Nedbank and Deutsche Bank announce corporate banking alliance for Southern Africa
The arrangement to co-operate, intended to combine Nedbank’s regional footprint with Deutsche’s global reach, does not involve a formal joint venture or new legal entity
Nedbank and Deutsche Bank announced a Southern African corporate banking alliance on Friday morning.
Nedbank said in a statement the alliance would not involve creating a legal entity or joint-venture structure.
"There is no impact on existing advisory and financing businesses, which remain separate," the statement said.
The scope of the alliance will cover managing initial public offerings, rights offers and share placements. It will also include working together on bond issues and trading.
The alliance will see Nedbank’s Corporate and Investment Banking (CIB) division working with the South African division of Deutsche Securities.
"The co-operation with Deutsche Bank will enhance Nedbank’s ability to provide our clients with access to deeper sources of capital globally," Nedbank CIB group managing executive Brian Kennedy said in the statement.
"The co-operation offers a creative and innovative way to expand Deutsche Bank’s client footprint and deliver customised solutions," Deutsche Bank SA chief country officer Muneer Ismail said.
"Deutsche Bank has a proud 25-year history in SA. Through our co-operation with Nedbank, we aim to broaden our franchise, further underlining our commitment to both the country and the region," the German bank’s head of corporate fiance for the Europe, Middle East and Africa region, Alasdair Warren, said in the statement.