Skandinaviska Enskilda Banken AB (SEB) has cancelled four Africa-linked deposits in the Baltics due to the troubles in Northern Africa. The bank said it had been forced to cancel the offerings, because a number of local exchanges had closed during the unrest.
Investment Deposit 305 & 306 African Lions, which was aimed at retail investors in Estonia, and Progressive Deposit 153 & 154 Africa, aimed at their Latvian counterparts, were both linked to the BNP Paribas Africa Funds Excess Return index.
The index, which contains units of JPMorgan Africa Equity Fund (45% weighting), DWS Invest Africa Fund (30%), Julius Baer Multistock Northern Africa Fund (20%) and Fcom Actions Maroc (5%), is geographically diversified across Northern and Sub-Saharan Africa, with major weightings towards South Africa (about 25%), Egypt (21%), Nigeria (14%) and Morocco (8%). From a sector's point of view, its current focus lies with financials (31%), materials (26%), first consumption commodities (12%) and telecommunications (8%).
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