JPMorgan hiring in Africa as more firms seek London listings | Fin24
 
  • Retailers

    As South African retailers struggle, businesses in other African markets start to shine.

  • Up in the Air

    Government is still looking for funds and a partner to keep the flag carrier operational.

  • Zimbabwe

    European Union has released R270 million in emergency food aid as severe hunger continues.

Loading...

JPMorgan hiring in Africa as more firms seek London listings

Jul 18 2019 08:19
Roxanne Henderson and Loni Prinsloo

JPMorgan is hiring in sub-Saharan Africa as the New York-based bank works with companies to list their shares in London despite Brexit uncertainty.

“There are fast growing businesses in Africa, that’s why we’re able to get these IPOs underway,” said Barry Meyers, managing director of JPMorgan’s UK capital markets and sub-Saharan Africa business, declining to be specific on deals. “International investors are interested and more open to the African growth story than ever before.”

More offerings are expected over the next 12 months as African businesses seek to tap deeper pools of capital, he said. The increased interest comes amid a $3.5bn share sale by Airtel, London’s third-largest IPO this year, and follows a roadshow by officials from the London Stock Exchange earlier this year to spur more issuance.

Interest is starting to spill over into South Africa, where deal flow has been hindered by a contracting economy. Talks with foreign investors are becoming more frequent in an environment of greater political stability, Kevin Latter, the head of JPMorgan’s South African operations, said in a separate interview in Johannesburg.

“There’s a renewed interest in South African corporates because they are well run, well managed, cheap and have regional proximity to what’s going to be the biggest consumer growth area in the next 20 years,” he said. “Yes, growth is low but it’s predictably low.”

JPMorgan has grown consistently in the past few years and now has 180 regional staff, Latter said. It will continue to “invest in people as we look to grow our capabilities both in South Africa and more broadly in sub-Saharan Africa.”

“Our own strategy and how we are running our own business reinforces what we believe the landscape to be for other international and South African corporates,” Latter said.

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...