Vote of confidence by Goldman Sachs in the future of SA

Goldman Sachs last month announced its intention to broaden its service offering in South Africa and strengthen its ongoing commitment to the country.

The firm intends to expand its onshore presence by offering fixed income products, including foreign exchange and South African government securities, to corporate and institutional investors in South Africa.

In addition, Goldman Sachs and Investec announced that they have entered an exclusive cooperation agreement for equity trading in South Africa. The agreement will enable both firms to extend their equity trading capabilities in the country and deepen links with African and international institutional clients seeking to invest in the region. The cooperation arrangement will be launched in the coming weeks and will look to expand to additional African markets.

Goldman Sachs has been offering advisory, wealth management and asset management services to corporations, investment firms, government institutions and individuals in South Africa for many years. The expansion of its offering will allow the firm to engage in a wider range of activities and support the functioning of capital markets in the region, as well as helping to contribute to economic growth. The initiatives are subject to certain regulatory approvals.

“We see tremendous opportunity to better serve local and global clients investing in South Africa and the wider region,” says Richard Gnodde, CEO of Goldman Sachs International. “Africa is a substantial and growing part of our international business and we are excited to connect clients globally with more opportunities across the continent through our expanded hub in Johannesburg.”

Colin Coleman, chief executive officer of Sub-Saharan Africa for Goldman Sachs and head of the Johannesburg office, says the expansion is a vote of confidence by Goldman Sachs in the future of South Africa, and the region as a whole.

Colin Coleman, chief executive officer of Sub-Saharan Africa for Goldman Sachs

“It is testament to our confidence in the unfolding structural reforms in South Africa, which should drive higher economic growth rates and economic opportunity for our clients and the people of the region,” he adds. “The long-term economic potential of South Africa is unquestionable. We are proud of our track record in the region over the last twenty years, and are pleased our expanded presence will deliver the full Goldman Sachs firmwide offering to our local and global clients as they continue to build their businesses here.”