Nedbank, ABN AMRO in Investment Banking Tie-up

Posted 27 November 2006 @ 10:30 am EET     Print     Reprint     E-Mail     Comments

JOHANNESBURG (Reuters) - South Africa's Nedbank and the Netherlands' biggest bank ABN AMRO have formed an investment banking alliance to give South African clients access to international markets, the companies said on Monday.

The firms said in a statement the partnership would offer investment grade and high-yield corporate bonds, syndicated loans, offshore corporate leverage and acquisition finance.

It would also offer international equity listings, rights issues and secondary block trades. The companies would share equity research.

"The effect of the alliance is to create an offshore capital one-stop shop," Nedbank and ABN AMRO said in a statement. "The initial focus of the alliance will be on South African corporate clients seeking to raise offshore finance."

The tie-up will also give ABN AMRO clients greater access to South Africa, which is attracting foreign investment thanks to steady economic growth and its position as a springboard to untapped African markets.

South Africa's biggest bank by assets, Standard Bank, earlier this year formed a broking joint venture with Credit Suisse to beef up its international investment banking offering. Nedbank is majority-owned by insurer Old Mutual.