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South Africa’s Nedbank Group is hoping to hire more investment bankers as it seeks to take advantage of a surge of deals in renewable energy, water and logistics in South Africa’.
With the bank’s home country in the throes of an electricity crisis and intensifying water shortages, outgoing chief executive officer Mike Brown said the South African government is increasingly looking to ink public-private-partnerships to adequately address those issues.
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As a result, Nedbank is hoping to hire more investment bankers and deploy more capital to the business in order to put together such deals, he said in follow up comments to an interview that took place on Monday.
The lender’s corporate and investment bank has been a bright spot in recent quarters, generating R6,8 billion (US$370 million) in headline earnings in 2023 even as operating expenses jumped.
Still, as its sought to boost returns, Nedbank has been reducing the amount of capital it allocates to the division, which is home to Nedbank’s property finance arm along with investment banking and transaction services.
“This infrastructure opportunity — be it renewable energy, logistics and water — we think is a multiyear growth path for our investment bank,” Brown said in the interview on Monday.
“Ideally, that is where we would want to deploy capital.”
Africa’s most developed economy has been dealing with a myriad of energy and infrastructure challenges, due to years of underinvestment and mismanagement. As part of its response, the government introduced a program that offers state-guaranteed contracts to buy power for years to come. – Bloomberg
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