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Religare Capital Markets Ltd (RCML), a global emerging markets focused investment banking and institutional equities arm of Religare Enterprises, has announced expansion of its South African capability through the acquisition of a controlling stake in local broker Noah Financial Innovation (Proprietary) Limited (Noah).
This is the fourth acquisition for RCML in the investment banking space in less than a year. Prior to this, RCML had acquired the UK and US operations of South Africa specialist brokerage Barnard Jacobs Mellet (BJM), 50 per cent stake in Bartleet Mallory Stockbrokers (one of Sri Lanka's leading stock brokerages) and Central Joint Enterprises (trading as Aviate Global (Asia)), the Hong Kong and Singapore-based research platform.
While RCML declined to disclose the financial details of the Noah deal, the latest acquisition is expected to boost ECML's existing sales trading and research capability in South Africa, adding some 20 professionals to its team.
Noah is an established player in the South African market, offering tailored execution and independent research to the institutional investment community. South Africa is one of the markets RCML has identified as of key strategic importance and the Noah acquisition complements the existing team by providing a meaningful local presence.
“South Africa is now the fifth member of the BRICS and it is no coincidence that RCML sees it as an integral part of our emerging markets investment banking platform, both in its own right and as a beachhead for our wider Africa banking ambitions.
Combined with our successful acquisition of BJM's international operations in 2010 and subsequent hires, today's news means we're now well positioned to connect domestic and global investors to the South African opportunity whilst leveraging on our strengths within global emerging markets”, Mr Martin Newson, CEO, RCML said in a statement here.
Currently, RCML is present in nine countries and has more than 300 staff, including investment bankers, analysts and sales and trading teams situated in London, Newyork and across emerging markets.
krsrivats@thehindu.co.in
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