S.Africa's Standard Bank to boost brokerage

The stockbroking arm of South Africa's Standard Bank is looking to boost its headcount, including equity analysts, following the end of a joint venture with Credit Suisse, senior executives said on Thursday.

Standard Bank last year said it would end the brokerage joint venture with the Swiss bank after four years.

Credit Suisse, like other major Western banks, is looking to bulk up its presence in fast-growing Africa, where for now, local banks such as Standard Bank have a bigger presence.

"The depth of our local knowledge, particularly in sub-Saharan Africa is the big differentiator," Ian Carton, the unit's global head of cash equities, told reporters in Johannesburg.

The securities unit, which has been renamed as SBG Securities, has operations across sub-Saharan Africa and in Turkey.

The brokerage is also looking to increase its number of equity analysts to 40 in the next 12 months, from around 25 now, Marc Ter Mors, head of research said.

About 10 of those new analysts would likely be in South Africa, bringing the total number of South African analysts to about 20, Ter Mors said.

International banks are looking to do more deals in Africa, especially given the rising trade flows between Asia and the resource-rich continent.

The newly appointed Africa head for Moscow-based Renaissance Capital told Reuters on Wednesday that it would consider expanding into northern Africa.

Citigroup Chief Executive Vikram Pandit said last month the U.S. bank was looking to expand its presence on the continent by focusing on investment and corporate banking.

JP Morgan Chase & Co CEO Jamie Dimon said during a visit to South Africa late last year that he was impressed by opportunities on the continent.

Citigroup South Africa South Africa Investment