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Goldman Sachs Group Inc is expanding in South Africa as the US investment bank seeks to tap into fast economic growth on the continent.
The lender is partnering with Investec on equity trading, which will allow both firms to extend their trading operations from Johannesburg to the rest of Africa, New York-based Goldman Sachs said in a statement on Wednesday.
Key Insights Goldman Sachs, which has had a presence in South Africa for 20 years, will offer fixed-income products, including foreign exchange and South African government securities, to corporate and institutional investors in the country. The firm already provides advisory, wealth and asset-management services to corporations, investment firms, government institutions and individuals in South Africa.
The expansion comes after South African elections last week in which President Cyril Ramaphosa led his African National Congress to victory on pledges to reignite economic growth, streamline his cabinet and stamp out corruption. Colin Coleman, who has headed the sub-Saharan African division of Goldman Sachs since 2000, is a supporter of Ramaphosa and his drive to attract more investments into Africa’s most industrialized economy.
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