South African banks were once regarded as introspective followers rather than leaders. But in the last six months, Investec, the independent Johannesburg-based investment bank, has broken the mould to become the foremost symbol of a financial services sector that is belatedly waking up to the pressures of globalization.
Two recent forays into the UK by Investec have taken the City by surprise as first one old-established name and then, only weeks later, another fell into the hands of what was previously a relatively unknown South African bank.
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