May 28th, 2014 by Tom Minney
African Banker Awards 2014 (credit IC Publications)
Women triumphed at this year’s African Banker Awards 2014: Vivienne Yeda, Director General of the East African Development Bank, scooped the award for African Banker of the Year; Linah Mohohlo of the Bank of Botswana was named Central Bank Governor of the Year; and Elizabeth Mary Oleko, chairperson of the Kenya Women Finance Trust, scored the Lifetime Achievement Award.
President of Rwanda HE Paul Kagame received a Special Recognition Award for his leadership and vision. He thanked Rwandans who have sacrificed a much to put Rwanda where it is today: “Rwandans have made me the kind of leader that I am and they have given me the strength that has added up to taking our country forward.” Bob is back, as Bob Diamond the former CEO of Barclays Bank who quit after the bank faced global scandals and fines, was in the deal that was awarded equity deal of the year. Andrew Alli of the African Finance Corporation won African Banker Icon.
This year the judges – I was again privileged to be a judge for some categories – again awarded Nigeria’s GT Bank as African bank of the year. South Africa’s Rand Merchant Bank is investment bank of the year and South Africa’s Nedbank won both an award for innovation in banking and the socially-responsible bank of the year. Mastercard won a well-deserved award for financial inclusion.
Investec Asset Management won fund of the year and State Bank of Mauritius won retail bank of the year. Banque Islamique de Mauritanie won best Islamic finance initiative.
The awards also recognized smaller financial institutions and those pioneering in challenging environments. Trust Merchant Bank, an independent commercial bank operating in DR Congo, won Best Bank in Central Africa. Ecobank Mali won Best Bank in West Africa after Mali successfully transitioned back to its historic democracy after a 2012 coup that crippled the economy. Stanbic Zimbabwe beat tough competition from bigger banks to become Best Bank in Southern Africa, despite challenging economic conditions. Bank of Kigali scored in East Africa and Morocco’s Banque Centrale Populaire in North Africa.
Two landmark deals were rewarded. Citigroup Global Markets won equity deal of the year for helping Bob Diamond, previously of Barclays Bank, in the $325m initial public offer (IPO) of his new investment vehicle, Atlas Mara Co-Nvest. Standard Chartered Bank won debt deal of the year for the $3.3bn finance facility for Dangote Group petrochemical plan, building the continent’s largest refinery, petrochemical and fertilizer plant.
The winners of the 8th African Banker magazine’s African Banker Awards were announced at a prestigious ceremony on 21 May at the Kigali Serena Hotel, linked to the African Development Bank summit. Among the guests were HE Festus Mogae, former President of Botswana, and many ministers of finance and bank CEOs were also present.
Omar Ben Yedder, Publisher of African Banker and IC Publications, commended the achievement by banks: “Here in Kigali.. we have witnessed the transformation of a country. Since we have launched the awards we have witnessed the transformation of an industry. There is no room for complacency because there is much room for growth and development to achieve the transformation we all desire and work towards. But seeing local African banks finance and structure international deals is a step forward and unimaginable a decade back. And I am delighted to see three women pick up three coveted individual awards. Congratulations to them all!”
The African Banker Awards are organized by African Banker magazine and BusinessinAfrica Events (BIAE). It is a landmark event that celebrates excellence and best practices in African banking and finance.
Special Recognition Award: HE President Paul Kagame
Lifetime Achievement Award: Elizabeth Mary Okelo
African Bank of the Year: GTBank
African Banker of the Year: Vivienne Yeda, Director General, East African Development Bank
African Banker Icon: Andrew Alli, CEO, Africa Finance Corporation
Central Bank Governor of the Year: HE Linah Mohohlo, Botswana
Finance Minister of the Year: Hon Armando Manuel, Angola
Investment Bank of the Year: Rand Merchant Bank
Award for Innovation in Banking: Nedbank
Socially Responsible Bank of the Year: Nedbank
Award for Financial Inclusion: MasterCard
Deal of the Year – Equity: Atlas Mara Co-Nvest, Citigroup Global Markets
Deal of the Year – Debt: Financing Facility, Dangote Group Petrochemical Plant, Standard Chartered Bank
Fund of the Year: Investec Asset Management
Best Retail Bank in Africa: State Bank Mauritius
Best Islamic Finance Initiative: Banque Islamique de Mauritanie
Best Bank in North Africa: Banque Centrale Populaire
Best Bank in Southern Africa: Stanbic Zimbabwe
Best Bank in East Africa: Bank of Kigali
Best Bank in West Africa: Ecobank Mali
Best Bank in Central Africa: Trust Merchant Bank
Mortgage Bank of the Year: Nigerian Mortgage Refinance Company
August 17th, 2011 by Tom Minney
Leading emerging markets investment bank Renaissance Capital (www.rencap.com) has appointed Yvonne Ike as its Chief Executive Officer, West Africa. She will be based in Lagos.
Clifford Sacks, CEO of Renaissance Capital Africa, says in a press release: “Yvonne is an internationally regarded investment banker credited with pioneering a number of groundbreaking transactions in the West Africa region. The entire team is looking forward to working with Yvonne and benefiting from her local and global expertise.”
She has more than 18 years’ experience in financial services, including capital markets operations and fixed-income, derivatives and equities products. Over the course of her career, she has led senior teams in New York, Geneva, Hong Kong, Nigeria and South Africa.
Her degree is a Bachelor of Science in Economics. She started her career as an auditor with Ernst and Young International and has been an registered representative with the UK’s Financial Services Authority since 1994. Prior to her appointment at Renaissance Capital, Ms Ike was a managing director at JP Morgan, where she spent 15 years until 2009. More recently, she has worked as a partner at Africapital Management Limited, an advisory firm based in Lagos.
She succeeds Rotimi Oyekanmi, who has been appointed Chairman Emeritus, Renaissance Group, West Africa. Oyekanmi joined Renaissance in 2007 and will now be responsible for the build-out of Renaissance’s consumer finance business and help with Renaissance Partners’ land developments in West Africa.
Ms Ike commented: “Renaissance Capital is best placed to provide a broad range of financial solutions to help unlock the massive potential in Africa. I am excited about the firm´s unparalleled vision for Africa, the calibre of the people I will be working with and Renaissance’s execution capabilities. In addition to offering unrivalled financial, investment and management expertise in the West Africa region, we are uniquely positioned for cross-border business between Africa and other regions, particularly in emerging markets.”
Renaissance Capital, part of Renaissance Group, offers access to the emerging markets of Russia, the CIS, Eastern Europe, Asia and Africa through centres such as London, New York and Hong Kong. Its core businesses are: Mergers & Acquisitions; equity and debt capital markets; securities sales and trading; research; and derivatives. It is building practices across emerging markets in metals & mining, oil & gas and agriculture.
April 11th, 2011 by Tom Minney
Fee income from investment banking in sub-Saharan Africa more than doubled to US$157 million during Q1 of 2011, compared to same period in 2010. Of this $80 mn (51%) was earned on merger and acquisition (M&A) activity, according to a leaflet and press release from Reuters Deals Intelligence.
Uganda attracted 51% of activity, followed by South Africa with 43%, and most of the action was into oil and gas, which China the biggest acquirer, accounting for 26% of the total, followed by South Africa and Luxembourg. Most of the action was in energy and power.
Busisa Jiya, Investment Client Specialists Manager MEA at Thomson Reuters, commented: “The momentum from 2010 has carried on into the first quarter of this year in Sub-Saharan Africa as deal flow remained strong with investors attracted to African assets. Big deals in energy and power helped to make the first quarter a buoyant one for the M&A and debt capital markets”.
A total of $1.9 billion was issued in equity markets in Q1, double the same period in 2010 of which the majority was convertible bonds with $1.4 bn issued, including the biggest issue, a $621.1 mn convertible bond offering from South-Africa based Steinhoff Finance Holding. Most of the equity (58%) was issued in South Africa, followed by Mauritius (29%) and Nigeria (10%)
Fees for investment banks in equity markets totaled $29 million, the strongest Q1 since 2007. There were no initial public offers (IPOs or share offers) during the period Jan-Mar.
Activity on the debt capital market in Sub-Saharan Africa rose 86% to $7.2 bn ($3.9 bn in Q1 2010). The top Sub-Saharan bond during Q1 was $1.7 bn issue by South Africa’s ESKOM Holdings. Investment banking fees from debt capital markets were the strongest Q1 on record at $42 mn.
Barclays Capital topped the rankings with $3.5 mn in fees for work in equity capital markets (ECM) and $13.9 million in debt capital markets for debt transactions totaling $1.7 bn in the first quarter. Investec topped the M&A fee ranking during the first quarter with US$26.4 million. Goldman Sachs topped the M&A ranking for “any Sub-Saharan involvement” with $3.9 bn, with Standard Chartered coming in second with $2.9 bn. BNP Paribas and Citi tied for first spot for Sub-Saharan equity capital markets underwriting during the first quarter of 2011, followed by Macquarie Group.
Thomson Reuters Deals Intelligence is part of Thomson Reuters Investment Banking division and brings up-to-the-minute market intelligence to clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.