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Banking In The Western Africa Economic And Monetary Union Is High Risk But Banks Are Likely To Consolidate For The Better
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services considers that banking sectors in the countries of the Western Africa Economic and Monetary Union (WAEMU, or the Union) exhibit high risks, in light of the still-difficult economic and operating conditions--particularly in the absence of international best practices. For instance, while some banking regimes are grappling with the requirements of the Basel III framework, banks in WAEMU have yet to implement Basel II. Overall, the level of intermediation is very low as less than 5% of the population has a bank account, according to the International Monetary Fund (IMF). This is low, even by sub-Saharan African (SSA) standards. Banks in the eight countries (Benin, Burkina Faso, Cote d'Ivoire, Guinee Bissau, Mali, Niger, Senegal, and Togo)...
Companies mentioned in this report are: Guaranty Trust Bank PLC,First Bank of Nigeria PLC,Zenith Bank PLC,First City Monument Bank,Access Bank PLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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