By Peter Egwuatu
Standard CharteredÂ Â has announced its full acquisition of the remaining shareholding in First Africa Group Holdings Limited (â€œFirst Africaâ€), a Leading pan-African Mergers & Acquisitions (â€œM&Aâ€) advisory firm.
Regional CEO of Africa , Mike Hart, said: â€œWe are very pleased to have secured the acquisition of First Africa, an extremely well regarded M&A advisory Business. The deal will further strengthen the Bankâ€™s ability to provide international standards of financial advice to corporate investing in Africa . It will also further strengthen our leading position in facilitating international investment in Africa from Asia and the Middle East.â€
Standard Chartered Bank acquired an initial 25% stake in First Africa in October 2006, significantly enhancing the Bankâ€™s capability to provide M&A and leveraged finance services to its international clients in African-related transactions.
Headquartered in South Africa , First Africa employs 19 staff in Johannesburg , 11 in Kenya and 1 in Nigeria . 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 â€™s Ashanti Goldfields, and South African mobile phone group MTNâ€™s $5.5billion acquisition of Kuwait-based Investcom.
Kofi Adjepong-Boateng, Chief Executive of First Africa commented, â€œStandard Charteredâ€™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 Bankâ€™s existing corporate finance offering, providing new opportunities to our clients.â€
The acquisition will further enhance Standard Charteredâ€™s positioning in Africa One ofÂ the Bankâ€™s competitive advantages in Africa is that it combines international expertise and capabilities with deep-rooted local knowledge.
This latest deal will strengthen the Bankâ€™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 .
As part of leveraging the expertise of First Africa, Standard Chartered is pleased to announce the appointment of 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 Bankâ€™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 Morganâ€™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 Bankâ€™s corporate advisory and financing business in Africa . Stephen will also succeed Kofi in heading up the Bankâ€™s M&A advisory team for Africa , which will primarily include the First Africa operation and will be appointed as CEO of First Africa.