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When the South African government announced last month that HSBC Investment Bank was to be its adviser on privatization, it took the wind out of the sails of the major domestic banks. There was, though, still a local connection: HSBC subsidiary James Capel recently bought South African stockbroker Simpson McKie, now Simpson McKie James Capel. The snatching of the one-year advisory deal does not mean that South African banks are being altogether sidelined as foreign competition builds up. |
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