Goldman Sachs names new Joburg CEO to lead African expansion
The bank is expanding in SA as other brokerages cut back their operations or close down
Goldman Sachs Group has appointed Jonathan Penkin to head its Johannesburg office as part of efforts to drive the Wall Street bank’s Sub-Saharan African expansion.
Willem Baars and Olivier Frendo will become co-heads of investment banking for Sub-Saharan Africa and will “oversee the development and execution of the division’s strategic initiatives in the region” alongside Penkin, New York-based Goldman Sachs said in an internal memo sent to Bloomberg News.
Penkin, who will take the position after it has been approved by regulators, was among key bankers on the Saudi Aramco share sale, the world’s biggest initial public offering. He replaces Colin Coleman, who is leaving at the end of the year, and will relocate to Johannesburg while retaining responsibilities for a number of key international clients, according to the memo.
Goldman Sachs is expanding in SA as brokerages including Macquarie Group, Arqaam Capital, Deutsche Bank and Credit Suisse Group either pare back their operations or close down some of their business units.
Penkin, a graduate of the University of Cape Town, has been chair of Goldman Sachs’s equity capital markets unit for Asia ex-Japan since 2016. Baars started as an analyst at Goldman Sachs in 2000, while Frendo rejoined the firm in 2018, according to the memo.