Mumbai, July 25: Investment banking firm Religare Capital Markets Ltd (RCML) Monday said that it has acquired a controlling stake in South Africa’s Noah Financial Innovation (Proprietary) Ltd.
The acquisition boosts RCML’s existing trading, sales trading and research capability in South Africa, adding some 20 professionals to the team as well as an innovative network of sector specialists who provide content and research services.
This move accelerates RCML’s push into one of the world’s major emerging markets.
Noah is an established player in the South African market, offering tailored execution and independent research to the institutional investment community.
‘South Africa is now the fifth member of the BRICS (Brazil, Russia, India, China, South Africa) 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, chief executive officer, RCML, said in a regulatory filing.
RCML is now present in nine countries and has more than 300 staff, including investment bankers, analysts and sales and trading teams situated in London, New York and across emerging markets.