Executives Simon Denny and Zoya Sisulu are appointed as US banking giant bets on SA business growth
to bolster its SA team, cementing its bullish sentiment despite the country’s fragile economic prospects being hammered by pandemic-induced lockdowns. investment banking in SA in October, according to themarkets for Standard Bank, has already started in her positionGoldman Sachs’s move runs contrary to the direction of other investment banks that have been downsizing or exiting the economy that has hardly grown in the past decade.
Still, the company, which in May forecast that SA’s GDP could rebound by as much as 4.5% in 2021 as opposed to the more moderate consensus forecast of 3% at the time, is probably in a stronger position to pitch its services to advise on mergers and acquisitions as foreign companies such as DP World, a Dubai-based marine transportation group, and Heineken show interest to strike deals with SA companies.
Denny had been head of Africa banking at Barclays since March 2019, and brings with him a strong list of clientele to the US banking firm. His major deals at the London-based bank included advising Massmart, the unit of US retail giant Walmart, on the sale of some of its divisions to Shoprite last month in a $890m deal.The US banking giant, which has had a presence in SA foryears ago. It is now lifting its headcount and ramping upoffices in Sandton.
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