(Bloomberg) -- Goldman Sachs Group Inc. is expanding in South Africa as the U.S. 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 also 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.
Read More
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- Ghana Leads With Six of the World's Fastest-Growing Economies in Africa
To contact the reporters on this story: Vernon Wessels in Johannesburg at vwessels@bloomberg.net;Roxanne Henderson in Johannesburg at rhenderson56@bloomberg.net
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Jacqueline Mackenzie
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