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Credit Suisse has own ambitions for SA

Sep 15 2010 22:59 Reuters

Company Data

Standard Bank Group Ltd [JSE : SBK]

Last traded R113.00
Change R-0.10
% Change -0.09%
Cumulative volume 3.20m
Market cap R179.93bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Nedbank Group Ltd [JSE : NED]

Last traded R168.34
Change R-0.80
% Change -0.47%
Cumulative volume 299,281
Market cap R85.43bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - Credit Suisse and Standard Bank Group [JSE:SBK] said they would end their brokerage joint venture in South Africa after four years, allowing the Swiss bank to develop its own business in Africa's top economy.

The two banks said in a joint statement on Wednesday that Standard Bank, Africa's top lender by assets, would buy 100% of the shares of the joint venture, Credit Suisse Standard Securities.

Credit Suisse will develop its own equities business in South Africa, offering trading, private banking and investment banking, the companies said.

Credit Suisse's increased focus on South Africa comes as international banks jostle for market share on the fast-growing continent.

HSBC, Europe's biggest bank, is in exclusive talks to buy up to 70% of Nedbank Group [JSE:NED], South Africa's fourth-largest lender.

 
 
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