RCML acquisition to boost South Africa operations
Religare Capital Markets Limited (RCML), the investment banking and securities arm of emerging markets financial services group Religare Enterprises Limited, has acquired a controlling stake in South African broker Noah Financial Innovation (Noah).
The move will accelerate RCML’s push into South Africa, one of the world’s major emerging markets, the company said in a statement.
Noah is well established in South Africa offering tailored execution and research for institutional investors. The acquisition will boost RCML’s existing trading, sales and research capability in the country by adding 20 professionals to the team and a network of sector specialists.
In 2010, RCML acquired BJM UK and US, two distribution platforms for South African equities in London and New York.
“South Africa is now the fifth member of the BRICS and it is no coincidence that RCML sees it as an integral part of our emerging markets investment banking platform, both in its own right and as a beachhead for our wider Africa banking ambitions,” Martin Newson, CEO at RCML said.