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Standard Chartered Bank acquires advisory firm

By Peter Egwuatu
Standard Chartered   has announced its full acquisition of the remaining shareholding in First Africa Group Holdings Limited (“First Africa”), a Leading pan-African Mergers & Acquisitions (“M&A”) advisory firm.

Regional CEO of Africa , Mike Hart, said: “We 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 Bank’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.”

Standard Chartered Bank acquired an initial 25% stake in First Africa in October 2006, significantly enhancing the Bank’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 ’s Ashanti Goldfields, and South African mobile phone group MTN’s $5.5billion acquisition of Kuwait-based Investcom.

Kofi Adjepong-Boateng, Chief Executive of First Africa commented, “Standard Chartered’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 Bank’s existing corporate finance offering, providing new opportunities to our clients.”

The acquisition will further enhance Standard Chartered’s positioning in Africa One of  the Bank’s competitive advantages in Africa is that it combines international expertise and capabilities with deep-rooted local knowledge.

This latest deal will strengthen the Bank’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 Bank’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 Morgan’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 Bank’s corporate advisory and financing business in Africa . Stephen will also succeed Kofi in heading up the Bank’s M&A advisory team for Africa , which will primarily include the First Africa operation and will be appointed as CEO of First Africa.


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