Standard Chartered Bank has taken over First Africa Group Holdings Limited, a leading pan-African Mergers & Acquisitions advisory firm based in South Africa with business concerns across Africa.
The deal will strengthen the Bank’s ability to take advantage of the growing trade corridors both intra-Africa and between Africa and Asia.
Regional Chief Executive Officer of Africa, Standard Chartered Bank, Mike Hart who announced this said the acquisition would further strengthen the bank’s ability to provide international standards of financial advice to corporates investing in Africa.
“It will also further strengthen our leading position in facilitating international investment in Africa from Asia and the Middle East,” he said.
The bank he said acquired an initial 25 per cent stake in First Africa in October 2006, significantly enhancing the bank’s capability to provide leveraged finance services to its international clients in African-related transactions.
Kofi Adjepong-Boateng, Chief Executive of First Africa who has been appointed by Standard Chartered Bank as the Head of Strategic Client Coverage Group for Africa said Standard Chartered’s unique global footprint in Africa, Asia and the Middle East would allow First Africa to broaden its specialist African expertise with a well-established and respected partner.
“The acquisition will further enhance Standard Chartered’s positioning in Africa. One of the bank’s competitive advantages in Africa is that it combines international expertise and capabilities with deep-rooted local knowledge,” he said.
The bank has also announced that Stephen Priestley, formerly the Managing Director and Head of Investment Banking for JP Morgan’s sub-Saharan business has been appointed as Managing Director, Head of Corporate Advisory, Africa.
First Africa has been one of the leading Merger and Acquisitions advisers in Africa over the past 10 years, with an impressive track record, particularly in the mining, telecommunications and financial services sectors.
The specialist Mergers and Acquisitons team has been involved in some recent high-profile mergers, including advising Anglogold on its merger with Ghana’s Ashanti Goldfields, and South African mobile phone group MTN’s $5.5billion acquisition of Kuwait-based Investcom.