India’s Religare Capital Markets has joined the trend of growing Africa investment-banking teams. In late July it announced the acquisition of Johannesburg broker Noah, bringing Religare about 20 sales and research staff in South Africa.
“Our South African business positions us strongly in one of the world’s most interesting emerging markets. It is among the most liquid equities markets in Africa and serves as a natural beachhead for our wider African ambitions,” says Religare’s chief executive, Martin Newson.
Based on Religare’s global model, Newson tells Euromoney his Africa business is likely to evolve through a combination of acquisitions, joint ventures and individual hires.
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