Goldman Sachs Plans to Expand Client Offering in South Africa
JOHANNESBURG / LONDON – 15 May 2019 – The Goldman Sachs Group, Inc. (NYSE: GS) today announced its intention to broaden its service offering in South Africa and strengthen its ongoing commitment to the country.
The firm intends to expand its onshore presence by offering fixed income products, including foreign exchange and South African government securities, to corporate and institutional investors in South Africa.
In addition, Goldman Sachs and Investec today announced that they have entered an exclusive cooperation agreement for equity trading in South Africa. The agreement will enable both firms to extend their equity trading capabilities in the country and deepen links with African and international institutional clients seeking to invest in the region. The cooperation arrangement will be launched in the coming weeks and will look to expand to additional African markets.
Goldman Sachs has been offering advisory, wealth management and asset management services to corporations, investment firms, government institutions and individuals in South Africa for many years. The expansion of its offering will allow the firm to engage in a wider range of activities and support the functioning of capital markets in the region as well as helping to contribute to economic growth. The initiatives are subject to certain regulatory approvals.
Richard Gnodde, CEO of Goldman Sachs International, said: “We see tremendous opportunity to better serve local and global clients investing in South Africa and the wider region. Africa is a substantial and growing part of our international business and we are excited to connect clients globally with more opportunities across the continent through our expanded hub in Johannesburg.”
Colin Coleman, chief executive officer of Sub-Saharan Africa for Goldman Sachs and head of the Johannesburg office, said: “The expansion announced today is a vote of confidence by Goldman Sachs in the future of South Africa, and the region as a whole. It is testament to our confidence in the unfolding structural reforms in South Africa, which should drive higher economic growth rates and economic opportunity for our clients and the people of the region. The long term economic potential of South Africa is unquestionable. We are proud of our track record in the region over the last twenty years, and are pleased our expanded presence will deliver the full Goldman Sachs firmwide offering to our local and global clients as they continue to build their businesses here.”
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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