The FT reports:
When Jendayi Frazer, the US assistant secretary of state for Africa, visited earlier this year she predicted that in 10 to 15 years Angola would be one of the three hubs in sub-Saharan Africa, along with the traditional powerhouses of South Africa and Nigeria.
It is a view widely shared by bankers. Outside South Africa “you’ve got to be in Nigeria, Ghana, Kenya and Angola”, says Craig Bond, CEO of Standard Bank Africa, the African arm of Standard Bank, the continent’s largest bank. Angola has registered five new banks in the past year and is expected to register five more by the end of 2007, according to Paul de Sousa, the representative for KPMG. The “big three” banks in South Africa, Standard Bank, First National Bank and ABSA, and several international banks have been scouting in recent months for potential acquisitions.
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