S’African Bank, RMB, Commences Operations In Nigeria

S’African Bank, RMB, Commences Operations In Nigeria

South Africa’s investment bank, RMB, has opened a Nigerian branch in Lagos, having been granted an investment banking licence by the Central Bank of Nigeria.

RMB, which is a division of FirstRand Limited, South Africa, has been operating in Nigeria from a representative office since January 2010, and is already a player in the acountry’s investment banking sector.

The Chief Executive, RMB Nigeria, Mr. Michael Larbie, said, during the opening of the bank in Lagos on Thursday, “Our track record and long-standing partnerships are proof of our capabilities and appetite for business in Africa.

“Our knowledge of local financing requirements, legal and jurisdictional frameworks, together with the expertise and balance sheet of FirstRand, enables us to service the rapidly expanding Nigerian economy.”

Larbie added that RMB had been doing business in many other parts of Africa, saying, “We have many infrastructure development projects, cross-border transactions and property and structured finance deals in over 30 countries that have been completed over the past two decades.”

RMB has concluded several deals in Nigeria, including ExxonMobile Nigeria ($50m), Conoil ($40m) and Africa Finance Corporation ($50m). It also acted as co-financial adviser for the $350m Lekki-Epe Expressway in Lagos.

The Chief Executive, RMB, Mr. Alan Pullinger, said the Nigerian licence allowed the bank to more rapidly build its franchise, provide products and services to corporate and institutional clients, as well as employ talented bankers in the country.

He said, “Although we have already established a track record through our representative office, RMB Nigeria enables us to significantly scale up our in-country offerings and play a more prominent role in the growth of the Nigerian economy.

“Potential investors need a reliable, on-the-ground financial services partner, who understands the unique challenges of doing business in Africa.”

RMB Nigeria provides the full spectrum of investment banking services to all industries, including corporate advisory, equity capital markets, infrastructure and project finance, resource finance, structured trade and commodity finance, and fixed income, currency and commodity services.

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