emeafinance News - October 2008
emeafinance announces Africa banking award winners
emeafinance has announced the winners of its inaugural Africa banking awards. The awards recognise the best banks throughout Africa, over the last exciting 12 months for the continent.
The awards generated a great response, with banks from all over Africa sending in submissions. emeafinance chose the winners based on key indicators such as market share, key deals, strategy, profitability, return on equity, and cost/income ratio.
You can read a full write-up of the awards here.
The winners are:
African IPO market dries up as Ecobank struggles
Ecobank’s struggles in raising US$2.5bn in equity show that African equity markets are not immune to the global credit crunch.
Ecobank Transnational Inc (ETI), one of the largest banking groups in Africa, is struggling to raise the US$2.5bn it hoped to raise in a share offering at the beginning of October, in a sign that the credit crunch is making investors risk averse to African stocks.
ECB vs Euroclear in battle over T2-S
The European Central Bank (ECB) is in a face-off with Euroclear, the largest central securities depository (CSD) in Europe, over the ECB’s plans to introduce its own centralised securities depository, Target 2-Securities (T2-S).
What Bill Browder did next
When I step out of the lift to go into the office of Hermitage Capital in Soho, London, two burly security guards rise to block my way. For a second, I wonder if I have accidentally ambled into a gangster film, and that Hermitage has been forced to “go to the mattresses”, as they say in Mafia movies.
Ukraine’s economy falters as government collapses (again)
Ukraine’s most recent political crisis couldn’t have come at a worse time, as banks go bankrupt and investors lose faith in Ukrainian debt.
Saudi women lobby for change in the kingdom
All over the Gulf, women are rising to positions of economic and political power. The first ladies of several Gulf countries, such as Princess Haya of Dubai, have taken increasingly prominent roles as public advocates of philanthropy and social reform.
Bill Clinton launches US$100mn micro-insurance venture
Former US president Bill Clinton announced in late September the launch of a new US$100mn company that he claims will be “by far the largest micro-insurance initiative in the world, by several multiples”.
Africa's largest micro-finance bank launches
Nigeria’s biggest bank and a South African mass-market lender have joined hands with an American investment firm to form Africa’s single largest micro-lender, in a deal worth US$80mn, a top representative of the investors told emeafinance in an interview in October.
Leading finance partner joins DLA Piper Dubai
DLA Piper is taking on Tony Holland in its finance and projects practice in Dubai as regional head of finance. He brings over 25 years of extensive banking, project finance and infrastructure finance experience.
Three equity capital markets managers boost UniCredit
UniCredit Markets & Investment Banking (MIB) has strengthened its equity capital markets (ECM) team and appointed Christian Steffens as deputy head of global ECM, Mark Coxon as global head of equity and equity-linked syndicate and Tijs Jansen as a senior originator within ECM origination.
VTB enhances investor relations team
Neil Withers is taking over as VTB’s senior vice-president and head of investor relations and capital raising division. Since 2000, he has been a consultant with Vozrozhdenie Bank, and in 2003 joined the bank as advisor to the chairman. He had particular responsibilities for investor relations and strategy.
Al Hamli becomes CEO of Dubai Islamic Bank
Dubai Islamic Bank (DIB) has appointed Abdulla Al Hamli as its new chief executive officer. Al Hamli, who previously served as chief of operations and information technology at DIB, has worked at the bank for nine years, following 16 in progressively senior positions at leading public and private-sector organisations in Dubai, including more than a decade and a half as director of information systems at the Dubai Ports Authority and Jebel Ali Free Zone.
Troika Capital names new COO
Troika Dialog, Russia’s oldest and largest private investment bank, has appointed Kanako Sekine as managing director and COO of Troika Capital Partners, the bank’s private equity arm.
Dubai's DFSA appoints next CEO
The board of the Dubai Financial Services Authority (DFSA) has hired Paul Koster as its next CEO. Koster succeeds David Knott, who retires from full time employment in December this year, after nearly four years with the DFSA. Knott is widely credited as having established the DFSA as a highly regarded regulator operating to world-class standards.
HSBC hires Saudi equity analyst
HSBC Global Banking and Markets has hired Raj Sinha to be head of equity research, Saudi Arabia. Sinha will be based in Riyadh and will cover listed companies in the kingdom and MENA region for regional and international clients.
Shamil Bank announces staff promotions
Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank and a wholly-owned subsidiary of Ithmaar Bank, has announced further staff promotions as part of its recent corporate restructuring.
Sorouh Real Estate makes senior hire
Sorouh Real Estate, one of the leading Abu Dhabi-based real estate developers, has made further appointments to its senior management team.
Al Qubaisi takes over as Aabar chairman
Following a meeting of the board of directors of Abu Dhabi-listed Aabar Investments, HE Khadem Al Qubaisi, managing director of International Petroleum Investment Company (Ipic), has taken over the chairmanship of the board of Aabar Investments from outgoing chairman Abdulhamid Saeed
New chief executive for Old Mutual
The board of Old Mutual has accepted the resignation of its chief executive, Jim Sutcliffe. Julian Roberts, who has been CEO of Skandia since February 2006 and before that group finance director of Old Mutual, is taking over as new CEO.
EIB brings in Sakellaris
The European Investment Bank (EIB) has appointed Plutarchos Sakellaris as vice-president. His responsibilities on the EIB’s management committee include supervising financing operations in Denmark, Ireland, Greece, Cyprus, and African, Caribbean and Pacific countries. Sakellaris also takes over the EIB’s economic and financial studies division.
Failed payments cost European banks €21bn a year
Failed international payments are costing
ECB in face-off with Euroclear over T2-S
The European Central Bank is in a face-off with Euroclear, the largest central securities depository (CSD) in
Corporate finance and debt hires for Investec
Investec Investment Bank and Securities, the specialist investment bank, has announced two appointments as the bank continues to build on its position as a leading mid-market specialist. Gareth Taylor has joined as a director in the corporate finance division to lead Investec’s coverage of private equity clients and Matthew Wesley has joined the expanding debt advisory team as an associate director.
New CEO for Rand Merchant Bank
Alan Pullinger, who has been deputy CEO since April, will take over as CEO of Rand Merchant Bank. He replaces Michael Pfaff who will remain on the RMB divisional board until December.
Morgan Stanley appoints Achkar as Saudi CEO
Morgan Stanley has further strengthened its Saudi Arabia team by appointing Habib Achkar, managing director, as chief executive officer of Morgan Stanley Saudi Arabia. Achkar will oversee the continued expansion of MSSA and will relocate to Riyadh.
Senior appointment to develop QFC
The Qatar Financial Centre (QFC) authority has appointed Jon Morton as director for financial development. Morton has joined the QFC authority from Henley Business School in the UK, formerly Henley Management College, which merged with the University of Reading in August.
