1 July 2009, Singapore – Standard Chartered today announced its full acquisition of the remaining shareholding in First Africa Group Holdings Limited (First Africa), a leading pan-African Mergers & Acquisitions (M&A) advisory firm.
Mike Rees, CEO of Wholesale Banking at Standard Chartered, said, “The acquisition of First Africa, an extremely well regarded M&A advisory business, strengthens our ability to provide corporate advisory to clients in Africa and will further strengthen our leadership position in facilitating international investment in Africa from Asia and the Middle East.”
Standard Chartered Bank acquired an initial 25 per cent stake in First Africa in October 2006. Raising its stake to 100 per cent significantly enhances the Bank’s capability to provide M&A and leveraged finance services to its international clients in African-related transactions.
Headquartered in South Africa, First Africa has been one of the leading M&A advisers in Africa over the past 10 years, with an impressive track record, particularly in the mining, telecommunications and financial services sectors. The specialist M&A team has been involved in some recent high-profile mergers, including advising Anglogold on its merger with Ghana’s Ashanti Goldfields, and South African mobile phone group MTN’s $5.5billion acquisition of Kuwait-based Investcom.
Kofi Adjepong-Boateng, Chief Executive of First Africa commented, “Standard Chartered’s unique global footprint in Africa, Asia and the Middle East will allow First Africa to broaden its specialist African expertise with a well-established and respected partner. Our M&A capabilities complement the Bank’s existing corporate finance offering, providing new opportunities to our clients.”
The acquisition will further enhance Standard Chartered’s positioning in Africa. One of the Bank’s competitive advantages in Africa is that it combines international expertise and capabilities with deep-rooted local knowledge. This latest deal will strengthen the Bank’s ability to take advantage of the growing trade corridors both intra-Africa and between Africa and Asia. Standard Chartered has an extensive and well-established network across Asia, including in some of the largest economies in the region such as China, India, Korea, Indonesia, Taiwan, Thailand, Hong Kong and Singapore.
Further leveraging the expertise of First Africa, Standard Chartered appointed Kofi Adjepong-Boateng as the Head of its Strategic Client Coverage Group for Africa. Kofi brings a wealth of experience to this position and is expected to play a key role in developing the Bank's relationships with some of its larger African clients.
The Bank is also pleased to announce that Stephen Priestley, formerly the Managing Director and Head of Investment Banking for JP Morgan’s sub-Saharan business, has agreed to join Standard Chartered as Managing Director, Head of Corporate Advisory, Africa, and will be responsible for helping to drive the Bank's corporate advisory and financing business in Africa. Stephen will also succeed Kofi in heading up the Bank’s M&A advisory team for Africa, which will primarily include the First Africa operation and will be appointed as CEO of First Africa. Stephen brings a wealth of corporate finance expertise having worked with JP Morgan for over 10 years, where he originated and executed some of the largest and most complicated M&A, debt and equity transactions in Southern Africa.
For further information please contact:
TAN Hsueh Mei
Corporate Affairs, Group Wholesale Banking
Tel: + 65 6725 7752
E-mail: Tan.Hsueh-Mei@sc.com
Valerie TAY
Corporate Affairs, Group Wholesale Banking
Tel: + 65 6725 7792
E-mail: Valerie.Tay@sc.com
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About Standard Chartered Bank
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world’s most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has over 1,600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs more than 70,000 people, nearly half of whom are women. The Group’s employees are of 125 nationalities, of which about 70 are represented in the senior management.
For more information, please visit: www.standardchartered.com