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AfricaAugust 1 2013

Citi eyes African investment banking riches

Africa might still account for only a small amount of investment banking activity globally, but the business it generates is only set to rise, according to Citi’s Miguel Azevedo. He talks to Paul Wallace about the continent’s exciting prospects and which sectors hold the most promise.
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Citi eyes African investment banking riches

Most of Africa is a backwater as far as investment banking is concerned. According to Thomson Reuters, investment banking fees from the continent totalled $318m in 2013, of which $232m came from South Africa. To put that into perspective, Norway’s investment banking activity – while relatively small on a global scale – generated $339m of fees.

Yet Africa’s rapidly rising economy, particularly in the sub-Saharan part, is leading to more capital markets and advisory activity. Exemplifying this, the volume of Africa-targeted mergers and acquisitions reached $20bn in the first half of 2013, up 30% from the same period a year earlier.

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