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Headline: South Africa – Too many banks, too few deals Source: Euromoney Date: March 2000 Author: Richard Stovin-Bradford South Africa’s largest companies have switched to using international investment banking advisers. Now local South African merchant banks, many set up in recent years by entrepreneurs, find themselves forced into a frenzy of mergers and acquisitions to fight off these foreign entrants into their market. Richard Stovin-Bradford reports Until the early nineties, the investment banking business in South Africa was divided between established local names such as FirstCorp, the former merchant banking arm of First National Bank (FNB), Standard Merchant Bank, UAL Merchant Bank, Rand Merchant Bank, Investec, the Board of Executors (BoE) and a host of stockbrokers. |
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