JOHANNESBURG - Goldman Sachs and Investec said on Wednesday they had entered into an exclusive cooperation agreement for equity trading in South Africa which would enable both firms to extend their capabilities and deepen links with African and international clients seeking to invest in the region.
The cooperation arrangement will be launched in coming weeks, subject to local regulatory approvals, and will look to expand to additional African markets.
"We see tremendous opportunity to better serve local and global clients investing in South Africa and the wider region," Goldman Sachs International CEO Richard Gnodde said.
"Africa is a substantial and growing part of our international business and we are excited to connect clients globally with more opportunities across the continent through our expanded hub in Johannesburg.”
Investec Specialist Bank CEO Richard Wainwright said the alliance would enables his company to offer its leading South African and African equities execution capability to a larger global client base which had a growing interest in the region.
"Goldman Sachs is well positioned globally to offer its best of breed global execution platform to both global investors and now, via this agreement, with Investec to its South African equity investors," he said.
Investec group CEO Fani Titi said the agreement reflected the strength of his bank's franchise and brand and its deep knowledge of the South African market.
Goldman Sachs is a New York headquartered global investment banking, securities and investment management firm which provides services to corporations, financial institutions, governments and individuals.
Investec is an international specialist bank and asset manager providing services to a niche client base primarily in the United Kingdom and Europe, South Africa and Asia/Australia.
In 2002 Investec, whose combined market capitalisation is approximately GBP4.8 billion, implemented a dual listed company structure with listings on the London and Johannesburg stock exchanges.
- African News Agency (ANA)