* * * Thank you for the opportunity to speak to you today. The European Banking Federation is often referred to as the voice of Europe’s banks, and I am here in the hopes that you are the ears of those institutions as well.
From 1994 South African financial institutions started operating on an increasing scale in major international financial centers as well as opening branches or subsidiaries in other African countries. As part of this process, five large domestic companies transferred the primary listing of their stock to  4  BIS Review 30/2004  foreign bourses.