The top 5 banking news stories in emerging markets this week.
1 – HSBC speeds up exit from emerging markets
HSBC, which for years branded itself the “world’s local bank”, is accelerating a plan to break from that business model and retreat from key emerging markets, in a renewed effort to become “simpler and smaller”. >>
2 – How mobile banking can bring Sub-Saharan Africa out of poverty
A big game changer for the unbanked is the rise in mobile banking. Now those living in rural areas, away from bank branches, can participate in the system. While only 1% of adults worldwide use a mobile money account, 12% of adults in Sub-Saharan Africa do. >>
3 – Is Sierra Leone the new hotspot for Nigerian banks?
First Bank of Nigeria Limited (FBN) is the latest Nigerian lender to set up camp in Sierra Leone. Over the last decade, more than five Nigerian lenders (Guaranty Trust Bank, Zenith Bank, Skye Bank, Access Bank and United Bank for Africa) have launched businesses in Sierra Leone. >>
4 – Ethiopia’s banking industry slowly evolving
Ethiopia’s financial services industry is one of the least developed in the region. The banking sector is heavily regulated. As at October 2013, pan-African financial services provider Ecobank estimated Ethiopia’s unbanked population to be around 80 million people. >>
5 – Bank of China Plans U.S. Expansion, ABS Products During 2015
Bank of China Ltd., the country’s fourth-biggest lender, plans to set up more U.S. branches and sell asset-backed securities this year as cross-border investment between the two countries increase. >>