Welcome to our newsroom

  • Share

In the spotlight...

 

Read our press releases

July 2014


Avoiding a lost generation – ten recommendations
Johannesburg, 22 July 2014
EY has released Avoiding a lost generation – ten key recommendations to support youth entrepreneurship across the G20. The report, put together in collaboration with the G20 YEA, identifies and analyses the different youth unemployment issues.

 

Life Insurance confidence falls on lower premium growth
Johannesburg, 22 July 2014
In a quarterly survey released today, EY reports that life insurance confidence fell noticeably in the second quarter of 2014

 

Too few companies use forensic data analytics
Johannesburg, 22 July 2014
“Big data” presents huge opportunities. For companies involved with detecting and investigating misconduct, mining such data can be a powerful tool in complementing fraud detection procedures.

 

The smart consumer: 30,000 consumers from 34 countries reveal new global trends
Johannesburg, 21 July 2014
The vast majority of people are now digital consumers, rational and adept at using technology to filter information and make purchasing decisions. Companies must target “digital hypertaskers1,” the shoppers of the future and the most sophisticated and challenging of digital shoppers, to create competitive advantage in the long term.

 

Asset Management confidence falls, despite record equity indices
Johannesburg, 21 July 2014
A survey released by EY today, indicates that confidence in the asset management industry fell again in the second quarter of 2014, despite the local stock market hitting new record territory throughout the quarter.

 

Weak economic growth keeps bank confidence subdued
Johannesburg, 16 July 2014
A survey released by EY today indicates that banking confidence remained flat overall in the banking sector in the second quarter of 2014, with softer investment banking confidence, and with somewhat higher retail bank confidence.

 

Illusions of compliance
Johannesburg, 14 July 2014
Payroll software is often relied on by businesses as a means of ensuring compliance with the relevant legislation. After all, it is an automated solution with-built in formulas that should then result in the accurate computation of statutory payments.

 

EY nominates young finalist from South Africa for its international tax competition
Johannesburg, 10 July 2014
The finalist to represent South Africa at EY’s fourth consecutive international competition “Young Tax Professional of the Year” was selected today. This award allows successful students, who are chosen from more than 30 countries, to participate and demonstrate their tax technical and professional skills.

 

June 2014


EY acquires 8th Man Consulting (Pty) Ltd
Johannesburg, 27 June 2014
EY has acquired 8th Man Consulting (Pty) Ltd, an Oracle Enterprise Performance Management consulting firm. The move is in line with the firm’s growth strategy and investment plan.

 

Retail sales growth still under pressure
Johannesburg, 24 June 2014
Results from the latest EY/Bureau for Economic Research (BER) retail survey suggest that retail sales growth remained fairly weak during the second quarter of 2014.

 

Global corruption leaves boards struggling to cope
Johannesburg, 11 June 2014
EY’s 13th Global Fraud Survey, Overcoming compliance fatigue: reinforcing the commitment to ethical growth, has found concerning levels of perceived fraud, bribery and corruption across the world.

 

Increased global confidence boosts entrepreneurs’ hiring plans
London and Monaco, 4 June 2014
Seventy-six per cent of the world’s top entrepreneurs plan to increase the size of their workforce in 2014, according to EY's Global job creation survey.

 

May 2014


SA’s position in the context of the African growth story
27 May 2014
EY’s 4th annual edition of the Africa attractiveness report provides quantitative substance to the notion that African markets offer an exciting growth and investment opportunity.

 

Stephen Koseff of Investec competing for prestigious award
Johannesburg, 26 May 2014
Stephen Koseff, CEO of Investec, winner of the EY Southern Africa Entrepreneur Award programme, will soon head to Monaco for the EY World Entrepreneur Of The Year AwardTM.

 

Foreign direct investment in Sub Saharan Africa on the rise
15 May 2014
Africa’s share of global foreign direct investment (FDI) projects has reached the highest level in a decade, according to Executing Growth, EY’s 2014 Africa Attractiveness Survey.

 

Nigeria continues economic growth
2 May 2014
EY’s Africa by numbers report on Nigeria indicates Greenfield FDI projects into the country have grown at a compound rate of close to 20% since 2007.

 

April 2014


Large headline-hitting deals to take center stage in the next year as deal volumes remain steady
29 April 2014
Large acquisitions look set to steal the M&A headlines over the next 12 months as global companies place fewer but bigger bets on the deal table, according to EY’s tenth bi-annual Capital confidence barometer, a survey of more than 1,600 senior executives in 54 countries.

 

Oil & Gas continues to play a vital role across the African continent
15 April 2014
Resources generally, and oil and gas specifically, have played an important role in the African growth story. As African countries continue to increase their production of oil and/or gas, revenues from higher prices and the investment that new discoveries are attracting have made a key contribution to growth and developmental initiatives.

 

Asset Management confidence falls on the back
14 April 2014
Our survey released today indicates that confidence in the asset management industry fell in the first quarter of 2014, in line with a weaker stock market.

 

Life Insurance confidence remains stable
10 April 2014
In a quarterly survey released today, EY reports that life insurance confidence remained stable and relatively strong in the first quarter of 2014.

 

Banking confidence remains flat
7 April 2014
A survey released by EY today indicates that banking confidence remained flat overall in the banking sector in the first quarter of 2014.

 

Private Equity is moving to a new phase of maturity
Johannesburg, 2 April 2014
The second annual joint study by the African Private Equity and Venture Capital Association (AVCA) and EY confirms PE in Africa is becoming a more established asset class.

 

March 2014


Retail sales growth set to lose steam
Johannesburg, 24 March 2014
Price hikes partly make up for a significant slowdown in volume growth during 2014Q1.

 

EY announces Entrepreneurial Winning Women class of 2014
Johannesburg, 21 March 2014
EY today announced the Entrepreneurial Winning Women class of 2014 – an executive leadership programme that identifies a select group of high-potential women entrepreneurs whose businesses show real potential to scale — and then helps them do it.

 

Companies are missing opportunities to mine big data to reduce fraud risk and improve anti-bribery compliance
Johannesburg, 21 March 2014
EY's 2014 global forensic data analytics survey, Big risks require big data thinking, highlights that 63% of senior executives surveyed at leading companies around the world, agree that they need to do more to improve their anti-fraud and anti-bribery procedures, including the use of forensic data analytics (FDA).

 

Consumer confidence in global banking industry bounces back
Johannesburg, 11 March 2014
Trust in banks is underpinned by the quality of people's personal banking experience

 

Growing middle-class is boosting consumption
Johannesburg, 6 March 2014
Across the rapid-growth markets there will be nearly 200 million middle-class households by 2022 up from 94 million in 2012, according to our latest Rapid-growth markets forecast.

February 2014


EY's NextGen programme is launched in Cape Town
Cape Town, 28 February 2014
EY today announced the launch of the Cape Town NextGen programme, an initiative focussed on empowering the next generation of women leaders in South Africa.

 

African companies lack capacity to develop skills
Johannesburg, 17 February 2014
EY's recently released Sub-Saharan Africa talent trends and practices survey finds that many companies lack the capacity to plan for and manage the development of skills.

 


Labour market regulation not a deterrent for hiring in Africa
Johannesburg, 17 February 2014
Results from EY's new survey, Talent trends and practices in Sub-Saharan Africa, reveals that while regulation in the labour market is increasing, this is not seen to be a deterrent to hiring new employees.

 

The Private Equity community in Africa has been expanding steadily in recent years and is now entering a new phase of maturity
Johannesburg, 13 February 2014
Africa continues to demonstrate strong underlying fundamentals that signal continued growth of private equity in the medium term, even in the presence of uncertainty over the US Federal Reserve's quantitative easing policy, continued austerity and slow growth in Europe, and investor concerns over weakening economic or political environments in some emerging economies.

 

Rapid growth markets provide significant opportunities for global insurers despite entering period of slower growth
13 February 2014
Global insurance companies seeking to expand their businesses are increasingly looking to a new wave of rapid-growth markets (RGMs) as well as the BRICs.

 

Rising demand for the skills of the returning African Diaspora
Johannesburg, 7 February 2014
According to a new survey published by EY, the likelihood of companies in Sub-Saharan Africa to recruit from the returning African Diaspora (men and women from African countries who have studied, worked, and lived abroad but are looking to return to their countries of origin) is increasing, whilst the use of expatriates as a means to fill skills gaps for companies operating in Africa is expected to decline.

 

EY joins forces with Mara Foundation to boost entrepreneurship across Africa
Johannesburg, 7 February 2014
EY today announced a three year sponsorship agreement with Mara Foundation – a social enterprise that has been set up to support Africa's emerging entrepreneurs.

 

Financial investors to be key players in 2014 mining M&A
Cape Town, 3 February 2014
A steady improvement in global market conditions should see a gradual return to deal-making in the mining and metals sector in 2014, off the back of a seven-year low in global M&A volumes in 2013.

 

January 2014


Private equity CFOs play expanded role in facilitating growth despite formidable regulatory challenges through strategic investment in process and technology
Johannesburg, 24 January 2014
Confronted with numerous changes that affect their business model, most CFOs at private equity firms recognise that global regulation and compliance, as well as operational efficiency, are the top challenges facing their firms over the next two years, according to Navigating the headwinds, EY's inaugural global private equity survey in collaboration with PEI.

 


EY acquires Greenwich Consulting as we continue our market leadership drive
Johannesburg, 23 January 2014
EY is pleased to announce the acquisition of Greenwich Consulting, a move that will consolidate its service range worldwide notably in growth strategy, marketing, digital and data-analysis.

 


Life Insurance confidence rises after a weak third quarter
Johannesburg, 22 January 2014
EY today reports that life insurance confidence rose in the fourth quarter, following two consecutive quarters of falling confidence in the prior two quarters.

 


Asset Management confidence remains robust in fourth quarter
Johannesburg, 20 January 2014
A survey released by EY today, indicates that confidence in the asset management industry remained robust in the fourth quarter of 2013, in line with buoyant stock markets.

 


Banking confidence remains weak due to softer growth prospects
Johannesburg, 16 January 2014
A survey released by EY today indicates that banking confidence has marginally improved but remains weak in the retail segment, with investment banking confidence much stronger.

 

December 2013


EY relocates Johannesburg office
Johannesburg, 9 December 2013
EY, a global leader in assurance, tax, transaction and advisory services, today announced that it has relocated its Johannesburg head office from Illovo to 102 Rivonia Road, Sandton.

 

Nelson Mandela
Johannesburg, 6 December 2013
Ajen Sita, CEO of EY Africa comments on the death of former President Nelson Mandela.

 

November 2013


EY Ethiopia Country Managing Partner, contributing in redefining the African narrative by being selected in the 100 Most Influential Africans for 2013
Johannesburg, 29 November 2013
Zemedeneh Negatu, Country Managing Partner for EY Ethiopia, has been named as one of the 100 Most Influential Africans for 2013 by NewAfrican magazine.

 

EY announces sponsorship agreement with SAFA
Johannesburg, 28 November 2013
Professional services firm, EY South Africa today announced its sponsorship agreement with the South African Football Association (SAFA).

 

Safety tops risk agendas according to oil and gas executives
Johannesburg, 26 November 2013
Oil and gas companies' health, safety and environment (HSE) remains on top of the industry's risk agenda according to Business Pulse: Exploring the dual perspectives of the top 10 risks and opportunities in 2013 and beyond, a new report released today by EY.

 

Investment into the emerging markets' renewable energy sector increasing at levels higher than the more mature markets
Johannesburg, 25 November 2013
While energy affordability is becoming a major political issue in the mature markets, the emerging markets are becoming increasingly attractive to renewable energy investors looking for stable policy environments according to EY's latest quarterly Renewable energy country attractiveness index (RECAI), released today.

 

SAICA, in association with EY, launch the first annual CFO Awards
Johannesburg, 20 November 2013
The CFO Awards provide a platform for recognising CFOs' contribution to the growth and sustainability of their enterprises.

 

Retailers gear up for better festive season sales...
Johannesburg, 20 November 2013
Growth in 2013Q4 sales volumes could be higher compared to Christmas 2012.

 

Assessing risk and opportunity in Africa
Johannesburg, 14 November 2013
Foreign direct investment (FDI) into sub-Saharan Africa has grown at a compound rate of 22.3% between 2007 and 2012.

 

Stephen Koseff, CEO of Investec claims first place in the Master Entrepreneur category at the EY World Entrepreneur Awards
Johannesburg, 6 November 2013
Stephen Koseff, CEO of Investec, tonight, 6 November 2013, emerged victorious in the Master Entrepreneur category of the Southern Africa Chapter of the EY World Entrepreneur Awards.

 

Insurers "only playing at the digital game"
Johannesburg, 6 November 2013
Insurance companies have high digital ambitions but have failed to take action and embrace the digital world, according to EY's 'Insurance in a digital world: The time is now' survey.

 

October 2013


Declining growth trend in rapid-growth markets, structural reforms needed to realise potential
Johannesburg, 24 October 2013
A weak outlook for domestic demand in rapid-growth markets (RGMs), and subsequent weaker trade flows are expected to drive their GDP growth down next year according to EY's quarterly Rapid-growth markets forecast (RGMF) out today.

 

A guide for aspiring COOs: making the case for the job
Johannesburg, 17 October 2013
There's no single route to the role of chief operating officer (COO). Rather, it is a position that attracts the most talented and diverse individuals from all corners of the business, all of who share a passion for making an organisation work better.

 

Life insurance falls for second quarter consecutively although life companies satisfied with business conditions
Johannesburg, 14 October 2013
In a quarterly survey released today, EY reports that life insurance confidence fell for the second consecutive quarter in the third quarter of 2013, and is now also below 2012 levels.

 

Asset Management confidence remains strong
Johannesburg, 10 October 2013
A survey released by EY today, indicates that confidence in the asset management industry remained strong in the third quarter of 2013, despite weaker growth economic prospects.

 

EY reports 2013 global revenues of US$25.8 billion
9 October 2013
EY today announced combined global revenues of US$25.8 billion for its financial year ended 30 June 2013.

 

Bank confidence weakens again, driven by weak retail prospects
8 October 2013
A survey released by EY today indicates that banking confidence weakened again in the 3rd quarter of 2013.

 

EY announces the finalists of the Southern Africa chapter of the World Entrepreneur Awards 2013
1 October 2013
On 1 October 2013, EY announced the finalists of the Southern Africa Chapter of the World Entrepreneur Awards for 2013 in the Master, Exceptional and Emerging categories.

 

September 2013


Macroeconomic trends and a slow growth rate top the global insurance industry's risk agenda
26 September 2013
As global insurers adjust to the environment of lower asset returns and stricter regulation, macroeconomic trends and the slow growth rate top the global industry's risk agenda, according to a new report released today by EY Business Pulse: Exploring the dual perspectives of the top risks and opportunities in 2013 and beyond.

 

M&A across Africa
17 September 2013
Embarking on any cross border merger or acquisition will raise a host of complex legal, regulatory, labour and tax issues.

 

Transfer pricing in Africa - a balancing act
17 September 2013
There has been an unprecedented amount of activity at the OECD and beyond in the field of transfer pricing.

 

Why Tax directors need to wear multiple hats?
17 September 2013
The role of the tax director has evolved from largely compliance driven to a more commercial strategic focus of ensuring that the alignment of the tax agenda of the company is at the forefront of the CEO and the Board.

 

The global-local service to tax compliance and financial reporting
17 September 2013
Mr. X who works in finance for a global company must answer a tricky question for his chief financial officer: can his company submit all its tax and financial filings around the world from an efficient global centre and yet maintain the local expertise necessary to get every detailed, country-specific calculation correct?

 

Top corporate tax issues for African Boards to consider
16 September 2013
Tax affairs are taking up greater focus on boardroom agendas.

 

Africa must strike a delicate tax balance to nurture investment
16 September 2013
Africa's growing attractiveness as an investment destination is at risk if it fails to strike the right balance between international tax trends and the needs of its varied national economies.

 

Clothing and footwear retail sales growth now also losing momentum
11 September 2013
Results from the latest EY / Bureau for Economic Research (BER) Retail survey reveal that the growth in retail sales volumes remained modest during 2013Q3.

 

August 2013


EY 3rd in SAs Top Employer for 2014, 1st in Professional Services industry
Johannesburg, 30 August 2013

 

Entrepreneurs call on G20 to stimulate job creation and growth
Johannesburg, 27 August 2013
With many countries continuing to face high levels of unemployment and challenges in economic growth, EY's G20 Entrepreneurship Barometer 2013 calls on governments, ahead of the G20 Leaders Summit next week, to collaborate with entrepreneurs in order to kick-start their economies and create jobs.

 

July 2013


Increased focus on risk management and improving transfer pricing skills in emerging markets are top priorities, new report indicates
Johannesburg, 26 July 2013
According to EY's 2013 global transfer pricing survey, Navigating the choppy waters of international tax, 66% of companies identified risk management as their highest priority for transfer pricing, up 32% from the same survey conducted in 2010.

 

EY hosts the second annual Excellence in Integrated Reporting Awards
Johannesburg, 25 July 2013
EY today hosted the second annual Excellence in Integrated Reporting Awards. EY's second annual integrated reporting survey has shown that a number of South African companies have made significant progress in addressing the challenges faced by integrated reporting, continue to innovate and are setting high standards in this area of reporting.

 

Life Insurance confidence remains strong, albeit weaker
Johannesburg, 15 July 2013
In a quarterly survey released today, EY reports that life insurance confidence remained relatively strong in the second quarter, although it did fall somewhat from first quarter levels.

 

Asset Management confidence remains strong
10 July 2013
A survey released by EY today, indicates that confidence in the asset management industry remained strong in the second quarter of 2013.

 

Bank confidence weakens, driven by weak retail prospects
8 July 2013
A survey released by EY today indicates that banking confidence weakened considerably in the second quarter of 2013. The survey found that confidence was sharply lower in the retail segment, although investment banking confidence remains strong.

 

Ernst & Young rebrands globally
3 July 2013
Ernst & Young announced globally, 1 July 2013, that it has adopted EY as its global brand name, it has also unveiled a new logo, adopted "Building a better working world" as its purpose statement and has appointed Mark Weinberger as its Global Chairman and CEO.

 

June 2013


Capital allocation risk threatens miners' future growth
12 June 2013
Capital allocation and access to capital have rocketed to the top of the business risk list for mining and metals companies globally, up from number eight in 2012, in EY's annual Business risks facing mining and metals 2013-2014 report released today.

 

Retail sales growth remained subdued during 2013Q2
11 June 2013
Results from the latest EY / Bureau for Economic Research (BER) Retail survey reveal that the growth in retail sales volumes remained fairly subdued during 2013Q2.

 

May 2013


Safety tops risk agendas according to oil and gas executives
31 May 2013
Oil and gas companies' health, safety and environment (HSE) remains on top of the industry's risk agenda according to Business Pulse: Exploring the dual perspectives of the top 10 risks and opportunities in 2013 and beyond, a new report released today by EY.

 

Utility companies facing ever increasing regulatory burden, look to rapid growth markets to mitigate risk
Cape Town, 15 May 2013
The traditional business model of utility companies is under threat, with a new approach needed to ensure future success according to Business Pulse: Exploring the dual perspectives of the top 10 risks and opportunities in 2013 and beyond, a new report launched today by EY.

 

Quota de IDE global em África aumentou nos últimos cinco anos
Londres e Joanesburgo, 6 De Maio 2013
A quota de investimento direto estrangeiro (IDE) global em África cresceu nos últimos cinco anos, destacando o interesse crescente dos investidores estrangeiros, de acordo com o terceiro relatório Africa Attractiveness Survey publicado hoje pela EY.

 

La part africaine des IDE mondiaux augmente depuis les cinq dernières années
Londres et Johannesburg, le 6 Mai 2013
La part africaine des investissements directs à l'étranger (IDE) mondiaux a augmenté au cours des cinq dernières années, reflétant l'intérêt croissant des investisseurs étrangers, selon la troisième étude Africa Attractiveness Survey d'EY, parue aujourd'hui.

 

Africa's share of global FDI increases over the last five years
London and Johannesburg, 6 May 2013
Africa's share of global foreign direct investment (FDI) has grown over the past five years highlighting the growing interest from foreign investors, according to EY's third Africa Attractiveness Survey, released today.

 

Tax certainty for growth
2 May 2013
It is never an easy task for governments to strike the right balance between providing a business friendly tax environment for investors while at the same time ensuring that foreign investors pay their fair share of the tax burden.

 

April 2013


Global executives say M&A's will rise, yet only a moderate increase in acquisitions planned
Johannesburg, 25 April 2013
A major rebound in confidence in the global economy among large corporates is not yet translating into expected capital investment and M&A activity, according to EY's eighth bi-annual Capital confidence barometer, based on a survey this month of 1,600 senior executives in 50 countries.

 

Asset management confidence shows a marginal decline
22 April 2013
A survey released by EY today, indicates that confidence in the asset management industry declined marginally in the first quarter of 2013.

 

Life Insurance confidence remains strong, supported by a strong JSE
19 April 2013
In a quarterly survey released today, EY reports that life insurance confidence remained very strong, rising from 92 index points in the last quarter of 2012 to 95 in the first quarter of 2013.

 

Bank confidence softens but remains at strong levels
16 April 2013
A survey released by EY today indicates that banking confidence was marginally softer in the first quarter of 2013.

 

Harvesting growth - the rise of private equity exits in Africa
10 April 2013
Africa's economic development over the last few years has been impressive, with many countries across the continent starting to see the benefits of government and economic reforms and increased FDI flows.

 

Retail sales growth disappoints during 2013Q1
8 April 2013
Results from the latest EY / Bureau for Economic Research (BER) Retail survey reveal that trading conditions continued to deteriorate and the growth in retail sales volumes slowed further during 2013Q1.

 

March 2013


Africa on the move
Durban, 27 March 2013
Parts of Africa are well on the way to becoming some of the most dynamic places in the world for investment according to EY's Africa on the move report, produced in collaboration with the Ernst &Young /SKOLKOVO Institute for Emerging Markets Studies, released today.

 

Ernst and Young opens new office in South Sudan
22 March 2013
EY, a global leader in assurance, tax, transaction and advisory services, announced the opening of its brand new offices in Juba, South Sudan.

 

Elevating the Tax Profession: 2013 Young Tax Professional of the Year Award
Johannesburg, 20 March 2013
Careers in this decade are no longer modelled around the clear-cut professions of lawyers, doctors, technicians and engineers. There is more awareness being created in branches within these core professions such as tax law, competition law, aeronautical engineering etc.

 

African markets increasingly open for business but positive mindset required
Cape Town, 7 March 2013
African markets are increasingly open for business. Despite perceptions of elevated and uniform risk, in many ways the continent is no different to others: as with anywhere, sound business practices enable well-run firms and funds to convert business strategies into actual results.

 

February 2013


Remarkable resilience across the Africa continent continues to drive geographic expansion in PE investment
20 February 2013
Despite the persistent global economic woes, Africa continues to flourish. In recent years economic growth rates have been well in excess of those in developed economies and above those in many emerging markets.

 

Increase in trade and demand for commodities boost rapid-growth markets
18 February 2013
An increase in intra-regional trade, easing of monetary and fiscal policy, and higher demand for commodities will lead to an improvement in the economic outlook for the rapid-growth markets (RGMs) in 2013, according to EY's quarterly Rapid-Growth Markets Forecast (RGMF) released today.

 

State-backed and financial investors to drive 2013 mining deals
18 February 2013
State-backed and financial investors' appetite for M&A, combined with divestments, will drive a recovery in mining and metals deal volumes and value in 2013, following a slow and patchy year for deals in 2012, according to EY.

 

January 2013


Record year for global oil and gas transactions in 2012
31 January 2013
With an average of more than four transactions announced every day in 2012, the oil and gas sector has remained one of the most active global sectors for mergers and acquisitions.

 

Life Insurance confidence recovers from a weak third quarter
29 January 2013
In a quarterly survey released today, EY reports that life insurance confidence recovered strongly from 75 index points in the third quarter of 2012, to 93 in the last quarter of 2012. This follows two consecutive quarters of dropping confidence levels, and takes the life insurers back to the very strong confidence levels that they enjoyed through 2011 and into early 2012.

 

Asset Management confidence in line with a strong JSE
23 January 2013
A survey released by EY today, indicates that confidence in the asset management industry remained strong in the fourth quarter of 2012. The strong confidence levels were aligned to a bullish stock market, and came about despite weak third quarter growth and a subdued fourth quarter outlook.

 

Bank confidence remains strong, despite weak economy
17 January 2013
A survey (pdf, 223.2kb) released by EY today indicates that banking confidence remained strong in the fourth quarter of 2012. The survey found that confidence was particularly robust in the retail segment. Overall banking confidence was slightly lower than third quarter levels, falling from 85 index points to 84 points currently, marginally below its 2012 peak in the first quarter.

 

Global Islamic assets expected to reach US$1.8 trillion by 2013
17 January 2013
Global Islamic banking assets held by commercial banks are set to cross US$1.8 trillion in 2013, up from the US$1.3 trillion of assets held in 2011, according to EY's World Islamic Banking Competitiveness Report 2013.