Goldman Sachs is entering into a partnership with Investec in South Africa as the US investment bank plans to capitalise on fast economic growth across the continent.
In a statement yesterday, Goldman Sachs, which has been based in South Africa since 1999, said the partnership will allow both firms to extend their trading operations from Johannesburg to the rest of Africa.
As part of the strategy for growth, Goldman Sachs plans to offer fixed-income products in addition to the advisory and asset management services in South Africa.
Goldman Sachs' international CEO Richard Gnodde said: "We see tremendous opportunity to better serve local and global clients investing in South Africa and the wider region."
We see tremendous opportunity to better serve local and global clients investing in South Africa and the wider region."
"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: "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."
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