbabwe10328
    North Aftica
    Morocco23147
    Total Number of Operations2011921218101998755542654433212635119105544222
    Total Number of Subsidiaries/Branches18872121710199775454265443321263311995543222
    Number of Systemically Important Operation10442781221011000200100000172321011111
    Sources Annual reports, Bankscope, and bankwebsitesLegend:xDeposits share of total is greater than or equal to 10%.
    xDeposits share of total is greater than or equal to 5% and less than 10%.
    xDeposits share of total is less than 5%.
    xDeposits data is not available.
    Notes Deposits data is as of 2013 if available or of 2012 Italicized numbers indicate data is from Spring 2012 Regional Economic Outlook or from Bankscope for 2011 or older Subsidiaries/branches are defined system deposits or if assets are larger than 7% of GDP BMCE = Banque Marocaine du Commerce Extérieur, BSIC = Banque Sahelo-Saharienne pour l’investissement et Commerce, CEMAC = Central African Economic and Monetary Community, GBCP = Groupe Banque Centrale Populaire, IB = investment bank branch, RO = representative office, WAEMU = West African Economic and Monetary Union.xRepresentative office or investment bank branch.
    Appendix Table 3.Selected Pan-African Banks: Assets in Percent of GDP by Country, 2013(Percent)
    South AfricaMoroccoNigeriaKenyaLibyaOther Sub-Saharan Africa
    BMCEGBCP
    Standard BankFirstRand BankNedbankInvestecAttijariwafa BankBMCEBank of AfricaBanque Centrale PopulaireAtlantic Business InternationalUnited Bank for AfricaGuaranty Trust BankFirst Bank of NigeriaAccess BankDiamond BankZenith BankKeystone BankSkye BankUnion Bank of NigeriaKenya Commercial BankEquity BankDiamond Trust BankInvestments and Mortgages BankNIC BankCommercial Bank of AfricaImperial BankBSICLibyan Foreign BankEcobankOragroup SABGFI HoldingAfriland First BankCommercial BankBancABCMauritius Commercial BankBanco Angolano de InvestimentosCapricorn Investment HoldingsState Bank of MauritiusBanco Bic
    Rand Area
    South Africa2824198RORORORO
    Lesotho29513
    Namibia1618816
    Swaziland1377
    Flexible Exchange Rates
    Angola1RORORO95
    Botswana81243
    Burundi7112
    Democratic Republic of Congo1001011x
    EthiopiaRORORO
    Gambia9133x1x5
    Ghana311101204
    Guineax20xx52x
    Kenya4RORO10175222311
    Liberia44x13x
    Madagascar6011
    Malawi1011
    Mauritius201455529
    Mozambique1022020
    Nigeria1IB3242240112
    Rwanda112x22
    Seychellesx
    Sierra Leone12011xx2
    United Republic of Tanzania201000110101
    Uganda6101x111xx000
    Zambia31001x1
    CEMAC
    Cameroon313031
    Central African Republicxx143
    Chad100321
    Congo4x0313RO
    Equatorial Guinea056x
    Gabon402211
    WAEMU
    Beninx17558101051
    Burkina Fasox714119x
    Côte d’IvoireRO22400x1410x
    Guinea Bissaux9x
    Mali4961017x
    Nigerx51005x
    Senegal11321x07x
    Togoxx2xx01412
    Other Fixed Exchange Rate Regimes
    Cape Verde15x
    Comoros
    Eritrea
    Sao Tome and Principe55x31
    South Sudanx31x
    Zimbabwe4114
    North Africa
    Morocco301921
    Total Number of Operations2011921218101998755542654433212635119105544222
    Total Number of Subsidiaries/Branches18872121710199775454265443321263311995543222
    Number of Systemically Important Operations10442781221011000200100000172321011111
    Sources: Annual reports; Bankscope; and bank websites.Legend:xAssets in percent of GDP is greater than or equal to 7%.
    xAssets in percent of GDP is greater than or equal to 3% and less than 7%.
    xAssets in percent of GDP is less than 3%.
    xAssets data is not available.
    Notes: GDP data is as of 2013. Bankscope data may be outdated in some cases. Subsidiaries/branches are defined as systemically important if deposits are larger than 10% of banking system deposits or if assets are larger than 7% of GDP. BMCE = Banque Marocaine du Commerce Extérieur; BSIC = Banque Sahelo-Saharienne pour l’investissement et Commerce; CEMAC = Central African Economic and Monetary Community; GBCP = Groupe Banque Centrale Populaire; IB = investment bank branch; RO = representative office; WAEMU = West African Economic and Monetary Union.xRepresentative office or investment bank branch.
    Appendix Table 4.Selected Foreign Banks with Sub-Saharan Africa Presence: Share of Deposits by Country, 2013(Percent)
    United KingdomFrancePortugalGermanyUnited Sta India
    Standard CharteredBarclaysHSBCSociete GeneraleBNP ParibasBPCECredit AgricoleCaixa Geral de DepositsBanco Comercial PortuguesBanco BPIBanco Espirito SantoBanif Financial GroupFinibanco PortugalProcredit HoldingsDeutsche BankCitigroupBank of Baroda
    Rand Area
    South Africax23xxxxx
    Lesotho
    NamibiaRO
    Swaziland
    Flexible Exchange Rates
    Angolax331980
    Botswana16192
    Burundi
    Democratic Republic of Congo53
    Ethiopia
    Gambia23
    Ghana8751x
    Guinea59
    Kenya9922
    Liberia
    Madagascar101922
    Malawi
    Mauritius102828343
    Mozambique631341
    Nigeria2ROxx2
    Rwanda
    Seychelles579
    Sierra Leone10
    United Republic of Tanzania71341
    Uganda16946
    Zambia151445
    CEMAC
    Cameroon717213
    Central African Republic
    Chad9
    Congo3
    Equatorial Guinea16
    Gabon192
    WAEMU
    Benin10
    Burkina Faso77
    Côte d’Ivoire21992
    Guinea Bissau
    Mali3
    Niger
    Senegal169x
    Togo
    Other Fixed Exchange Rate Regimes
    Cape Verde58x8
    Comorosx
    Eritrea
    Sao Tome and Principe6
    South Sudan
    Zimbabwe86
    Total Number of Operations151121174152131133118
    Total Number of Subsidiaries/Branches15921174152131133118
    Total Number of Operations Total Number of Subsidiaries/Branches Number of Systemically Important Operations66151212111100000
    Sources: Annual reports; Bankscope; and bank websites.Legend:xDeposits share of total is greater than or equal to 10%.
    xDeposits share of total is greater than or equal to 5% and less than 10%.
    xDeposits share of total is less than 5%.
    xDeposits data is not available.
    Notes: Deposits data is as of 2013 if available or of 2012. Italicized numbers indicate data is from Spring 2012 REO or from Bankscope for 2011 or older. Subsidiaries/branches are defined as systemically important if deposits are larger than 10% of banking system deposits or if assets are larger than 7% of GDP. CEMAC = Central African Economic and Monetary Community; IB = investment bank branch; RO = representative office; WAEMU = West African Economic and Monetary Union.xRepresentative office or investment bank branch.
    Appendix Table 5.Selected Foreign Banks with Sub-Saharan Africa Presence: Assets in Percent of GDP by Country, 2013(Percent)
    United KingdomFrancePortugalGermanyUnited StatIensdia
    Standard CharteredBarclaysHSBCSociete GeneraleBNP ParibasBPCECredit AgricoleCaixa Geral de DepositsBanco Comercial PortuguesBanco BPIBanco Espirito SantoBanif Financial GroupFinibanco PortugalProcredit HoldingsDeutsche BankCitigroupBank of Baroda
    Rand Area
    South Africax210xxx0
    Lesotho
    NamibiaRO
    Swaziland
    Flexible Exchange Rates
    Angolax11790
    Botswana891
    Burundi
    Democratic Republic of Congo10
    Ethiopia
    Gambia13
    Ghana3210x
    Guinea13
    Kenya5411
    Liberia
    Madagascar245
    Malawi
    Mauritius2832375xx
    Mozambique418190
    Nigeria1ROxx0
    Rwanda
    Seychelles35x
    Sierra Leone2
    United Republic of Tanzania3410
    Uganda4212
    Zambia4411
    CEMAC
    Cameroon1451
    Central African Republic
    Chad1
    Congo1
    Equatorial Guinea4
    Gabon41
    WAEMU
    Beninx
    Burkina Faso33
    Côte d’Ivoire1631
    Guinea Bissau
    Malix
    Niger
    Senegal94x
    Togo
    Other Fixed Exchange Rate Regimes
    Cape Verde61x9
    Comorosx
    Eritrea
    Sao Tome and Principe3
    South Sudan
    Zimbabwe32
    Total Number of Operations151121174152131133118
    Total Number of Subsidiaries/Branches15921174152131133118
    Number of Systemically Important Operations66151212111100000
    Sources: Annual reports; Bankscope; and IMF staff calculations.Legend:xAssets in percent of GDP is greater than or equal to 7%.
    xAssets in percent of GDP is greater than or equal to 3% and less than 7%.
    xAssets in percent of GDP is less than 3%.
    xAssets data is not available.
    Notes: GDP data is as of 2013. Bankscope data may be outdated in some cases. Subsidiaries/branches are defined as systemically important if deposits are larger than 10% of banking system deposits or if assets are larger than 7% of GDP. CEMAC = Central African Economic and Monetary Community; IB = investment bank branch; RO = representative office; WAEMU = West African Economic and Monetary Union.xRepresentative office or investment bank branch.
    Appendix Table 6.Selected Pan-African Banks and Foreign Banks: Asset and Loan Growth, 2007–2012/13
    Asset Growth (in percent)Loan Growth (in percent)
    Pan-African BanksForeign BanksPan-African BanksForeign Banks
    EcobankStandard BankBMCEAttijariwafa BankStandard CharteredBarclays/ABSASociete GeneraleBNP ParibasEcobankStandard BankBMCEAttijariwafa BankStandard CharteredBarclays/ABSASociete GeneraleBNP ParibasAverage Credit Growth
    Consolidated Group244-711172104-12802032959081-3027Consolidated Group
    Aggregated Assets for SSA Subsidiaries108307729892723849-1498-6Aggregated Loans for SSA Subsidiaries
    Rand AreaRand Area
    South AfricaRO-6x-14xRO13x-10x9South Africa
    Lesothoxx25Lesotho
    Namibia18RO3512Namibia
    Swaziland27012Swaziland
    Flexible Exchange RatesFlexible Exchange Rates
    Angolaxxxxx42Angola
    Botswana21-12-25123252519Botswana
    Burundix7326021220Burundi
    Democratic Republic of Congox178xx35xDemocratic Republic of Congo
    EthiopiaRORORORO25Ethiopia
    Gambiaxxx-52Gambia
    Ghana2102678563-14x1507512572-43x34Ghana
    Guinea237xx92xx27Guinea
    Kenya18426053176-510514549875-3021Kenya
    Liberia20517932Liberia
    Madagascar27x32x13Madagascar
    Malawix81x8032Malawi
    Mauritius236472224-8-3115Mauritius
    Mozambique1068022324227Mozambique
    NigeriaxxxROxxx27Nigeria
    Rwanda13253226Rwanda
    Seychellesxx17Seychelles
    Sierra Leonex48x13829Sierra Leone
    United Republic of Tanzaniax312416318x175491-62United Republic of Tanzania
    Ugandax651825123x7117815-2727Uganda
    Zambiax14010031x1851243526Zambia
    CEMACCEMAC
    Cameroon1888x2317853x4413Cameroon
    Central African Republicx16514Central African Republic
    Chad243x292x25Chad
    Congox105x114Congo
    Equatorial Guineaxxx12335Equatorial Guinea
    Gabonx473x372315Gabon
    WAEMUWAEMU
    Benin9459xx7115xx14Benin
    Burkina Faso273234xx7272161x36416Burkina Faso
    Côte d’Ivoire137RO36106x542111026104x1311Cote d’Ivoire
    Guinea BissauxxxxGuinea Bissau
    Mali16653xx9367x12Mali
    Niger213156x178177x19Niger
    Senegal182198-8x-313012714x512Senegal
    Togo133xx101xx20Togo
    Other Fixed Exchange Rate RegimesOther Fixed Exchange Rate Regimes
    Cape VerdexxCape Verde
    Comorosxx22Comoros
    Eritrea3Eritrea
    Sao Tome and PrincipexxSao Tome and Principe
    Zimbabwexxxxxxxx86Zimbabwe
    South Sudanxxxx44South Sudan
    North AfricaNorth Africa
    MoroccoxxxxMorocco
    Total Number of Operations331815121511117331815121411116Total Number of Operations
    Number of Systemically Important Subs.17106656411710665641Number of Systemically Important Subs.
    Sources: Annual reports; Bankscope; and IMF staff calculations.Notes: Table shows asset and loan growth between 2007 and 2013. If 2013 data is not yet available, 2012 data is used. Aggregated assets/loans for SSA subsidiaries shows the growth of the sum of assets/loans for SSA operations, where data is available, except for BMCE and Barclays. For BMCE sonsolidated assets of Bank of Africa are used and for Barclays consolidated assets of Barclays Africa Group Limited. Colored cells denote systemically important subsidiaries, using both the deposit and asset share criteria. BMCE = Banque Marocaine du Commerce Extérieur; CEMAC = Central African Economic and Monetary Community; SSA = sub-Saharan Africa; WAEMU = West African Economic and Monetary Union; X = an existing operation where data is not available for the period 2007 to 2013.
    Appendix Table 7.Selected Pan-African Banks and Foreign Banks: Consolidated Financial Soundness Indicators, 2007–13(Percent)
    Loan-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loan Ratio
    2007200820092010201120122013200720082009201020112012201320072008200920102011201220132007200820092010201120122013
    Pan-African Banking Groups
    Ecobank
    66.164.873.666.460.964.669.32.81.50.71.41.51.50.715.724.521.420.818.619.316.35.717.016.015.25.55.66.2
    Standard Bank
    93.892.192.185.688.488.186.81.51.20.91.01.11.31.211.613.315.115.314.312.815.11.84.17.97.15.04.64.0
    BMCE
    72.075.579.885.489.588.090.50.80.90.50.80.80.70.88.712.110.112.612.313.112.75.04.95.95.76.16.57.2
    Attijariwafa
    78.590.697.0102.9106.5109.1105.51.41.51.71.61.61.51.39.111.011.111.711.311.912.76.55.55.35.34.95.16.3
    Foreign Banking Groups
    Standard Chartered
    85.873.077.275.975.272.674.41.00.90.80.90.90.80.615.215.616.518.417.617.418.01.41.71.71.71.62.02.3
    Barclays
    117.1137.6130.3123.8118.0110.0100.60.50.30.60.30.30.00.112.113.616.616.916.417.119.92.83.45.29.16.75.75.8
    Societe Generale
    131.4143.6131.3124.9132.3116.8106.90.20.30.10.40.20.10.28.911.213.012.111.912.714.73.53.86.36.66.97.27.7
    BNP Paribas
    128.4119.4120.5120.7127.0118.1111.50.50.20.30.50.30.40.310.011.114.214.714.015.514.34.03.75.76.16.36.57.1
    Sources: Annual reports; Bankscope; and IMF staff calculations.Note: BMCE = Banque Marocaine du Commerce Extérieur.
    Appendix Table 8.Selected Pan-African Banks and Foreign Banks: Subsidiaries’ Financial Indicators, 2007–13(Percent)
    Loan-to-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loans
    2007200820092010201120122013200720082009201020112012201320072008200920102011201220132007200820092010201120122013
    Attijariwafa
    Consolidated78.590.697.0102.9106.5109.1105.51.41.51.71.61.61.51.39.111.011.111.711.311.912.76.55.55.35.34.95.16.3
    Senegal (CBAO Groupe)66.177.871.269.269.477.682.92.31.41.81.20.71.41.6n.a.n.a.n.a.n.a.n.a.n.a.n.a.7.46.29.99.524.019.8n.a.
    Cameroon44.943.550.254.856.366.2n.a.1.40.81.41.11.11.6n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.10.09.09.6n.a.
    Gabon67.555.662.5n.a.71.577.4n.a.2.73.11.7n.a.1.61.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.2.5n.a.n.a.n.a.n.a.
    Côte D’Ivoire80.688.793.0100.173.076.3n.a.2.63.52.32.42.02.4n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Congo30.029.833.327.334.330.8n.a.3.64.01.82.32.12.2n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Malin.a.75.171.963.0n.a.n.a.n.a.n.a.0.50.70.6n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.96.7n.a.n.a.n.a.n.a.
    Senegal (Credit du Senegal)92.5114.086.688.2100.586.8n.a.0.2n.a.n.a.1.62.22.3n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.11.310.3n.a.
    Togon.a.n.a.45.156.368.384.477.9n.a.n.a.0.02.92.62.40.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Subsidiaries Without Data:
    Benin, Burkina Faso, Guinea Bissau, Niger
    Loan-to-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loans
    2007200820092010201120122013200720082009201020112012201320072008200920102011201220132007200820092010201120122013
    BMCE
    Consolidated72.075.579.885.489.588.090.50.80.90.50.80.80.70.88.712.110.112.612.313.112.7n.a.n.a.n.a.n.a.9.49.39.5
    Bank of Africa Group
    Consolidatedn.a.72.270.362.264.569.473.5n.a.n.a.n.a.n.a.n.a.n.a.n.a.0.00.00.00.00.00.00.0n.a.0.00.00.00.00.00.0
    Benin59.862.468.559.158.055.9n.a.1.11.51.41.31.51.3n.a.10.611.710.516.016.716.2n.a.9.79.310.812.215.017.9n.a.
    Kenya82.974.173.071.189.484.181.01.51.71.31.51.31.20.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.2.31.81.41.61.42.05.0
    Madagascar43.645.547.448.146.647.058.73.62.40.50.71.91.61.6n.a.n.a.n.a.n.a.n.a.n.a.n.a.4.05.312.412.112.011.910.3
    Burkina Faso67.066.762.960.362.473.295.21.41.41.41.51.92.52.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.4.63.4
    Côte D’Ivoire105.5118.397.590.772.274.0n.a.1.41.20.90.9-0.21.3n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Mali74.993.484.266.976.586.7n.a.0.81.00.90.61.00.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.11.712.27.79.97.47.2n.a.
    Niger78.1101.5103.1104.5107.5105.1100.41.81.61.61.81.91.82.010.99.612.912.015.112.9n.a.3.42.13.02.54.33.02.3
    Senegal76.961.766.062.166.177.9112.81.92.11.31.51.61.61.5n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.47.4n.a.
    Ghana55.645.854.150.766.483.883.31.13.02.0-4.4-3.40.4-0.5n.a.n.a.n.a.n.a.10.510.715.8n.a.n.a.1.7n.a.14.829.8n.a.
    Tanzania33.339.047.752.766.874.778.41.21.00.70.90.40.81.025.019.016.014.018.015.014.3n.a.6.42.72.92.63.02.6
    Burundi42.946.042.248.364.765.8n.a.3.22.63.32.53.71.4n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.7.011.0n.a.
    Uganda69.766.272.170.487.380.267.82.22.71.71.41.72.2-1.616.021.019.018.114.717.118.00.91.31.01.10.50.7n.a.
    Subsidiaries Without Data:
    Democratic Republic of Congo, Togo
    Sources: Annual reports; Bankscope; and IMF staff calculations.Note: Highlighted subsidiaries are systemically important subsidiaries, using both the deposit and the asset share criteria. BAGL = Barclays Africa Group Limited; BMCE = Banque Marocaine du Commerce Extérieur; n.a. = not applicable.
    Loan-to-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loans
    2007200820092010201120122013200720082009201020112012201320072008200920102011201220132007200820092010201120122013
    Ecobank
    Consolidated66.164.873.666.460.964.669.32.81.50.71.41.51.50.715.724.521.420.818.619.316.35.717.016.015.25.55.66.2
    Nigerian.a.n.a.n.a.n.a.46.152.456.0n.a.n.a.n.a.n.a.1.80.60.8n.a.n.a.n.a.n.a.12.018.017.0n.a.n.a.n.a.n.a.5.84.65.9
    Ghana65.958.849.544.452.859.369.93.34.24.74.14.04.84.718.616.522.322.713.614.813.73.13.13.24.54.95.15.9
    Côte D’Ivoire88.395.596.590.193.192.598.02.32.52.62.11.81.81.5n.a.n.a.n.a.n.a.n.a.n.a.n.a.8.15.33.12.90.91.12.2
    Burkina Faso71.188.080.180.784.688.885.72.21.71.71.61.92.32.1n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.615.511.75.82.33.1
    Benin77.670.389.882.085.580.385.81.32.11.91.81.81.51.8n.a.n.a.n.a.n.a.n.a.n.a.n.a.9.05.95.96.83.52.52.6
    Senegal84.587.390.568.372.877.980.42.91.92.21.71.60.61.3n.a.n.a.n.a.n.a.n.a.n.a.n.a.7.95.85.09.310.69.98.0
    Mali80.979.173.859.975.389.997.73.42.82.12.22.81.61.9n.a.n.a.n.a.n.a.n.a.n.a.n.a.24.713.311.210.23.93.83.4
    Cameroon67.367.153.053.076.984.283.41.01.30.40.40.30.51.2n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.7.14.9
    Togo78.983.667.165.265.068.1n.a.3.73.72.11.92.22.0n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.31.91.93.03.23.1n.a.
    GUINEA BISSAU58.433.127.713.649.737.463.93.62.31.72.02.61.32.6n.a.n.a.n.a.n.a.n.a.n.a.n.a.12.110.910.011.71.87.04.1
    Kenya65.761.559.658.868.765.072.81.30.7-6.50.60.7-3.6-2.618.215.515.733.519.532.522.548.149.525.019.48.44.88.4
    Chad54.377.272.4n.a.73.680.177.42.33.93.6n.a.3.11.42.0n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.4.52.72.4
    Liberia48.047.8n.a.n.a.44.944.2n.a.3.43.2n.a.n.a.0.80.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.4.92.3n.a.n.a.27.326.2n.a.
    Niger73.178.191.879.169.594.282.41.31.92.01.72.21.92.0n.a.n.a.n.a.n.a.n.a.n.a.n.a.7.84.84.48.94.94.05.1
    Central African Republic62.284.974.487.593.0n.a.n.a.3.55.64.53.23.9n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.45.16.8n.a.n.a.
    Rwanda24.552.364.148.159.466.9n.a.-6.71.50.60.3-0.90.3n.a.n.a.n.a.n.a.21.1n.a.n.a.n.a.46.614.68.86.710.74.2n.a.
    Gabonn.a.n.a.n.a.44.154.558.289.1n.a.n.a.n.a.-0.81.11.60.9n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.1.13.83.7
    Congo, Democratic Republic ofn.a.30.547.768.886.976.868.7n.a.-17.8-22.52.02.01.73.3n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.3.50.70.20.40.8
    Guinea Bissaun.a.42.6135.394.6111.694.9n.a.n.a.0.8-4.60.42.8-1.5n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.3.80.54.9n.a.
    Zambian.a.n.a.39.086.983.844.740.8n.a.n.a.-27.8-4.2-7.7-16.4-0.8n.a.n.a.83.016.010.037.025.0n.a.n.a.n.a.2.717.419.915.9
    Malawin.a.45.452.268.553.483.046.8n.a.0.61.62.01.40.13.4n.a.n.a.n.a.n.a.18.38.728.0n.a.n.a.n.a.12.666.419.915.8
    Sierra Leonan.a.n.a.n.a.n.a.37.632.2n.a.n.a.n.a.n.a.n.a.1.53.4n.a.n.a.n.a.n.a.n.a.15.024.0n.a.n.a.n.a.n.a.n.a.11.829.8n.a.
    Zimbabwen.a.n.a.n.a.61.2101.5146.3138.9n.a.n.a.n.a.-12.5-10.40.41.2n.a.n.a.n.a.28.315.328.334.6n.a.n.a.n.a.26.225.813.86.0
    Burundi72.966.966.573.092.4n.a.n.a.-8.2-0.4-2.31.02.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Uganan.a.n.a.51.668.063.473.551.1n.a.n.a.-13.3-8.3-0.6-8.3-8.6n.a.n.a.14.517.718.213.335.8n.a.n.a.0.23.92.519.2n.a.
    Tanzanian.a.n.a.n.a.42.475.0106.798.8n.a.n.a.-34.8-25.2-19.4-7.7-2.0n.a.n.a.180.234.213.720.625.0n.a.n.a.n.a.n.a.1.16.27.8
    Gambian.a.n.a.n.a.27.465.261.0n.a.n.a.n.a.n.a.-3.7-0.40.7n.a.n.a.n.a.n.a.12.912.313.4n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Cape Verden.a.n.a.n.a.n.a.n.a.52.859.0n.a.n.a.n.a.n.a.-9.9-7.9-3.3n.a.n.a.n.a.n.a.n.a.109.259.3n.a.n.a.n.a.n.a.n.a.n.a.4.0
    Subsidiaries Without Data:
    Angola, Congo, Equatorial Guinea, Sao Tome & Principe, South Sudan
    Sources: Annual reports; Bankscope; and IMF staff calculations.Note: Highlighted subsidiaries are systemically important subsidiaries, using both the deposit and the asset share criteria. BAGL = Barclays Africa Group Limited; BMCE = Banque Marocaine du Commerce Extérieur; n.a. = not applicable.
    Loan-to-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loans
    200720082009201020112012201320072008200920102011201220132007200820092010201120122013200720082009201020112012
    Standard Bank
    Consolidated93.892.192.185.688.488.186.81.51.20.91.01.11.31.211.613.315.115.314.312.815.11.84.17.97.15.04.64.0
    South Africa91.887.889.785.188.293.095.51.51.11.01.01.11.31.111.712.214.114.913.514.815.51.94.47.57.24.53.73.8
    Nigerian.a.133.2100.996.288.374.169.1n.a.4.33.14.20.70.91.5n.a.41.536.832.617.717.318.3n.a.n.a.n.a.n.a.6.25.14.4
    Namibia84.488.375.471.773.887.183.22.32.72.01.72.01.61.413.414.6n.a.13.912.111.811.93.23.63.12.01.71.72.0
    Kenya86.771.372.981.086.487.572.22.71.50.91.41.62.33.314.014.716.016.219.025.520.51.46.53.42.91.31.62.6
    Mauritius20.626.911.711.852.626.519.10.41.00.30.20.6-0.7-0.215.727.018.017.915.910.816.5n.a.0.812.3n.a.n.a.n.a.n.a.
    Mozambique25.730.032.342.046.442.553.04.13.73.12.73.63.22.912.811.014.710.819.017.713.31.61.41.90.80.92.82.6
    Botswana60.350.942.539.855.768.673.22.21.70.71.31.92.62.215.116.916.017.218.617.616.21.60.61.42.01.01.9n.a.
    Ugandan.a.56.763.565.480.569.679.24.15.45.53.44.84.53.213.014.216.314.215.020.320.70.50.71.61.82.96.05.0
    Zambia57.865.147.852.656.268.6n.a.0.01.2n.a.-2.62.42.4n.a.n.a.n.a.n.a.n.a.n.a.20.721.8n.a.n.a.n.a.7.24.56.1n.a.
    Ghana80.881.552.355.059.051.562.63.13.60.22.42.94.04.611.019.027.019.021.118.619.2n.a.13.229.218.59.08.59.1
    Lesothon.a.32.436.940.848.964.262.7n.a.5.63.93.73.94.14.8n.a.n.a.n.a.n.a.n.a.10.39.0n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Tanzania40.967.547.171.978.471.358.81.92.12.41.62.22.4-2.112.614.919.015.716.117.016.818.721.912.50.10.03.110.9
    Swaziland74.075.743.051.066.763.267.52.23.91.91.91.82.21.812.517.517.819.413.414.414.22.92.93.15.51.82.33.2
    Malawi50.055.057.759.268.360.140.95.05.96.34.65.48.28.5n.a.25.528.2n.a.n.a.21.916.0n.a.1.51.3n.a.n.a.2.23.2
    Zimbabwen.a.n.a.32.032.549.365.162.0n.a.n.a.3.32.93.24.54.2n.a.n.a.20.217.817.217.621.0n.a.n.a.n.a.n.a.4.45.16.9
    Angolan.a.n.a.n.a.n.a.2.120.825.4n.a.n.a.n.a.-54.7-4.0-2.1-1.0n.a.n.a.n.a.146.047.421.014.9n.a.n.a.n.a.n.a.0.00.10.1
    Congo, Democratic Republic of38.949.533.820.819.915.422.32.0-0.70.7-0.71.21.3-0.4n.a.n.a.n.a.n.a.n.a.30.737.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Subsidiaries Without Data:
    South Sudan
    Loan-to-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loans
    2007200820092010201120122013200720082009201020112012201320072008200920102011201220132007200820092010201120122013
    Standard Chartered
    Consolidated85.873.077.275.975.272.674.41.00.90.80.90.90.80.615.215.616.518.417.617.418.01.41.71.71.71.62.02.3
    Mauritius302.0245.0114.7122.2129.7172.0105.60.91.00.81.01.40.80.8n.a.17.1n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Nigerian.a.n.a.n.a.n.a.82.372.4n.a.n.a.n.a.n.a.n.a.3.94.3n.a.n.a.n.a.n.a.n.a.24.024.0n.a.n.a.n.a.n.a.n.a.8.94.8n.a.
    Kenya63.756.365.360.078.680.283.84.03.44.24.03.84.54.517.016.214.5n.a.n.a.n.a.n.a.4.43.92.52.01.11.92.9
    Botswana45.739.148.037.950.768.679.73.13.52.72.42.82.93.319.818.116.8n.a.n.a.22.419.83.54.98.21.53.510.26.9
    Ghana53.762.049.042.840.356.363.54.33.74.84.74.36.37.716.012.022.016.017.017.523.51.04.911.215.012.412.212.6
    Zambia46.747.640.436.450.360.765.13.91.22.53.52.94.54.5n.a.n.a.n.a.n.a.n.a.n.a.n.a.15.36.410.04.71.91.31.6
    Tanzania68.773.253.6n.a.63.148.959.15.42.42.5n.a.3.42.72.815.012.916.0n.a.16.822.221.07.21.42.1n.a.n.a.2.51.5
    Ugandan.a.91.087.694.9101.374.870.24.65.56.44.85.26.04.013.915.917.815.217.014.118.10.60.80.30.30.30.87.1
    Cameroonn.a.34.635.734.329.347.7n.a.n.a.1.00.10.31.30.9n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.16.013.6n.a.n.a.n.a.n.a.
    Zimbabwen.a.n.a.20.849.046.266.157.6n.a.n.a.-1.43.07.34.92.4n.a.n.a.20.622.223.520.022.1n.a.n.a.n.a.n.a.n.a.2.26.4
    Côte D’Ivoiren.a.n.a.n.a.n.a.59.1n.a.n.a.n.a.n.a.n.a.n.a.0.3n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Gambia29.017.019.617.214.8n.a.n.a.3.93.11.53.52.9n.a.n.a.24.725.922.019.323.0n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Sierra Leone11.422.8n.a.n.a.n.a.21.019.94.23.2n.a.n.a.n.a.4.42.044.940.0n.a.n.a.n.a.46.946.9n.a.12.2n.a.n.a.n.a.9.311.4
    Subsidiaries Without Data:
    Angola, South Africa
    Sources: Annual reports; Bankscope; and IMF staff calculations.Note: Highlighted subsidiaries are systemically important subsidiaries, using both the deposit and the asset share criteria. BAGL = Barclays Africa Group Limited; BMCE = Banque Marocaine du Commerce Extérieur; n.a. = not applicable.
    Loan-to-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loans
    2007200820092010201120122013200720082009201020112012201320072008200920102011201220132007200820092010201120122013
    Barclays
    Consolidated117.1137.6130.3123.8118.0110.0100.60.50.30.60.30.30.00.112.113.616.616.916.417.119.92.83.45.29.16.75.75.8
    BAGL
    Consolidated146.8139.2142.0131.3116.4103.7102.51.81.61.01.21.31.31.413.114.115.615.516.717.415.61.74.17.07.66.95.34.4
    South Africa150.4142.5145.0132.5114.4110.8112.81.51.30.81.01.21.01.112.514.014.714.816.217.515.61.53.36.87.56.85.54.3
    Mauritius56.177.167.455.066.848.635.51.71.41.12.71.31.10.417.419.6n.a.n.a.26.042.2n.a.n.a.3.6n.a.n.a.6.05.8n.a.
    Kenya99.785.574.370.479.875.678.33.63.43.76.34.85.03.914.016.623.831.224.725.017.34.95.06.06.44.53.32.8
    Botswana44.644.560.859.667.068.779.02.23.43.54.94.73.92.515.615.820.624.319.821.219.2n.a.3.76.99.16.46.44.8
    Ghana89.077.855.039.944.248.755.73.9-0.6-1.33.84.75.46.7n.a.13.824.2n.a.22.923.622.5n.a.13.223.9n.a.22.715.114.9
    Tanzania (National Bank of Commerce)58.873.764.656.452.950.752.53.73.83.4-1.00.00.10.618.316.816.212.010.17.715.04.24.37.117.57.911.813.1
    Zambia96.3121.887.754.251.279.672.15.21.4-1.11.91.41.91.414.314.014.319.721.816.316.79.98.122.726.210.111.56.1
    Mozambique39.145.066.969.269.459.4n.a.1.91.71.90.5-2.5-4.9n.a.17.816.815.8n.a.16.830.5n.a.0.93.03.75.06.68.4n.a.
    Uganda77.875.066.957.253.957.446.01.1-2.1-0.50.91.83.03.112.915.717.518.719.426.924.58.35.58.422.014.920.119.4
    Seychellesn.a.n.a.n.a.n.a.20.422.4n.a.n.a.n.a.n.a.n.a.2.43.1n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Tanzania (Barclays)88.573.070.755.559.467.275.22.60.0-0.9-0.70.0-0.70.218.014.014.917.717.115.914.414.510.07.220.311.99.77.7
    Zimbabwen.a.n.a.16.723.827.440.8n.a.n.a.n.a.0.9-0.70.60.8n.a.n.a.n.a.39.024.018.017.0n.a.n.a.n.a.1.00.50.31.2n.a.
    Loan-to-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loans
    2007200820092010201120122013200720082009201020112012201320072008200920102011201220132007200820092010201120122013
    Societe Generale
    Consolidated131.4143.6131.3124.9132.3116.8106.90.20.30.10.40.20.10.28.911.213.012.111.912.714.73.53.86.36.66.97.27.7
    Côte D’Ivoire91.882.781.685.370.265.559.12.73.03.32.42.23.01.6n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Cameroon71.277.579.979.280.889.1n.a.1.82.52.22.22.22.0n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.6.64.75.25.68.07.2n.a.
    Senergaln.a.n.a.83.288.996.7104.8n.a.n.a.n.a.3.12.92.3n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.8.17.06.45.4n.a.
    Equatorial Guinea15.017.413.112.426.0n.a.n.a.0.81.51.50.71.0n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.23.220.515.710.3n.a.n.a.
    Ghanan.a.96.176.260.855.060.5n.a.n.a.3.53.83.13.03.1n.a.n.a.n.a.24.024.526.919.8n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Burkina Faso85.4100.694.585.690.1n.a.n.a.1.02.02.42.31.2n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Madagascarn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Chadn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Guinean.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Subsidiaries Without Data:
    Benin
    Sources: Annual reports; Bankscope; and IMF staff calculations.Note: Highlighted subsidiaries are systemically important subsidiaries, using both the deposit and the asset share criteria. BAGL = Barclays Africa Group Limited; BMCE = Banque Marocaine du Commerce Extérieur; n.a. = not applicable.
    Loan-to-Deposit RatioReturn on AssetsTotal Capital RatioNonperforming Loans
    2007200820092010201120122013200720082009201020112012201320072008200920102011201220132007200820092010201120122013
    BNP Paribas
    Consolidated128.4119.4120.5121127118.061120.50.20.30.50.30.40.310.011.114.214.714.015.514.34.03.75.76.16.36.57.1
    Gabon44.642.137.645.430.152.3n.a.1.61.81.30.30.70.7n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Côte D’Ivoire76.781.878.675.768.765.7n.a.1.62.63.00.20.61.3n.a.13121223.514.115n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Senegal72.788.280.867.674.875.9n.a.2.02.41.30.91.11.2n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Burkina Faso69.2n.a.n.a.n.a.68.766.2n.a.1.4n.a.n.a.n.a.1.31.8n.a.n.a.n.a.n.a.n.a.1213n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Guinean.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Comorosn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
    Sources: Annual reports; Bankscope; and IMF staff calculations.Note: Highlighted subsidiaries are systemically important subsidiaries, using both the deposit and the asset share criteria. BAGL = Barclays Africa Group Limited; BMCE = Banque Marocaine du Commerce Extérieur; n.a. = not applicable.

    Appendix Figure 1.Selected Pan-African Banks: Maps of Share of Deposits by Country, 2013

    (Share of deposits, 2013, where data available)
    (Share of deposits, 2013, where data available)
    (Share of deposits, 2013, where data available)

    Sources: Annual reports; Bankscope; Bankers Almanac; and IMF staff calculations.

    Note: Deposits data is as of 2013 if available or of 2012. Bankscope data may be outdated in some cases. BMCE = Banque Marocaine du Commerce Extérieur; GBCP = Groupe Banque Centrale Populaire.

    Appendix Figure 2.Selected Pan-African Banks: Maps of Assets in Percent of GDP by Country, 2013

    (Assets in percent of GDP, 2013, where data available)
    (Assets in percent of GDP, 2013, where data available)
    (Assets in percent of GDP, 2013, where data available)

    Sources: Annual reports; Bankscope; Bankers Almanac; and IMF staff calculations.

    Note: GDP data is as of 2013. Bankscope data may be outdated in some cases. BMCE = Banque Marocaine du Commerce Extérieur; GBCP = Groupe Banque Centrale Populaire.

    Appendix II. Pan-African Banks’ Home Countries

    Kenya

    The Kenyan banking sector is more developed and capitalized than in other East Africa Community (EAC) countries. This has created a competitive advantage for Kenyan banks to aggressively expand regionally and to leverage their success, experience, and technology to service these markets, especially in markets where returns are higher, or at least at the same level as the Kenyan banking sector. Although most banks’ expansion is driven by following clients abroad, some EAC banks (Equity Bank or Kenya Commercial Bank [KCB]) have successfully introduced innovative business models from their home market to neighboring countries, such as agency banking, which also allowed them to break even faster than their competitors.

    Kenyan banks’ cross-border subsidiaries have increased in recent years. There are currently eleven Kenyan banks operating in the EAC member-states and South Sudan, operating through 288 branches, with banks continuing to expand their cross-border subsidiaries. The first expansion of Kenyan banks within the EAC started in the late 1990s when KCB began operations in Tanzania.

    The expansion of Kenyan banks had positive effects on efficiency and competition in the EAC. A recent Financial Sector Assessment Program in the EAC (World Bank 2013) showed that EAC banks expanding in the region have lower spreads and are more efficient than other private domestic banks. Additionally, subsidiaries of these banks have lower spreads and overheads compared to subsidiaries of foreign banks from outside the EAC. At the same time, these banks are highly profitable in their home markets, providing a comfortable buffer against losses and low profits in the first years of their subsidiaries’ operations.

    Currently, the Central Bank of Kenya has hosted three supervisory colleges for KCB, Equity Bank, and Diamond Trust Bank, and plans to host three additional supervisory colleges by the end of 2014. The Central Bank of Kenya has also entered into memorandums of understanding (MOUs) with other banking regulators where Kenyan banks are present to define and guide the working relationships between regulators, and ensure smooth exchange of supervisory information.

    Morocco

    The Moroccan banking sector is among the most developed and stable on the continent, being home of some major African cross-border banks. The international and African expansion of its three largest banks is a relatively recent process. As part of their expansion strategy, Moroccan banks export their business model characterized among others on development of small and medium-sized enterprises as well as the high supervision standards imposed by the Moroccan central bank—Bank Al-Maghrib (BAM). BAM also provides technical assistance to some host supervisors.

    Morocco benefits from its privileged geostrategic position at the cross-roads of Europe, Africa, and the Arab world, which favored international links and helped its economic and financial development. The first stages of the international expansion of the Moroccan banking sector responded mainly to geostrategic consideration, and it was centered in Guinea, Mali, and the Central African Republic. The recent expansion was driven by the small impact from the global financial crisis, challenging situations in neighboring Arab countries leading to fewer opportunities there, and limited domestic growth opportunities. In a relatively competitive and well-developed domestic context, limited domestic opportunities for further growth and declining profit margins, combined with a positive engagement by BAM, have pushed Moroccan banks to expand internationally, mainly into francophone West and Central African countries which combine attractive business prospects and a high level of cultural proximity.

    The process of expansion of the Moroccan banks had two phases: the expansion and the consolidation phase. During the expansion phase, the Moroccan banks were mainly acquiring existing banks to increase their presence in the continent. At the present consolidation phase, banks are trying to digest their expansion to consolidate their positions and align their system and procedures with the expansion while minimizing risks.

    BAM played a major role in guiding and supervising the international expansion of the Moroccan banks with the aim to make of Morocco an international hub while ensuring an appropriate risk control. Banks are requested to share their three-year expansion strategies with BAM. In addition, any new international expansion requires BAM’s prior authorization. BAM approves banks expansions based on the respect of two main criteria: risk control–oriented culture and good governance. Before approving a bank request for expansion, BAM takes into consideration a set of country risks and individual banking group performance risks. In addition, BAM is constructing a risk matrix, which includes, among others, indicators on the size of the parent/subsidiary, contribution to the parent bank, profitability, asset quality, and market share in the host country. This matrix helps in the risk assessment of subsidiaries as well as to identify and prioritize supervision needs. BAM favors a rather steadier than rapid expansion. BAM incentivizes acquiring a majority stake in foreign banks, which allows the parent banks to have more control of the subsidiary and nominate personnel for the key functions.

    Although BAM does not require the existence of a bilateral MOU as a precondition to opening up a new subsidiary, it tries to have an MOU signed once the subsidiary has been opened. Such an MOU contains provisions on prudential supervision, sharing of information, conduct of inspections, and training and capacity building. However, the MOU does not include provisions on banking resolution, since this will require the involvement of the ministries of finance. Morocco is in the process of enacting a new central bank statute and new banking legislation that aims to strengthen the supervision powers of BAM.

    Morocco has set up an African Committee, consisting of BAM and the three largest banks, to coordinate the expansion and prevent fierce international competition among domestic banks. This committee meets twice a year at the highest level, and it undertakes quarterly meetings at the technical level. A code of conduct has been signed by the three banks to prevent over competition and avoid presence in countries deemed too risky.

    BAM is implementing and further strengthening high supervisory standards. BAM undertakes consolidated supervision of banking groups. It has set up a first meeting of a supervisory college for Attijariwafa and plans to organize similar meetings for the other two large banks. BAM has regular conference calls with other supervisors and conducts joint inspection of subsidiaries.

    Nigeria

    Over the last fifteen years, Nigerian banks expanded significantly across their borders. Cross-border expansion started in 2002, but increased after the 2004 banking sector consolidation in Nigeria following the increase in minimum capital requirements from N2 billion (US$17 million) to N25 billion (US$210 million). By the end of 2008, more than half of the 20 domestically owned Nigerian banks remaining had subsidiaries in at least one other African country, compared to only two in 2002. The United Bank for Africa led the way, with subsidiaries in 18 African countries. Although cross-border expansion of Nigerian banks was temporarily halted by the global financial crisis in 2008–09, it picked up after conditions stabilized following intervention in the banking sector and the strengthening of risk management and supervisory frameworks by the Central Bank of Nigeria (CBN). However, the poor risk framework at the beginning of the expansion and the effect of the financial crisis put a strain on some Nigerian banks, resulting in the failure of some, including Oceanic Bank, which had expanded to seven countries before the crisis.

    The cross-border expansion of Nigerian banks was motivated by several factors. The increased availability of capital motivated the need to look for better opportunities across the border. Nigerian banks also leveraged on significant opportunities in financing trade between Nigeria and other countries and their success, experience, and technology platform. The banks’ expansion concentrated first on neighboring countries and members of the West African Monetary Zone (WAMZ; e.g., Ghana, Liberia, Sierra Leone), before venturing into East Africa and francophone countries like Burkina Faso, Côte d’Ivoire, and the Democratic Republic of Congo. Successful economic and institutional reforms in the host countries and a conducive macroeconomic environment in Nigeria also played a role in the expansion.

    Nigerian banks play a significant role in the development of the regional financial market. They contributed to the increase of bank branches in several of the host countries and account for a significant share of these banking sector’s assets. For example, Nigerian banks contributed 20 percent to the increase of branches in Ghana (from 595 to 640 during 2007 and 2008). Similarly, Nigerian banks were responsible for 26 percent and 35 percent of branch growth in Sierra Leone and The Gambia, respectively. In addition, branches of Nigerian banks are increasingly outside of the home countries’ capital cities contributing to financial access in the entire countries. With the development of their banking network in the WAMZ countries and Nigerian banks becoming systemic for most of these countries (Appendix Table 2), Nigeria and the host countries need to deepen their cooperation to ensure financial stability and sustain financial sector development. While some cooperation currently exists, such as MOUs as well as regular meetings within the WAMZ supervisory college, further collaboration on information sharing and on dealing with resolution needs to be accelerated.

    To address the impact of cross-border banking on financial stability, the Nigerian authorities are implementing consolidated supervision and strengthening cooperation with host authorities. Following the banking crisis, the CBN strengthened the regulatory framework and started the implementation of consolidated supervision and a framework for cross-border supervision. The framework includes as a precondition for the expansion of Nigerian banks into a country the existence of an MOU with the host country, of which 38 MOUs have been initiated and 15 signed so far. In addition, a supervisory college for the United Bank for Africa has been recently established. The WAMZ college of supervisors is used to strengthen information sharing between supervisors within the zone, and the CBN provides capacity building for host supervisors through it. Also, joint home-host onsite bank examinations of Nigerian banks’ subsidiaries have provided an avenue for practical experience sharing the CBN and host supervisors in the WAMZ.

    South Africa

    The South African banking sector is well-developed, and the biggest banks are sound and well-capitalized. It is one of the most sophisticated banking sectors on the continent with a diverse array of products and instruments. Furthermore, a combination of push and pull factors motivated some South African Banking Groups (SABGs) to expand beyond their prefinancial crisis Rand-area footprint. Push factors include diminished prospects due to market saturation and sluggish growth at home. Higher growth prospects in the rest of Africa presented good opportunities for both South African corporations and banks to expand. SABGs were simultaneously pulled abroad by increased pan-African trade between South Africa and the rest of Africa with a concentration in the Southern African region and in the manufactured goods sector (Box 4). Following the global financial crisis, with advanced economies and other emerging markets facing mounting challenges, SABGs refocused their expansion strategies to the African subcontinent, particularly in the case of Standard Bank.

    The banking system is dominated by four universal banks and an investment bank which have pursued a variety of expansion strategies and timing. The big four universal banks are Standard Bank, First Rand, Nedbank, and Absa (now part of Barclays Africa Group Limited) and the investment bank is Investec. The four largest banks accounted for approximately 75 percent of deposits in 2013. After operating subsidiaries in a few neighboring countries for a number of years, Standard Bank began steadily expanding its operations starting with its acquisition of ANZ Grindlays Bank in 1993, primarily through acquisitions. Alternatively, Nedbank did not turn its attention to expanding its operations until after the global financial crisis when the retrenchment of European banks opened up opportunities. Since Nedbank did not begin expanding until well after the other SABGs, it is leveraging its relationship with Ecobank to support its customers within the Ecobank footprint. While Standard Bank and Nedbank have historically had operations in Southern African Development Community countries, FirstRand is now the most active SABG expanding in the region. Presently, South African banks have operations in 17 other sub-Saharan African countries with a representative office or investment bank branch in another six countries. Although these operations only comprise about 6 percent of assets of the group total on average, this figure is expected to grow due to the banks’ continued expansion.

    Similar to the Moroccan banking groups and the BAM, SABGs seem to have a good working relationship with the South African Reserve Bank (SARB). In the last five years, the SARB has required banks to submit several new reports and plans, including their pan-African expansion strategies and recovery and resolution plans, and to conduct stress-tests (capital adequacy and common scenario stress-tests). The SARB asked banks to make recovery plans on a group basis but to also include specific plans for significant subsidiaries and to indicate (1) which subsidiaries are material to the group and (2) which subsidiaries are systemically important in the host country. While the SARB requested all South African banks to perform this self-assessment, there is scope for further strengthening the SARBs’ crisis management and bank resolution framework. The SARB has begun cross-border cooperation and information sharing, especially in countries where South African banks have a significant presence. However, the maturity and depth of these relationships differ among counterparts (e.g., the relationship with the United Kingdom is strong versus other African countries with which relationships are relatively new and still limited).

    The SARB recognizes the difficulties their banking groups face in operating in a multitude of regions and under a myriad of regulatory and legislative frameworks, as well as the limited capacity of some of the host supervisors. For example, South Africa is the only African country in the Basel Committee on Banking Supervision and requires its banks including all subsidiaries to comply with Basel III, whereas other jurisdictions use a different Basel Standard. While this means additional work for the cross-border banks, it is part of their normal cost of doing business across different countries. The SARB tries to address the issue of limited capacity of host supervisors by holding training workshops. Furthermore, the SARB has conducted or is planning to conduct joint onsite inspections with some host supervisors, on issues related to antimoney laundering supervision for the operations of Standard Bank in Nigeria and Kenya.

    In 2013, the SARB formed a supervisory college for Standard Bank and plans to form colleges for the other big banking groups. The 2013 Standard Bank meeting was held over two days. On the first day, Standard Bank presented its strategy and risks. The remaining time allowed regulators to present and discuss amongst themselves. While this is a step in the right direction, the process is still not sufficiently mature and needs careful consideration and enhancements. The SARB acknowledged that it enhanced dialogue among supervisors, allows the supervisors to know each other better, and provides good background on the risk assessment of the bank from the perspective of the host supervisor. However, they also noted it was a cumbersome process to organize. The SARB’s next steps include adding crisis management on the agenda of supervisory colleges in 2015 and to form a second college for Barclays Africa Group Limited.

    West African Economic and Monetary Union

    In the West African Economic and Monetary Union (WAEMU), banking is still mainly conducted within national borders. Cross-border flows to households or corporations within the region are largely in the form of syndicated loans involving a sister bank located in the country of the client; in the recent period, Côte d’Ivoire and Senegal were net recipients of these flows, whereas most other countries were net exporters. The flows are still relatively small, at about 1.6 percent of total lending in 2012 (IMF 2013a). Limited banking integration reflects a number of factors, such as the still-limited economic integration, but also the importance of local knowledge for lending activities. The main cross-border financial flows in the WAEMU involve bank purchases of government paper.

    An important recent development, however, has been the emergence of rapidly expanding pan-African banking groups. The WAEMU region is both host as well as home to some of the pan-African banks. In particular, Moroccan banks have expanded into the WAEMU region in recent years, and Togo is home to two major pan-African banking groups. European banks have remained engaged in the region.

    Appendix III. Selected Pan-African Banks

    This appendix gives a short overview of the history, structure, and major shareholders of selected pan-African banks. These include the largest groups in terms of geographic footprint or regional reach. The source of this information is the banks’ reports and their websites.

    Kenya

    Equity Bank. Equity Bank was founded in 1984 as Equity Building Society, before transforming into microfinance and finally becoming a commercial bank in the 1990s. It mostly focuses on small and medium-sized enterprises and innovative delivery channels such as mobile banking. It first started its cross-border operations in Uganda through the acquisition of Uganda Microfinance Limited, and then moved to South Sudan, Rwanda, and lastly Tanzania by establishing subsidiaries. Equity Bank expansion to these markets was due to a number of factors such as trade, East Africa Community (EAC) integration, and diversification. Assets of Equity Bank’s cross-border subsidiaries account for around ten percent of group assets, while profits account for 4.4 percent of group profits.

    Kenya Commercial Bank (KCB). KCB is considered the largest and oldest East African bank, and is the only Kenyan bank that has subsidiaries in all EAC countries and South Sudan, and is listed in the Dar es Salaam Stock Exchange (Tanzania), Uganda Securities Exchange, and Rwanda Over the Counter Market. KCB started its cross-border operations in 1997 by setting up a subsidiary in Tanzania, and currently operates through 11 branches. In 2012, KCB completed its East African regional presence by setting up a subsidiary in Burundi. KCB’s cross-border expansion has been in the form of new subsidiaries and is primarily driven by a strategy of following its customers. KCB headquarters in Kenya manages functions such as risk management, information technology, human resources, etc. KCB’s cross-border operations are focused in EAC countries and South Sudan, with assets reaching US$970 million (20 percent of group assets), loans US$361 million (14 percent of group loans), and deposits US$795 million (22 percent of group deposits). Cross-border subsidiaries contributed around US$27 million in profit (16 percent of group profits). Loan-to-deposit ratio for KCBs cross-border subsidiaries is 45 percent, compared to 84 percent for Kenyan operations.

    Morocco

    Attijariwafa Bank. The bank was established in 2004 by a merger between two banks and is headquartered in Morocco. Since 2005, it has expanded in Northern and Western Africa, where it is only present in French-speaking African countries. International subsidiaries account for 24 percent of the bank’s total branch network, with overseas operations representing 24 percent of revenues and 17.6 percent of loans. Subsidiaries operate in North and West Africa and in Europe, and subsidiaries in Morocco span a number of specialized finance companies (including leasing, factoring money transfer services, real estate, asset management, and securities brokerage) as well as insurance activities, which have recently expanded abroad as well. The major shareholders are the SNI Group (47 percent), MAMDA-MCMA Group (8 percent), Wafa Assurance (7 percent), and the Santander group (5 percent).1

    Banque Marocaine du Commerce Extérieur (BMCE) and Bank of Africa (BOA). BMCE is Morocco’s second largest bank and the main shareholder in BOA Group with a stake of 73 percent. Major shareholders of BMCE are FinanceCom Group (38.8 percent), a multibusiness Moroccan Group; BFCM-Holding of CIC Group (26.2 percent), a banking group in France; CDG Group (8.5 percent), an institutional investor in Morocco; and MAMDA/MCMA (5.1 percent). Besides BOA, BMCE has also stakes in La Congolaise de Banque (25 percent) and in Banque de Developpement du Mali (27.4 percent). The first BOA operation was established in 1982 through private investors in Mali. Some years after its establishment, the African Financial Holding (now known as Bank of Africa Group and incorporated in Luxembourg) was created. Its aim was to promote setting up private banks and being the principal shareholder in every BOA to be created giving technical and management support, while requiring national capital to be strongly represented. International institutions also participated, including the West African Development Bank, the International Finance Corporation, and the Netherlands Development Finance Company. BOA’s activities besides banking include leasing and real estate financing, brokerage and investment companies, as well as insurance activities. With few exceptions (Burundi, Madagascar, Niger, Tanzania), the BOA Group, BOA subholdings (e.g., BOA West Africa or AFH Ocean Indien), or in some cases other BOA banks together are the majority shareholders in individual BOA banks, with national shareholders or international institutions constituting the remainder.

    Groupe Banque Centrale Populaire (GBCP). The Popular Credit of Morocco is a grouping of banks which integrates since 2010 the Popular Central Bank and 10 Regional People’s banks. It is placed under the supervision of a committee called Management Committee of the Popular Credit of Morocco. GBCP is a credit institution, in the form of a limited company with a board of directors. It has been quoted on the stock exchange since 2004. GBCP has two principal missions: (1) it is a credit institution entitled to carry out all the banking operations and (2) it is the central banking institution of the Regional People’s banks. The GBCP coordinates the financial policy of the group, ensures the refinancing of the Regional People’s banks and the management of their cash surpluses, as well as the services of common interest for its organizations. The government holds 11 percent of the share capital. The Regional People’s banks are cooperative credit institutions entitled to carry out all the operations of bank in their respective districts. The GBCP signed in 2012 an agreement of strategic partnership with the Atlantic Financial Group to develop banking activities in seven countries of the West African Economic and Monetary Union. The GBCP acquire the strategic, financial, and operational management of all the subsidiaries under the name Atlantic Bank. These are run by the financial holding Atlantic Business International, whose shareholders are GBCP and Atlantic Financial Group. The Atlantic Bank network was established progressively at the end of the 1980s, before the expansion gained speed in the 2000s with the creation in 2005 of the Atlantic Financial Group holding which controls the Atlantic Bank Group.

    Nigeria

    Guaranty Trust Bank (GTBank). GTBank was incorporated in 1990 as a limited liability company licensed to provide commercial and other banking services to the Nigerian public. GTBank began expanding beyond Nigeria in 2002 through a combination of acquisitions and greenfield startups. Currently, GTBank is present in nine countries including subsidiaries in both Anglo- and Francophone West Africa and East Africa. GTBank’s foreign operations are small relative to its Nigerian operations: its share of assets in sub-Saharan Africa equals 8.7 percent. GTBank primarily engages in the provision of commercial banking services to its customers including retail banking, granting of loans and advances, equipment leasing, corporate finance, money market activities and related services, as well as foreign exchange operations. In addition to its foreign subsidiaries, which are wholly or majority owned, GTBank also wholly owns Staff Investment Trust of Nigeria and Guaranty Trust Bank Finance BV of the Netherlands, a special purpose entity used to raise funds from international financial markets. The largest shareholder in GTBank is Stanbic Nominees Nigeria Limited with a 22.3 percent stake, followed by GTBank Global Depositary Receipts with an 11.5 percent stake.

    United Bank for Africa (UBA). UBA began operating in Nigeria as British French Bank Limited in 1948 as a subsidiary of Banque Nationale de Credit, a major French bank headquartered in Paris. After Nigeria gained independence from Britain, UBA was incorporated in 1961 to take over the business of British French Bank Limited. UBA listed its shares on the Nigerian Stock Exchange in 1970, and was thus the first Nigerian bank to undertake an initial public offering. In 2005, UBA merged with Continental Trust Bank and Standard Trust Bank, which had a subsidiary in Ghana. The following year, UBA acquired Trade Bank which was being liquidated by the Central Bank of Nigeria. Starting in 2007, UBA began expanding its operations outside of Nigeria with the formation of UBA Cameroon in 2007. The following three years marked rapid expansion to 19 new countries: Burkina Faso, Benin, Côte d’Ivoire, Liberia, Sierra Leone, and Uganda in 2008; Chad, Gabon, Guinea, Kenya, Senegal, Tanzania, and Zambia in 2010; and the Democratic Republic of Congo, Mozambique, and the Republic of Congo in 2011. Currently, UBA operates in 19 African countries, which account for about 20 percent of the group’s balance sheet. Following changes in the Nigerian banking law, UBA restructured itself from a universal bank model to a “Monoline Commercial Banking Model” to provide customers with corporate, commercial, consumer, and international banking, trade services, cash management, and treasury services. In addition to being the majority owner of the aforementioned subsidiaries, UBA is also whole owner of UBA Retail Financial Services Limited, a bank services subsidiary, as well as various nonbank subsidiaries including UBA Pensions Custodian Limited, UBA FX Mart Limited, UBA Capital Europe Limited, and UBA Capital Holding Mauritius. The shareholding structure of UBA is very diverse with the largest shareholder having 7.5 percent (UBA Staff Investment Trust Scheme). Other shareholders include UBA Staff Investment Trust Scheme (7.5 percent), Consolidated Trust Funds (4.7 percent), Hiers Holdings Limited (4.1 percent), and different custodian groupings for Stanbic Nominees Nigeria Limited.

    South Africa

    Nedbank. Nedbank was founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika. In 1951, the Nederlandsche Bank voor Zuid-Afrika was established as a South African banking company and changed its name to the Netherlands Bank of South Africa. Following a series of mergers during 1992 to 2002, the holding company changed its name from Nedcor Limited to Nedbank Group Limited in 2005. The group began expanding beyond South Africa in 1997 and 1998 with acquisitions of operations in Lesotho, Malawi (Finance Corporation Malawi), and Swaziland (Standard Chartered Limited). In 2002 and 2009, Nedbank increased its stakes to majority shareholder in the Commercial Bank of Namibia (Namibia) and MBCA Bank Limited (Zimbabwe). Its latest expansion was the acquisition of 36.4 percent in Banco Unico. Since 2008, Nedbank has an alliance with Togo-based Ecobank Transnational Incorporated (ETI) and since October 2014 is the largest shareholder of ETI with a 20 percent stake and a presence on the board of directors of ETI. Relative to Nedbank’s South African operations, its operations abroad are relatively small, accounting for less than 3 percent of assets, deposits, and loans. Nedbank wholly owns most of its subsidiaries under four main entities: Nedbank Limited (which owns two of Nedbank’s foreign subsidiaries, Lesotho and Swaziland), BOE Investment Holdings Limited, Nedgroup Investments Holdings 101 Limited, and Foreign Nedbank Group Subsidiaries (which owns the remaining foreign subsidiaries). The largest shareholder in Nedbank is Old Mutual Life Assurance Company Ltd with a 52.1 percent stake. Other shareholders with a stake greater than 5 percent include Nedbank Group Treasury Shares (9.9 percent) and Public Investment Corporation of South Africa (7.3 percent).

    Standard Bank. Standard Bank Group, established in 1862, is the largest African banking group by assets and earnings and the holding company is based in Johannesburg (South Africa). Major subsidiaries include (1) the Standard Bank of South Africa; (2) Stanbic Africa Holdings, U.K. (under which most of the African banking subsidiaries are concentrated, although some African subsidiaries are direct subsidiaries of the holding company); (3) Liberty Holdings, which is the insurance and investment arm of the group; and (4) the international segment of Standard Bank Group, which is comprised of Standard International Holdings based in Luxembourg, Standard Bank Group International based in Isle of Man, and Standard Bank Offshore Group based in Jersey. The major shareholders of Standard Bank Group are the Industrial and Commercial Bank of China (25 percent), the Public Investment Corporation (15 percent), and Tutuwa participants (6 percent).2 Regarding ownership by regions, shareholders in Africa hold 54 percent of shares, and China and the United States hold 20 percent and 14 percent of shares, respectively.

    Togo

    Ecobank/ETI. Ecobank was set up in 1985 with the financial help of the Economic Community of West African States. Technical skills were provided by Citibank, New York, which ran Ecobank for the first four years, training African staff to take over. ETI, the parent company holding of the Ecobank group, is incorporated in Togo and has the status and privileges of a nonresident supranational financial institution. The group has been expanding its presence in at least one new sub-Saharan Africa country every year since 1997, particularly since the second half of the 2000s. It has the most extensive footprint in Africa, with operations in about 36 African countries and a network of over 1,200 branches and offices. In about 17 countries where it operates, Ecobank subsidiaries are of systemic importance. Ecobank is a full-service bank providing a broad range of wholesale, retail, investment, leasing, and microfinance products. As of October 2014, major shareholders include South-African-based Nedbank (20 percent); Qatar National Bank, the Gulf’s largest bank (16.9 percent); the South African Public Investment Corporation (13.9 percent); the International Finance Corporation (14.5 percent, direct [5.2 percent] and indirect [9.3 percent] ownership); and the Ghanaian Social Security and National Insurance Trust (4 percent).3 Since 2008, Ecobank has an alliance with Nedbank, which has been strengthened by Nedbank becoming the largest shareholder of ETI in October 2014.

    Oragroup. Oragroup is a bank holding company based in Lomé. Oragroup’s predecessor was the Financial Group, Financial BC Genève, which was created in Geneva in 1985. In 1988, it opened its first operation in Benin as Financial Bank Benin. In its early days, the Financial Group participated in a variety of activities including banking, microfinance, and leasing. Simultaneously, the group began expanding to other countries, including Chad (1992), Gabon (2002), Guinea (2002), and Togo (2003). In 2008, Emerging Capital Partners (ECP) became a minority shareholder in the group. The following year, ECP became the sole owner and restructured Oragroup into its present form, which included the divesture of its microfinance business. In 2009, Oragroup expanded to Mauritania through the minority shareholding stake taken in BACIM Bank. In 2012, Oragroup became the majority shareholder in the Banque Togolaise de Developpement, which it merged with Orabank Togo in 2013. Oragroup’s major subsidiaries entail its foreign operations which are either majority or wholly owned. An exception is Orabank Mauritania in which Oragroup has a 34.4 percent stake. ECP has a further 62.6 percent stake in that subsidiary. Following approval by the Banking Commission, Oragroup is majority owner of the Banque Regionale de Solidarite Group, which operates in all eight West African Economic and Monetary Union countries. All Banque Regionale de Solidarite Group operations are rebranded as Orabank and operated as branches through Orabank Côte d’Ivoire with the exceptions of operations in Benin and Togo, which are in the process of being merged with existing subsidiaries in these countries. ECP continues to be the majority shareholder with 61.4 percent. Other shareholders include Proparco with 10.2 percent, BIO with 5.6 percent, Deutsche Investitionsund Entwicklungsgesellschaft mbG with 3.3 percent, Banque Ouest Africaine de Developpement with 2.8 percent, and Fonds Gabonais d’Investissements Strategiques with 2.6 percent, with the remainder held by other corporations and private shareholders.4

    Appendix IV. Banking Integration in the Association for Southeast Asian Nations1

    In order to bring financial stability and economic benefits to the region, Association for Southeast Asian Nations (ASEAN) member-states aim to create the ASEAN Banking Integration Framework (ABIF) by 2020. Like Africa’s banking sectors, the ASEAN banking sector is deeply interconnected not only regionally but also globally. Given the commonalities on cross-border banking operations, the ASEAN initiative may provide useful guidance or lessons on how to create a consolidated financial regulatory and supervisory system in Africa. However, at the current junction it is too early to draw specific lessons for integration as the process is ongoing.

    To ensure a successful implementation of ABIF, four preconditions have been agreed. First, harmonization of principles of prudential regulations is needed to create a level playing field; second, financial stability infrastructure, such as macroprudential surveillance mechanism and regional crisis management protocol, is required to prevent or manage the crisis; third, technical capacity building is essential to enhance transparency and strengthen accounting and audit practices; and fourth, setting up criteria for ASEAN Qualified Banks to operate in any ASEAN states with a single passport is desired to increase the efficiency of banking sector. Working groups have been set up for each of the four pillars and ABIF is co-chaired by Malaysia and Indonesia for the period 2011–13.

    Given the different level of financial market developments in the region, ABIF allows flexibilities by adopting a double-track implementation. Wide gaps were identified in all areas of ABIF among ASEAN countries, including domestic banking regulation, financial stability infrastructure, size and depth of markets, systemic risks, and technical capacity. The double-track approach is considered at the moment, broadly for ASEAN5 (Indonesia, Malaysia, Philippines, Singapore, Thailand) and BCLMV (Brunei Darussalam, Cambodia, Laos, Myanmar, Vietnam), and allows the latter to implement at a slower pace, but serious gaps are found among ASEAN5 as well. This flexible approach invites many critical debates and may drag the full implementation of ABIF.

    In order to achieve sustainable financial integration in the region, centralized cross-border banking regulation and supervision is critical. As the regional financial sector is more and more integrated, ASEAN member-states are aware of potential risks and discussing all the components of centralized cross-border banking regulation and supervision. Their suggestions include (1) introducing a single cross-border banking supervisory agency in the region to enforce the harmonized prudential regulations, (2) improving framework for cross-border banking resolution and recapitalization, (3) introducing cross-border deposit guarantee system, (4) standardizing accounting and auditing practices, and (5) enhancing transparency and others. This will require substantial degree of national financial regulatory reforms which will depend on economic and political interest of individual countries.

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    The SNI Group has major stakes in firms operating in various sectors of the Moroccan economy. MAMDA is a mutual association that helps meet the needs of Moroccan farmers and has become a major player in agriculture in Morocco. MCMA (The Mutual Insurance Central of Morocco) was established to handle nonagricultural insurance risks of the farmers and promote the mutual sector. WAFA Assurance is a subsidiary of Attijariwafa bank and provides life and nonlife insurance and reinsurance products and services.

    The Public Investment Corporation is one of the largest investment managers in Africa and is owned by the South African Government. Tutuwa is part of the bank’s black-empowerment initiative. This initiative was put together as part of an agreement among Standard Bank, the Safika and Shanduka (black empowerment groups), and black management and staff.

    The Ghanaian insurance trust is a statutory public trust charged with the administration of Ghana’s National Pension Scheme. The trust is currently the biggest nonbank financial institution in Ghana.

    Data as of November 2013. PROPARCO is a development financial institution partly owned by Agence Française de Développement and private shareholders from the developed countries and developing nations. BIO is a development financial institution established in 2001 in the framework of the Belgian Development Cooperation to support private sector growth in developing and emerging countries.

    ASEAN member-states are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam (10 countries).

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