Religare Capital Markets (RCML), the investment banking and institutional equities arm of integrated financial services group, Religare Enterprises, has announced the acquisition of a controlling stake in South African broker Noah Financial Innovation (Proprietary) in a bid to expand its offerings in the country.
Noah is an independent and niche South African-based stock broking and financial services provider that caters to a select group of institutional clients in and outside South Africa.
The acquisition boosts RCML?s existing trading, sales trading and research capability in South Africa. ?The acquisition will give us a strong foothold in the African continent and further expand our emerging markets-focused investment banking business,? said a Religare spokesperson.
Religare did not disclose the deal size or how much stake it had bought in Noah, citing a confidentiality agreement with the company. RCML has identified South Africa as a key market for itself. ?South Africa is now the fifth member of the BRICS and it is no coincidence that we see 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,? said Martin Newson, CEO, RCML.
This will be Religare?s fourth acquisition in the investment banking space in less than a year. Prior to this, RCML acquired Barnard Jacobs Mellet (UK) and Barnard Jacobs Mellet (USA) LLC ? distribution platforms for South African equities in London and New York, respectively.
It had also acquired a 50% 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.
RCML is present in nine countries and has a staff of more than 300.
